Los Angeles herald., 1907-05-03
MARKET RESPONDS
TO UNION PACIFIC
TONE HEAVY EARLY IN THE
DAY
Squirt in Preferred Stock Precedes
Recovery in common-Net
Earnings Statement Is
Expected Today
Rv Associated Press.

BY Associated Press.
NEW YORK, May 2.-The stock mar
let today again showed itself respon-
sive to the course of Union Pacific and
not much to any other development.
The tone was heavy during the carry
part of the day in continuation of the
depression under which the dealing
ended yesterday.
Union Pacific shared to some extent
in the decline. The better tone Wh1ch
ensued when the Hartman stocks
turned upwards was not widespread
and was not decided outside of that
immediate group.
The strength of Union Pacific was as
much without explanation In any spec
ial development as 1t has been from the
first and continued the subject OF great
variety of rumors which had no au-
thoritative confirmation.
The squirt in the preferred stock pre-,
ceded the recovery in the common and
served to revive the rumors of distri-
button of shares in a company Whlch
would hold Union Pacific stocks and
other companies.
The preferred stock has not hitherto
moved in company with the common,
although the report of an Intended
holding company has been current ever
since Union Pacific became active and
strong. 1t was only recently pointed
out that preferred stockholders would
share with holders of common stock
rights to any distribution OF Union IA
The lump in the preferred stock to-
day might be ascribed either to be-
lated recognition of the value OF ex-
pected rights, or perception OF mar
ket operations of rise in the common
to be shared in the preferred.
The lack of authentic information to
account for the Union Pacific move
ment makes it somewhat unconvinclng
as a reflection of general market con-
dition.
Expect Statement Today
It is expected that the statement of
the net earnings of the two Hartman
companies. which probably will be pub
showing. The sympathetic influence
OF the action of the Hartman stocks
was most distinct in other transconti-
mental stocks and others that have been
Joined in previous movements or the
group
The copper industrials showed more
independent strength, due to the
strength of the metal itself. The un-
of $26, 900. 900 of Atchison convertible
bonds bearing 5 per cent interest,
seemed to be modified to some extent
today. The old convertible as of the
company recovered q part of yester-
days decline and the general bond
market was not affected as much as
had been feared by bond dealers as a
consequence Of the terms offered by the
company to secure new capital.
Some benefit accrued to the late stock
market from the failure of the wheat
market to hold it's extreme rise. There
was an increased disposition also to
ascribe a part of the keen demand for
wheat to the poor prospects of foreign
harvests as well as our own. The
money markets underwent no marked
change in conditions.
The fact that the money conditions
have remained tranquil all through In
spite of extra requirements helped to
confirm the growing confidence in the
real and substantial nature of the re-
taxation in the worlds money markets
Union Pacific was pushed to above $50
but even higher was evidently the OBJ
jective point of the days movement and
the stock closed there, holding the gen.
eral market firm.
Bonds were irregular. Total sales,
par value, s1,490.000.
United States Bonds were unchanged
on call