Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-16
SUPPORTING ORDERS
Sustain Market After Change
From Strong Opening.
EXTENSIVE IRREGULARlTY
Southern Pacific and New York
Central Led Dealings.
PROFIT.TAKING rs EVIDENT
Prices Hardened Toward the Close,
but the Movement Lacked
Vigor.
SnnciaI Disnatch 10 The Star.

Special Dispatch 10 The Star.
NEW YORK. August 16.--ParadoX1cai
was the prevailing characteristic OF the
stock exchange session today Despite
the heavy rainstorm and gloomy skies
wall street was full of exuberant hope
and expectation. if the talk Of the day
was any indication. Stupendous advances
Immediately in prospect for many securi-
ties was the tip on everybody's tongue
Imminent forthcoming announcements
Of the Union Pacific and other beneficiary
financial plans were promised in common
report. so imminent even that it seemed
impossible for some of them to keep I'M
til the market closed this afternoon.
The stock market itself for the great
er part of the .ssion was entirely out
of line with tire considerations which
engaged speculative if not financial in
tellisence Ii not only failed by its
action to furnish any explanation for
the activity of gossip and conjecture,
but for the most part moved counter
to them.
The opening of the stock market was
strong and active. almost buoyant. in
deed There were wide initial transac-
lions in Southern Pacific and New York
Central the two stocks which SubSe-
ouently became the market leaders, and
substantial gains We're scored by other
influential issues on large dealings, no.
tably in the Union Pacific stocks, ILL
nois Central, Northern Pacific and Read
ing among the railroads, and American
Smelling, Amalgamated Copper and
American Sugar among the lndustrials.
There were few exceptions TO the up
ward course of prices in the early deal
;ngs. but the market quickly turned from
general strength to extensive irregularity
and in some quarters considerable heavl-
ness. all before the end OF the hrst hour.
Union Pacific preferred, which was so
heavily bought toward the end last
week sold off on small lots until it was
a point or more below Saturdays clos
ing. In other directions proht-taklnS on
a fairly large scale was evident.
In the late forenoon prices hardened
somewhat in response to the strength dis
PLAYED by Southern Pacific. New York
Central and subsequently by Reading. but
the advancing movement generally lacked
vigor. and in the early afternoon the mar
ket was positively dull. In addition to the
three issues named. Delaware and Hud-
son. Chicago and Northwestern and
Brooklyn Union Gas were conspicuously
strong. and Atchson and Amalgamated
Copper were relatively Arm. but through
out the list losses from Saturdays flnal
figures were shown, which in some cases
were more than fractional. Louisville
and Nashville was heavy. the United
the railroad equipment stocks were slug
gish, despite the large amount of bust
ness which has been falling to the lot OF
the corporations represented by them
Great Northern did not sympathize
with the firmness of Northern Pacific.
Missouri Pacific and the Wabash issues
were reactionary. and the marlborough
Metropolitan issues. including the Az per
cent bonds. continued the manifestations
of heaviness which appeared in them
last week.
No authoritative information was OBJ
taina BILE regarding any of the various
stories and reports which have been
current of Late in the financial district
regarding corporation plans of market
wise consequence.
Commodity Market Reports.
OF real news and actual facts there was
furnished for Wall street consumption
stronger prices in the commodity mar
kets, the reports of railroads centering in
Chicago agreeing that traffic for August
was about Is per cent ahead of last year,
the figures of our foreign trade for July
showing an ante-tarif revision excess of
imports over exports amounting to SO,
100000, and the declaration OF a dividend
by the Standard Oil Company of New
tomary at this season for several years
past.
In money the developments were not
exactly tangible but they seemed to point
10 prospective disappointment of lenders
who have been looking forward to an
other profitable season this fall. The
local market was very dull today, with
lenders holding firmly to their offering
figures. but borrowers confidently indis-
roSed n meet their terms.