The Montgomery advertiser., 1907-05-10
THE STOCK MARKET
ANNOUNCEMENT OF UNION PACIFIC
FINANCIAL PLAN
Largest Activity of Day was In Union Pa-
cific and the Dealings In That
Stock Took on a Degree
of Excitement.

New York. May 9.--It was only after the
announcement of the Union Pacific Finan.
any evidence of life. 1t then sprans into
animation with acute weakness. The larg-
est activity of the day was in Union Pacific
and the dealings in that stock took on
degree of excitement the time Tor the
meeting of the directors approached me
rise to above 149 occurred after the direct
ors were in session, but before the financial
plan was publicly announced. 1t ran OH
abruptly after the publication OF the plan TO
141 n. The issue of convertible bonos nao
been foreseen, but a rate of ..terest at "a
per cent. had been foretold In place OF the
four per cent. announced. The placing OF the
the price of conversion into the stock ut
Its is higher figure than had been antict-
pated and the offer of the bonds to stock
holders at 80 did not seem to OFFSET the
speculative disappointment. The new pre-
ferred stock offered to Southern Pacific
stockholders at par also caused mixed ZEN
timents by reason of the priority Of the
claims of the stock to earnings over
those of the common stock.
The large body of new securities thus TO
be brought on the market has its part also
in reviving acute apprehension of the large
absorption of capital by railroad corpora
tons in an already Strengthened condition
market was immediate. The stocks came
out In all directions and swept the list to
materially lower level throughout Pre-
vious to this episode the market was dun
to verge of stagnation, and offered lii
tie call for serious discussion. Prices moved
irregularly and there was no very constant
gish drift was in feeble sympathy with the
upward tendency of special stock
Continental stock markets were closed
for holiday and this supposed to be
subtract something from the activity OF the
market although participation from these
sources of late has been very light.
More Improvement in the distribution OF
the interest in the aprt of the habitual
speculative contingent to the commodities
market was indicated by large dealings
in wheat and corn The fears for the crops
continue depressing factor in STOCKS al
though this consideration was not of much
effect today.
The monthly report of the condition Of
the grain crops to be published tomorrow
by the agricultural department is expected
to surely have an important influecne in
ironing opinion the crop outlook. Ihe
agreement reported from Albany Tor She
support of the public utilities bill was u
factor in the early weakness In the stocks
of New York corporations. There was
some further pressure on New York Cen
trial. which was sympathetic influence on
the market.
Then the strength developed in Union
Pacific and Smelling shifted the tide Of
speculative sentiment for time The
market was trivial, however. until the late
outpouring of stocks under influence OF
Union Pacific announcement. rates Tor
time loans were reported somewhat firmer.
Sterling exchange continued to decline and
widened the margin against any profN IN
exporting oted.
Discounts continued to decline in London
and the Bank of England reported moder-
ated coalition.
Bonds were steady. Total sales par value
$1,400.OO0. United States bonds were I'm
changed on call.
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