Evening star., 1909-09-13
NEW i. P. DIRECTORS
Board Meeting Today Greatly
Interests Wall Street.
GOSSIP ABOUT J. H. SCHlFF
Believed Certain Interests Are
Strengthening Their Hold.
FIRMER MONEY CONDITIONS
American Stocks Depressed in Lon
don, With Consequent Weak
Opening in New York.
Spccfsl nispatch to The Star.

Special Dispatch to The Star.
NEW YORK September 13.-Even $
marched in Wall street today. Outside
the stock market. which furnished some
features of interest, there were develop
ments of peculiar significance and con-
siderable Importance.
The foremost among these from the
point of view of the stock market COM
munity was the action taken at the
meeting of the directors of the Union
Pacific. which had not been expected to
transact extraordinary business, despite
the juncture of affairs when the directors
were called together.
The board may be said to have COM
pleted the organization in advance of the
annual meeting. but curiosity was natu-
rally evoked by the necessity which the
directors seem to feel OF taking the steps
they did. In the first place they added
two new members TO the executive COM
mittee. although as Mr.. Hartman had
been a member of it there was only a
net addition of one.
The selection OF r. S. Lovett as chair
man of the executive committee was not
unexpected, but the other designations
OF membership certainly came as a sur
prise. BY the election of j. II. Schiff
and William Rockefeller to both the di-
rectorate and the executive committee
the directors seem to indicate that the
Union Pacific affairs desired to strength
en- their advantageous position in advance
of the stockholders meeting.
The election of Mr.. Schiff was espe-
clally interesting because OF its apparent
reversal of the policy announced for his
firm several years ago when his repre-
sentatives withdrew from the directorates
of the railroads for which they acted as
bankers or fiscal agents The circum-
stance of Mr.. Schiffs election TO the
Union Pacific board and executive COM
mittee, indicating that he was likely to
be particularly active and responsible
director. evoked widespread comment In
connection with the facts just recalled.
In another aspect the meeting of the
Union Pacific directors was the occasion
of much discussion because of its appar-
ent implication that the reports of new in
terests In the company. which were cur
rent last week, were possibly premature.
At the same time 1t must be borne in mind
that the action taken today was by the
directors elected on the distribution of
Union Pacific stock a year ago. At the
forthcoming annual meeting II is possi-
BILE that the allotment of holdings may be
such as TO cause rearrangement of the
present representation of interests in the
directorate, although Ii was more or less
generally admitted this afternoon that to-
lays action did not look in that direction.
Money Conditions Firm.
Apart from the Union Pacific matters.
day SO far as concerns the stock market
was unquestionably the decidedly frmer
money conditions. The money market
was not only more active. in respect of
the demand, but lenders were firmly dis
posed to hold their accommodations for
considerably higher rates than borrowers
were yet r.Idy to offer. Loans carrying
over the year were negotiated at 4L per
cent and the tendency was distinctly to
q further advance in quotations.
Judgment of persons competent to form
valid opinions Is that on account of the
valuable supply for foreign credits moth
Ing like excessive rates need be looked for
this fall and winter. but IL is unquestion-
able that If bullish activity in the stock
market had not been interrupted the price
81 credit would be much sitter now than
t Is.
American stocks were very much de-
pressed in the London market this morn
ing and the lower range was reflected in
a weak opening here. accompanied by ru-
mors of impending difficulties on account
Of the position in which the short inter-
est found itself
II turned out that the rumors were ap-
parently groundless and stocks rallied
promptly, although with nothing like
evenness and regularity. In fact. until
we'll into the afternoon the market was
quieter, although it's strong features were
more pronounced than its weakness.
Reading Is Aggressive.
Reading displayed remarkable aggres-
siveness. and there was a disposition in
some quarters to relate its course to the
astonishing rise of Lehgh Valley in the
Philadelphia market.
Western Union scored an extensive
advance. and rs American Telephone
and Telegraph exhibited coincident
strength. the price movement Of the
two stocks was suspected of common
cause No authentic explanation was