The Birmingham age-herald., 1909-06-27
SIumpS and Rallies Follow Each
 Other With Rapidity
l ON COMPANIES COM 3INE
One of the Biggest Deals of Recent Years Will Be Made in Merqinu the Interests of Independent
 Iron Companies.
BY ". NICHOLAS.

New York, June 26.-(Special)- l)-Profes- sional Wall street throughout the week has suffered from several mild attac6s or midsummer madness. Slumps and ral- lies have followed each other with bewil- dering speed. At the very opening of the week the bears ndulgec in one of their periodic assassinations of E. H. Harri- man; but that perverse individual Just refuses to die and goes right on with his financial operations the same as if he was the most robust giant extant. At the weekend the Hartman stocks took com manding upward leadership. A startling rise of a dozen points or more in Union Pacific preferred rudely shocked the bears. per cent dividend payer cannot enjoy such an advance merely on It's dividend basis There must be some thing behind the move of extreme im- portance The assumption Is that the long expected plan of segregation of Union Pacific assets approaches fruition. Of course 1t is a matter of common Knowledge that the present dividends on all the Hartman properties but faintly reflect earnings and accumulated sur plus, and whenever the final settlement is reached there can be nothing but ben eft to Union Pacific shareholders Mean time the bear party whenever 1t gets short of Hartman stocks finds itself brought up with a round turn. As ma chine for milking the short interest there has never been anything comparable to the Hartman outfit.
 There have been the customary antics in Reading. An early drop during the week of about 10 points was followed by recovery of more than half the decline. For neither movement was there any Yestige of rational reason It was as usual in Reading. a mere stock market game played with bold skill Actual holders of Reading are not at all dis turbed by these fiery fluctuations, but spectators have all sorts or fun or oth- erwise, in following Readings will-o'-the- wisp movements The whole question tp Reading depends upon. the value of it's assets. and 1t is commonly believed that they represent today a value consdera- bly, higher than any quotation yet estab- lished for the stock
 Another star performer is United States Steel. Early in the week it was sold down about points from its recent high quotation. on reiterated stories that the much-advertised Paris listing had fallen through. From the low point esta blished 1t has sharply rallied. indicating that these stories are not authentic. Certain ly it does not seem credible that a house of the worldwide reputation of J. P. Morgan & Co. would announce so im- portant a matter as the Paris listing of Steel without due warrant. The proba- bility is that the delay in this matter is simply due to the unwinding of red tape, which in France Is more generously used than anywhere else in the world French offcialism is a fearful and won derful mystery, but even that has its limits As for the steel business proper, it develops absolutely astonishing recu- peration. Results for the month of June show much greater progress than was anticipated by the most optimistic fore cast. Orders for steel rails are being received in large volume, and orders for all other products show that oonsumptive needs have been held back until the last moment in the hope of a break in the prices of steel products. No break comes It seems certain that the steel business is entering upon a new boom period one that bids fair to surpass In extent and duration any previous record
 And 1t must be borne in mind in candid consideration of the market position of Steel common that this stock Is the ulti-