Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-02
HEAVY PROF|T-TAk|NG
Realizing Sales Shade Off
Prices About a Point.
UNION PACIFIC FEATURES
London Arbitrage Houses Deal in
Over $4,000 Shares.
U. S. STEEL COMMON ACTIVE
Tone of Market Strong Despite Early
Fluctuations-Frac Ad-
vances for Hill Stocks.
U. S. STEEL COMMON ACTIVE
Special Dispatch to The star.

NEW YORK, April 2.-AHhough the
opening sales on the stock exchange this
morning were at prices which made a
new high record since the panic of 1907
for Union. Pacific. and carried other Sc
curites fractionaliy higher in the adj
vancing movement which had been in
progress for the last week. there was
considerable profit-taking in the local
market by those who concluded the ad-
vance in the present bull movement had
about run its course. and these realizing
sales had the effect of shading off prices
..Dout a point in many of the active is
sues
Union Pacific. which cables reported
had sold in London fractionally higher
than its high record here. sold off here
shortly after a rumor reached the stock
exchange to the effect that King Edward
was ILL., having suffered a stroke of pa
raysis, though the truth of this rumor
remained unconfirmed in the local
market
At the close of yesterdays market a
rumor was in circulation upon the floor o.
the stock exchange to the effect that there
would be increases of dividends on the
Hartman stocks.
The published remarks of the head Of
the Union and Southern Pacific systems
today declaring that there was pres
ent intention of increasing dividends on
w II
titled was, therefore, not calculated to
have any Immediate effect toward adj
vancing the price of those securities, al
though some of the optimistS construed
the remarks as meaning that it was mere
ly but question of months before the
Hartman roads would begin to distri-
butte to stockholders some of the increased
net earnings.
Harrimans Depressed.
Because Union Pacific was a leader in
the market here for the last two days
London took a great deal of interest in
that stock. and within the first hour it
is estimated that arbitrage houses here
dealt in over $1,000 shares. While the ef-
feet of these operations from London
seemed to depress the price of Harrimans
somewhat, the local dealings In the Hill
stocks caused them to show fractional
advances.
United States Steel common was also
again prominent feature in the early
dealings touching on several swings it's
high price of yesterday.
IL was also noticeable in the morning
that the bottom prices of the various
fluctuations in the first three hours of
trading seldom reached the low points of
yesterdays transactions.
The tone of the market notwithstand-
Ing these fluctuations, which In the early
dealings kept prices shaded from the
opening figures, was very strong and
about the only cloud obscuring the rosy
visions of further profits to operators for
the rise was the fear of an adverse de-
cision upon the commodities clause of the
Hepburn act which might be rendered
by the United States Supreme Court in
Washington next Monday.
No Fear of Rate Decision.
There were. however many spectators
who believed that even an adverse de-
cision in the so-called commodities clause
case would have very little effect upon
either Reading or the market in general
provided nothing else of Importance arose
in the meantime.
The sale of 5000 shares of Della
ware. Lackawanna and Western rail-
road stock today for about 81 500, 900
in cash excited some curiosity on the
part of traders until it was reported
that the large cash transaction was
merely for the purpose of settling an
estate.
The reduction of the Bank of Eng
lands rate of discount yesterday from
to ~ per cent continued to show
results in this market by insurins
easy money for the carrying of specu-
lative accounts or for funds with
which to enter into new forms of
business expansion.