Evening star., 1909-06-24
STOCK TONE UNEVEN
Number Make Substantial and
Striking Advances.
PACIFICS FEATURE DEALS
Striking Movement in U. P. Prefer
red Unexplained.
READING AMONG THE FIRM
Firmness Marks Industrial and
Miscellaneous Issues-U. S. Steel
Leads-Fairly Heavy Buying
READING AMONG THE FIRM
snocfnl nlsnatch to The Star.

Snccfal Dispatch TO The Star.
NEW YORK June 2l.-Transactions in
today-s stock market reflected a very uh-
even distribution OF strength. \ NUMBER
of stocks made substantial and even strlk-
ing advances. while others moved up
ward only feebly and later lost the eS-
tent Of their early gains. The most CON
spicuous features of the market IN All
respects were the common and preferred
shares of the Union Pacific and southern
Pacific companies Wall street alteh-
tion was early riveted upon fnrther
sharp rise in Union Pacific preferred
which carried that stock more than SIX
points above its closing price of yester-
day.
Union Pacific common and southern
paci6, shares were likewise strong and
active. The striking advance IN Union
Pacific preferred was still quite uhac-
counted for through any official or au-
thoritative statements.
II was said. indeed. in quarters which
should be we'll informed. that tnefe wa
no basis for the movement IN the s'och
so far as any developments of Importance
are concerned. Wall street was loalh "
accept these observations upon tfe cou, sc
of the stock and fell back upon the the
ories current Yesterday that the secuiiS
would sooner or later be in the recelpt
Of some extra and special distribution oi
equities. 1t must be added, however, lhat
all the conjectures and theofiZihs tia,
accompanied this notion were vague ana
confused.
Firm Railway Features.
Other firm features of the railway list
were Reading, the Rock Island shares
and New York Central. Price movements
elsewhere in the railway list were quite
irregular. and for the most part limited.
The so-calIed Hill stocks f1uctuated with
in narrow limits. and the Gould shares
were comparatively firm. Aside, how
ever. from the Hartman group. little
gossip accompanied the transactions in
this quarter of the market.
The local shares, with the exception of
Third Avenue. were firm. The last named
stock also rose in the early part of the
day, but later broke precipitately.
A firm tone characterized the dealings
in the industrial and miscellaneous stocks,
where the leading features We're the
United States Steel shares, American
Cotton Oil. American Smelling, General
Electric, Consolidated Gas and Amalga-
mated Copper In the dealings in this
department actual news was likewise
scarce and the gossip uninteresting.
Factor of Importance.
A factor of Importance in the early rise
in prices was the fairly heavy buying,
which was conducted here for the for
eign account, these purchases being esti-
mated as in excess of $4,000 shares.
The London stock market, with the ex-
ception of the American department.
which was decidedly strong. was dull
and without special feature. The weekly
statement of the Bank of England was a
very strong exhibit and led to predictions
of an early reduction in the discount rate
of that institution.
The local money market was virtually
unchanged and Sterling Exchange con-
tinued decidedly strong. The general
character of the advices relating to the
progress of the crops was encouraging.