The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1912-12-12
BANKS CALL LOANS
IMPAIRED BY SHRINKAGE
with Large Supporting Orders Stock
Receivers Some Of Early Loss-other
Shares Decline and Heavy Sales Made
Supreme Court Decision Factor.
by Associated PresS.)

New York, Dec. 12.-Further ex.
IRENE weakness in Union Pacific was
the feature of early trading on the
stock market today. For the first half
hour the stock declined four points
from yesterdays close to 151. Ex-
cfement was intense. Other stocks
bout settled with the heavy decline
~ Canadian Pacific. On large SUD.
, porting orders Union Pacific recovered
much of the early loss. Banks and
trust companies called loans which
were impaired by the shrinkage of
prices.
Wall street went through one of its
most exciting days of the year We'd
nesday. Leading stocks sold at quo
tations approaching the low record of
1911, and the twenty-five active rail-
road and industrial issues which make
up the usual table of averages succeed
ed, by only narrow margin, in not
reaching their low level for that
period.
Excitement converged chiefly about
Union Pacific, which has shown
marked weakness ever since the Su-
preme Courts decision ordering it's
divorce from Southern Pacific. Sales
Of Union Pacific Wednesday aggregat-
ed 235,000 shares, or about 20 per cent
of the total business. The stock SOLD
off to within Is of a point of its low
price recorded early in the year. Sales
/of United States Steel were even more
extensive, approaching 100000 shares,
but the support accorded that stock at
critical periods resulted in only nom-
inal loss for the day. Reading was
the third most active issue, with a
substantial net loss. Combined offer
ings of these three stocks comprised
about 60 per cent of the total output
of 1,255,0 900 shares.
The day was the most active of any
since the presidential election. When
Union Pacific was declining precipi-
lately countless rumors and reports
we're current on the exchange and
throughout the financial district, none
of which, however, threw any light on
the situation.
The fact that Chairman Lovett and
other Hartman officials were in
Washington comforting with represen-
tatives of the government, presumably
in connection with the merger de-
cision, was not known in Wall street
until the end of the market session.
Bankers associated with the Harri-
man properties declined to discuss the
action of Union Pacific in the stock
market, beyond expressing the opinion
that the selling appeared to have its
origin in the operations of an aggres-
sive bear party.
Among the circumstantial rumors Of
the day was one to the effect that
Unien Pacific's continued weakened
and the days especial decline repre-
sented the compulsory liquidation of q
pool whose holdings averaged price
considerably higher than recent quo
tations.
Union Pacific's annual report, is
sued in the course of the day, offered
another excuse for the decline In the
stock. The report showed earnings o.
1873 per cent on the common shares
compared with 1876 per cent the pre-
vious year.
There. also were persistent reports
that the merger decision might result
in temporary reduction Of the Unior
Pacific dividend, If indeed such dis
bursements might not be altogether
suspended. Under the merger decree
Southern Pacific is enjoined from pay
ing any dividends to Union Pacific
pending the segregation OF the tw'
roads.