The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-11
DULLNESS IN
WALL Street
Some Change in the General
Opinion Regarding Union Pa
cific Financial Plan.

New York, May 10-There was a sub
sidence today of the acute weakness
which was manifested in yesterdays
stock market, but the market continued
in a mood of dull depression which was
only occasionally relieved by isolated adj
vanoing points. There was some revulsion
Of opinion towards the Union Pacific
financial plan from the extreme disfa-
vor in which il was held yesterday. Union
Pacific itself showed evidence of some
absorption and resisted the occasional
pressure which it suffered with the rest
Of the list. The large demand for capl-
tai made by the Hartman Paeifics con-
tinued. however. to be regarded as RAIN
er formidable and affected other conn
panies which are supposed TO be canal
dates for new securities issued AS
measure of refunding the terms or the
Union Pacific financing was better re-
Karded than Yesterday, owing TO the con-
sideration of the retirement Of other OBJ
legations which is involved under the low
er interest rate TO be paid compared with
the recent urgency note issues OF rali-
road corporations From this also there
was argued some Improvement IN the gen
eral capital situation so far as the atti-
tude towards railroad investment is COM
pared.
From the standpoint Of the value of
rights 10 stockholders carried by the sub
scription rights 10 the new securities,
there was obvious ground for disappoint-
ment on the part of the spectators VINO
had bought the stocks in anticipation OF
these rights. The quotations in the curb
market today of the Union Pacific rights
were y and under and of the Southern
Pacific rights 1Ss and under.
Great interest attached today to the
monthly crop report issued by the agri-
cultural department shortly after noon.
The rise in wheat after the report ap-
peared- 70 the highest price OF the sea-
-. rv.rn afT.tn on
placed upon the report and the reflected
Influence on this showing was distress
ing factor in the later stock market. The
percentage of condition report for the
winter wheat crop did not show as large
z deterioration as was feared. but the
showing of upward of 3.500.O0o acres of
winter killed wheat was far in excess
of any correct suDpOsition. The contln-
ued delay to sowing wheat by cold wealth.
er in the northwest was also a disturb
ing factor. The London market was a
factor of some disorders growing out OF
the disorders among the Indians just be-
fore. London was reported buyer of
some stocks in this market, including
Union Pacific.
: Estimates of the weeks movement did
not create a large change in the cash
item. the receipts on balance on the in
terror movement having been enough APP
parently TO more than offset the sub
treasury from the market, the latter in
Guiding, however, the S2,0Oo0oo deposited
for Geographic transfer TO San
Francisco. The money market was APP
preciabiy steady, nevertheless, and this
caused the superstition that some large
syndicate operations have affected the
loan item of the banks during the week
some special weakness in Reading was
accompanied by unconfirmed rumors OF
an intended note issue. Its decline helped
TO pull down the whole OF the later mar
let
Bonds were Irregular Total sales, pan
value. S,144O01.
United States IS declined 4 per cent
on call.