| Show TOP NOTCH fOR UNION PACIfiC Thousands of Shares Changed Hands Until the Price Reached I 5 FLOOD OF SELLING ORDERS THEN THE BULL MOVEMENT BEGAN TO DISINTEGRATE New e York Tork June 2 The bull movement in stocks showed some evidence of or over overstrain strain etrain today During Burin the first hour th the rate of ot activity was greater than has ever eve been b en witnessed at the New York stock ex ox exchange change hange in a R period ot of considerably over overa a year ear Transactions in Union were especially heavy a thousand shares sharee being the tha customary unit of the sales re recorded recorded corded on the tape in the aggressive ad advance advance advance vance to ISO Aa As the 2 per cent divi dividend dividend has been deducted from the price since it sold at last lut month price really represents the highest of the thet year t ar arAt At the round figure a R flood of ot selling orders was encountered which obstacle rt proved insurmountable to a further ad advance advance vance nce This really proved the decisive twit test of the market although St Paul Reading Heading and Southern Pacific hid had risen vigorously f in company compan with Union Pa Pacific Pacific but lait not to last months high price The movement for tor the advance gave signs of disintegration after atter the turn In ia Union Pacific In advancing Union Pacific use was made of rumors that the financing of the company which hRS has been in con eon contemplation contemplation had been quietly effected with without without out Olt formal public announcement These rumors remained without official confirmation mation matton and credence in them waned con The Th sharp rise In Missouri Pacific and In some of ot the other Gould stocks was partly the outgrowth of ot reiterated reports that the reorganization of some of the properties In that group now under way wa or said to be in contemplation would strengthen the coherency of ot the group and would introduce important new back backing backIng 1 ing into the enterprises i A good effect was produced on specula speculative speculative I tive sentiment by bl the mornings reports of It resumption of 0 mill activity in New I England and some ome large merchandise or orders orders orders ders placed in concert by St Louis peo poo people pIt pIe Textile trade reports described the good effects of the curtailment of ot production tion in that trade the consequent depletion depletion depletion tion of ot stocks and the reduction of ot prices following the lowering of ot wages When hen admission was made during the day that steel bar manufacturers were meeting the cut of ot the smaller Interests In tn that trade to some contrasts were drawn between the policy which has been pursued in the textile industries and that of or persistent holding of ot prices which has hasen been en adopted in the steel trade Whether bethel by mere coincidence or by cause aulle and effect United States Steel was unresponsive to the early rise in the I market and weakened weaken d a sharp fraction after the official announcement regarding steel stel bar prices were given out The reaction in the th Harriman Pacifies came after the publication of ot the May Ia earnings which showed for Union Pacific Pacifica a reduction in operating expenses twice an all great as the falling off ot in gross earn eari earnings earnIngs ings inga but for tor Southern Pacific only about as great as the gross gros decrease Some sensitiveness was shown to the days dRY weather reports from parts of ot the crop region Stocks were firm at the close with Borne some recovery from the reaction Bonds were irregular Total sales par value United States bonds were unchanged on onI call I |
