The San Francisco call., 1905-04-06
New York Stock Marked.

NEW YORK, April 5.-Fhs intention to in
crease the preferred stock o. the Union Paciho
by SleO, ,eeo.eo9 was rot known TO the Wall
street public untii thisi morning, and was a
general surprise. This incident formed the
central point Of interest IN the days stock
MARKET Union Pacific has been the subject
Of gossip and surmise Tor many months dur
ing the course OF lis remarkable rise, but none
OF The numerous con5ectures regarding II point
&c TO the measure announced this morning
This fact IN itself aroused doubt that large
part OF the reports which have circulated re-
gRrding this stock were iil-informed- The ef-
feet the common stock was unfarorable,
was not unnatural. in view OF the prior priv
fiege of the preferred stock. now 70 be doubled
Ia amount 70 dividends 10 the extent OF per
cent The common stock was offered heavily,
both Tor domestic and foreign accounts 1t
was vigorously supported however, ali day.
Brokers before the opening were making offers
take all the stock that any one would sell
and the same brokers were diiigent buyers up
70 the level OF last night The support
then relaxed again. but renewed az any pc
RODS OF acute weakness. Ofhcials of the com
pAny declined 70 add anything TO the official
circular to the specific purpose for which
the proceeds Of the stocks are 70 be used, or as
70 the proposed time for issuing it. Asser-
tions were freely made, however. among the
SPECTATORS in the stock that the project had
% DO with the proposed combination OF Union
Pacific with New York Central and Chicago
and Northwestern. It was pointed out that
President Hartman, in maintaining the wis
dom II seeking financing capital requirements
through the creation OF fixed interest caring
obligation. had INTERPRETED into the official cir
connection with acquisition Of stocks OF other
companies" This was adduoed to indicate
that a merger project was in view but Wall
street had formed the opinion that the sup
posed merger was 20 be accomplished by the
exchange Of bonds Of q holding company for
existing securities which would not involve
q great outlay OF cash. The prospect OF a
100000. 600 block OF stock. therefore
came shock sentiment. and emphasized
The eject of the huge volume OF issues which
3e being added 10 constantly from many
sources The determined support of Union
Eaciflc was supplemented by notable upward
movements In a number OF special stocks so
that the depressing effect of the Union Pacific
announcement was modified 70 q considerable
extent The railroad list the Southern group
and the Canadian Pacific were very strong
The only news 70 account for the movement
was the suggestion, based on earnings and re-
ports OF possible dividend increases. Aneri-
can smelling headed another strong group in
etnliated metal trades The United States
6teel stocks we're sluggish most Of the day. but
they moved Up late 70 higher prices than were
eouched yesterday and helped to sustain the
of Industrial stocks showed considerable
strength. The railroad list as a whole. how
ever. held back Sterling exchange was
strong again. In spite OF the great ease Of
money IN foreign centers. This was attributed
90 the selling OF stocks here for foreign ac-
net changes for the day proved TO be small
and Tie market closed irregular.
Bonds were easy. Total sales, par value,
~ $40. 900.
Ilnfted States bends were ali unchanged on
New York Stock List.
T. f. Hutton a Co. 490 California street,
gSn Francisco, mernb6rE OF the New York
Stock Exchange, furnish the following official
quotations OF that Exchange: