The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-04-06
STOCK MARKET FEATURES
STOCKS FAIRLY STRONG AND
MONEY BELOW 4 PER CENT.


Uncertainty at the start-The 100000
900 New stock Issue by Union Pacific
the Chief News of Absorbing Interest
1T Sets All the Wall Street Talent
/ Guessing-The Strength of U. S. Steel
---SteeI's Immense orders-N. Y. Gem
traI--Copper-PeopI Gas, Etc.
The market opened with uncertainty
yesterday and after a while steadied
itself and then rallied. The chief ex-
element Of the day was the announce
ment of a coming issue of $100,00O00O
new preferred stock by the Union Paci-
fic. company. whats up in Union Pa
cifice at once became the burning ques-
ton of the day, and various theories
were propounded. 1t was generally as
suned that a deal with New York Cen
trail was certainty. There was wide
difference of opinion as to whether such
a deal was a ''bull point on the rail-
road situation, to say nothing Of the
stock market. The behavior of the
granger list indicated that there is ap-
prehension in some quarters in regard
to the possibility of peace. >....-
An immense amount of Union Pacific
stock was dealt in in the first hour.
Reams of figures of sales of the stock
came out on the ticket. At first the
stock declined under these heavy sales,
giving quite a scare, many believing
that there was heavy realizing. Not
much news on the subject was obtained
from Mr.. Hartman. When asked what
the money obtained from the sale of the
hundred millions of proposed new pre-
ferred stock Of the Union Pacific Rail
road company would be devoted to he
cheerfully replied: maybe we want to
buy a railroad in Africa" But the
method of raising the money ought to
commend itself to everybody interested
in the Union Pacific. The issuance of
stock to raise funds creates a contin-
gent rather than an absolute liability,
as the issuance of bonds would do. Be-
sides, Union Pacific stock is selling now
higher than the bonds -e
st. Paul was suspiciously, heavy,
showing evidence of liquidating sales
because of the new turn in transconti-
mental railroad affairs. The popular be-
lief appeared to be that st. Paul is not
sin" on any western deal, but intends
to build its own line to the Pacific
coast.
The crowd around the Union Pacific
post numbered several hundred brokers.
The question Of the future control
of Northern Pacific is still perplexing
many persons in Wall street. Some de-
clare Mr.. Hill will control it, and that
he has been accommodating Northern Sc
curities stock with this end in view.
The sales by London We're estimated
between $4,000 and 10000 shares. The
larger part of this was in Union Paci-
obtained abroad. $3.50,
The fact that preferred stock instead
of bonds is to be employed in the Union
Pacific scheme of enlargement is re-
garded by some men of finance as a
daring bit of financing. Pennsylvania
had to go back to bonds after expert
menting with stock issues. a..
Commercial failures in the United
States during, the first quarter of 1906
as reported by r. G. Dun & Co., were
3,443 In number and $30,162,50 in
amount Of defaulted indebtedness, COM
pared with 1914 failures in the corre-
spending months last year, when the
liabilities were $4S,066, 721.
The Iron Age will have a brilliant
article in reviewing the iron and steel
trade developments of the week in
which it will say that the United States
Steel corporations tonnage booked
throughout the country is enormous
and the largest on record
"A good character of speculative buy
ing in Copper put the stock to practic-
ally the best price of the year. It has
now nearly recovered the 25-point de-
~cline which Lawson effected in Decem-
Der. Y
The most frequently heard explana-
. ton involved New York Central, Hoo
ley, Learned & Co., issued statement
In which they expressed the belief the
800, 100000 would be used Ito pay for
the majority of New York central,
which at $50 would cost only sos, 1900, 900.
The general theory in regard to Union
Pacifics new stock issue was that it
represented the first step in the. scheme
Of the. Hartman interests to get back
some Of the ground lost through the de-
cision in the Northern Securities case
unfavorable to them.
The old story that the Hartman
party had been a buyer of Northern
Securities and would now turn them
over to the Union Pacific was revived.
Union Pacific preferred, Of which an
additional s100,000,000 is to be issued at
par, sold yesterday at 80 1-2 1t touched
1o1 3-S In February, which is the high
est on record
1t was remarked yesterday that when
the big supporting orders in Union Pa
cific We're in process of execution nine
ont Of every ten men said: THAT ex-