The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-08-16
WEAKENS ON BREAK
IN UNION PACIFIC
Market Sustains Violent Set
back and Closes at Low
Prices.

NEW YORK, Aug. 16.-Higher prices
were made in all the important stocks
at the opening of business IN the Stock
Exchange today. The advances ranged
from a small fraction to IA. Union
Pacific established a new record figure
at 219 and Southern Pacific was also
higher thar ever before. The prin-
eipal gains amounted to IA in Union
Pacific and Illinois Central and a point
in Southern Pacific, New York Central
and Amalgamated Copper.
IL o'clock.-Professional traders met
the opening demand for stocks. and the
market sold well off to about Satur-
days closing level Atlantic Coast Line
sold at a loss of 2 points. North Amer
lean 1as and ACKNOWLEDGEMENTS
preferred /. On the decline there were
sales of many large blocks of stocks,
one transaction in Union Pacific
amounting to 100 shares and one in
U. S. Steel to $500. Renewed activity
on the long side in New York Central
forced it Ia higher and promoted a
rally in the general market. but Union
Pacific was sluggish. and did not get
beyond Saturdays final prices.
Noon-Continuous selling of the
Union Pacific stocks offset attempts to
bid up prices in other quarters. and the
market went down pretty steadily. Sup
porting orders, however, were encoun-
tered in the general list at about the
level of Saturdays closing. Union
Pacific broke to IL and the preferred to
Ia under last weeks final prices. On
tario and Western and Consolidated
also lost a point. Business fell off
tremendously at the lower figures, and
the market was very quiet all through
out the second hour. Toward midday
the tone improved somewhat, with
New York Central and Southern Pacific
making the best showing. Some of the
less active stocks were quite strong.
st. Paul preferred going up 2 points,
Northwestern IL and International
Paper and the Kansas City Southern
stocks IL. Bonds were steady.
1 o'clock.-Independert movements
went on from time to time in the stock
market which did not have any far
reaching effect on the balance of the
list. A renewed decline which cost
Louisville and Nashville and American
Beet Sugar 2 points and st. Paul, Mis-
souri, Pacific, Wabash preferred, U. S.
Steel, Peoples Gas, American Sugar
and American Ice l was arrested for a
while by the rapid bidding up of Read
ing and Southern Pacific to new high
figures. Southern Pacific touched 1891
and Reading 166, which vas rs and
IA, respectively, above last weeks
final price. The Union Pacific stocks
were less of a factor in the market
and met steady selling after every re-
covery to about last weeks closing
prices.
. o'clock-Prices moved narrowly I'M
til 2 o'clock, when there was a violent
break in Union Pacific, which drove il
down to PA, as compared with 219 at
the outset and 217A in Saturdays close.
The other markets ran off rapidly in
sympathy, and there was little left OF
the early material advances in Reading,
Southern Pacific and New York Cen
trail.
8 o'clock-The market closed weak.
Supporting orders stopped the break
in Union Pacific at PA, but the pre-
ferred meanwhile slumped to ia and
many other stocks had lost from l to
1k. The collapse in Union Pacific wet'
variously put down to a bad drive, at
tempts to shake off a weak following
and realizing by insiders.
Union Pacific jumped above PIG again,
but the balance of the list did not rally
with much vim, although there was
spirited bidding up of Northern Pa
cifc. In the last few minutes selling
was renewed in all quarters and low
prices for the day were made for many
ctnrkS