Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-12
UNION PACIFIC AT 20
Jump Starts Prices Upward
Shortly After Opening.
PROFIT-TAKING FOLLOWS
Large Amounts Of Stock Fed to the
Market.
SIX STOCKS LEAD DEALINGS
Anal. Copper and q. S. Steel, With
U. p, S. p, Reading and
Pennsy," Striking Features.
SIX STOCKS LEAD DEALINGS
Special Dispatch to The Star.

Gpstlhl biSpdtSu " Ahc Stni'
NEW YORK, August 12.-Whether APP
prehension was more excited or confidence
more encouraged by the developments in
today's stock market is question. On
the one hand a very rapid advancing pace
was struck, which was not particularly
reassuring to those who are fearful of the
consequences which an outbreak OF run
away speculation might precipitate. The
mitigating circumstance in this regard
was the fact that the exciting cause of
apprehension was the movement in very
few stocks only.
On the other hand, to those somewhat
skilled in reading the signs of such things.
the market seemed to testify to the con-
tinued control over it welded by power
full hands. One thing which certainly
seemed to be disclosed was the existence
in several issues of far more extensive
short interest than has been generally
supposed or for that matter suspected.
This appeared to be particularly true in
the case of Union Pacific, Southern Pa
cific. Reading and Pennsylvania.
The four stocks just named together
with Amalgamated Copper and United
States Steel common, contributed about
half to the days very substantial aggre-
gate OF dealings. Among them the
course of Union Pacific ocasioned the
most widespread comment and elected
considerable variety of conjecture to ac-
count for Ii.
A circumstantial report was circulated
in the afternoon that plans for segre-
cation of income from investments and
income from railroad operations would be
announced sooner or later on terms which
would be not only favorable to the COM
mon stock of the Union Pacific, but to
the preferred stock as WELL
Theory Of Distribution.
The theory of this mode of distribu-
ton was based on the preferred stocks
equity in the railroads assets, but whether
the report explained the advance which
the preferred enjoyed, or was suggested
by II. was part of the days guesswork..
There was nothing authoritative forth
coming, and in the absence of posi- i've
intelligence fancy was free to roam over
all the poss bilities, and did indeed in
clude rumors of a dividend meeting to
be held on the oath of this month. at
which some extra disbursement would be
declared.
The market opened with excited trad
ing and at wide advances i'm many
stocks There were running sales of
the principal speculative issues at vary
ing prices of a fraction. Union Pacific
jumped 11e to 20S1s on sales of 5000
shares. and then sold at 2.osa4. In the
United States Steel the first sales were
10000 shares at 7Sl4 and 7Szi, compared
with 7Sis last night. Southern Pacific
sold at 13T1s and 1.31 compared with
1.36is last night. and Great Northern pre-
ferred at 1.577s and 1.o7i=, compared with
1-J61s last night
Pfofit-taking sales began immediat ely
but the reaction was generally limited TO
fractions. Shortly before IL o'clock there
was brisk rise in Union Pacific to
2oIis. but the rest of the list did not
respond
Aggressive Advances.
The Hartman Pacifics took up an ag-
gressive advance again. Union Pacific
rising to 21OH and Southern Pacific to
1875.
Large amounts of stocks were fed 20
the market when Union Pacific crossed
2lo. and the stock reacted almost
point and dragged down the rest of the
leaders. Subsequently heavy buying of
Union Pacific, preferred; Illinois Central
and Reading served to steady the list.
Regardless of these and other stories,
the facts are that Union Pacific was
bought rather violently than vigorously
and in way which was reminiscent of
various retreats which bearish persons
have beaten in this stock in past times
The movement in Southern Pacific was at
least sympathetic. and presumably a
sharp rise I'm Illinois Central bore some
relation to its status as a Hartman prop
erty.
Reading, after acting uncertainty I'm the
sively around midday. the transactions
seeming to indicate the discontinue of
shorts quite as much as new buying for
the long account. Pennsylvania add
vanced with astonishing buoyancy CON
sidering the slowness with which ii gem
orally moves.
Prominent Industrials.
Among the industrial stocks leading
features were Consolidated Gas, Brooklyn
Union Gas and Peoples Gas, which were
all very strong; American Sugar Refining
and General Electric.
Outside the mass of rumor and guess
work. which are always incidental to
stock market activity, explicit details of
a trustworthy and explanatory nature
relating to particular securities or the
general price movement were, as usual
lacking. Moreover, the price movement
was not as general as might be inferred
from the large share of the market alb
sorbed by numerically small part of
the list There was no little irregularity,
although the declines were for the most
part of fractional nature, and there
was lack Of uniformity in issues which
mighr be expected to respond TO similar
influences.
Dizziness again settled over the time
market Business in it was largely con-