The Birmingham age-herald., 1907-05-02
STOCKS ALLOWED 10 SLIP BACKWARDS Trading is LiStIeS8 Under Mod-
 crate Selling U' P. IS. UNDER PRESSURE The Lack of Speculation Is Partly Ex- pIained By the Fresh Damage
 Reports to Crops.
 More Bonds.
Us P. IS. UNDER PRESSURE

New York, May 1.-Trading in stocks became nstless again today and prices were allowed to slip backward under very moderate selling pressure. Some of the days news adduced to explain the sag of prices Include fresh crop damage reports, but probably the largest in- f1uencing factor on speculative sentiment was the fact that Union Pacific was un- der pressure. For several days past the movement of the whole market has been practically confined to the sympathetic effect of the course of Union Pacific. When that stock turned downward today the life seemed to die out of the market. There was some show of strength in the stocks connected with the copper indus try, including Amalgamated Copper, Ana conda and American Smelling. This seemed to be caused by,a violent upward rebound in the price of copper warrants in the London market. The rise of these stocks was of slight influence on the general list.
 The United States Steel quarterly re- port was without effect on the shares of the company which were sluggish and unusually neglected all day. The earn ings of the company for the quarter and the unified orders on hand at it's close were considered to show a f1attering con- dition of affairs in the trade. The spec ulatlve view of the report, however, is that present activity represents the com pletion of projects entered into before the outlook became clouded by the difficulty of the railroads in securing capital. It is held the extent of the curtailment by the railroads on the steel industry must be looked for in the future operations of the company.
 The effect of the announcement of a convertible bond issue by the Atchson was unfavorable to the securities of that company, and hurt the whole market The proposed issue amounts to about $26, 100000 to be paid for in installments and to be offered to stockholders at par The new Issue, besides carrying the priv ilege of conversion Into the common s.yck Is to bear interest also at the rate of 5 per cent while the previous Issues or convertible bonds paid 4 per cent and were also subscribed for at par by stock holders, the last issue of about SIT 000, GOO having been made in April of last year On the announcement of the new bond issue the old convertibles which sold at loo early in the morning ran off to 9S.
 Some minor effect towards depression was caused by a rise in the call money rate The hardening of call loans was moderate and was attributed to number of cause, including the May l money settlements, the opening of a new bank, anu some result from the shifting of loans and the preparations for a num- Der of syndicate payments. The London stock market was closed, but sterling exchange here was firm. The interest ing feature in the foreign money mar kets was a decline in the private dis count rate in Paris and a rise in sterling exchange at that point marking the cas- ing tendency of money affairs at that capital
 The violent upturn in the late wheat market decided the downward course of