The Washington herald., 1909-08-13
WALL STREET NEWS
RumOrS Again Give Life to
Stock Market.
RESEMBLE HARTMAN TRADES
Keen Interest Again Plainly in Evil
dence fn the Large Number OF Pur-
chases of Ordinarily Inactive or
Purely Investment StOcLs-OpiniOns
DtGer as TO Sources OF Selling Offers.

New York. Aug 12-It was a lively
stock market again to-day. but it was no
buster than was the rumor market, and
it seemed that purchases were actuated
by reports Of forthcoming distributions
Or deals 70 a greater extent than on pre-
vious days OF the movement
Many Of the rumors concerned Union
Pacific and the stocks of railroads under
Union Pacific influence or control, and
particularly there was revived the plan
10 distribute Union Pacific holdings Of
stock in other railroads.
II has not been more than two years
since this segregation plan was first con-
sidered by the Union Pacific management
and difficulties in the execution of IL have
been so numerous that not all have yet
been overcome. The plan has not. how
ever. been abandoned. so that the re-
port had at least the foundation that IL
Is stlu under consideration.
OF the other rumors not so much can
be said. Seemingly these sprang from
nothing more substantial or authoritative
than conjectures naturally arising from
the simultaneous and decided strength OF
Union Pacific. Illinois Central. Chicago
and Northwestern, and New York Cen
tral.
Resembles Hartman Market.
In these stocks and Southern Pacific
transactions were in excess of $4,000
shares. the market looking more like a
Hartman market than on previous days.
Union Pacific was by far the most ac-
tive stock on the list and both the COM
mon and preferred sold higher than ever
before. 1t was from London that the
first OF the days gains accrued, both IA
Union Pacific and many others.
A keen public interest was again plainly
In evidence in the large number of pur-
chases OF ordinarily inactive or purely in
vestmeut stocks bs well as in the stand
ard shares. The lack Of genuine news
developments to account for the remark
able and unexpected increase in activity
created the suspicion that the enthuslas-
nc trading Of the first hour, when alone
10000 shares changed hands, was not al
together genuine.
PrOft-tnking Marked.
Thereafter the disposition 10 take
profits was strongly marked. and the
market sold of rather sharply on realiza-
tion Of speculative accounts. Opinions
as 20 the sources of the selling ouers
differed as usual, but il was noteworthy
that great many brokers advised the
utmost caution in purchases.
The fact remained that all offerings of
stocks We're easily absorbed, and that
despite the extensive profit taking many
or The stocks most active In the DAYS
business closed with substantial net
gains, while in none Of consequence was
there more than a fractional loss.
Thus. though the market may have
been hilarious, there was no doubt that
substantial strength lay behind the en-
thusasm. Tn money the report OF the
Bank of England. showing a reserve Of
5lN, the highest with one exception I'm
ten years at this season. attracted at
tention I'm connection with London g
neavy buying Of American stocks. and in
connection with further decline in ster-
ling exchange here TO a point well be-
low parity.
Time money rates showed a continue
tion of the hardening tendency. but the
increase in the volume Of transactions in
stocks was reflected by no advance in
the rate for time loans.