The Birmingham age-herald., 1907-05-11
WEAKNESS IS LESS ACUTE IN STOCKS But the Market Continues Dull and Depressed sh
 'IU. p. PLANS GAIN FAVOR HFLarse Demands Made By Hartman
 Parties Regarded as Formidable
 and Affects Other Companies
 Now Needing Funds.
U. p. PLANS GAIN FAVOR

b New York, May 10.-There was a subs- dence today of the acute weakness which was manifested in yesterdays stock mar ket, but the market continued in a mood of dull repression which was only oc- acasionally relieved by isolated advance points. There was some revision of opin- ion towards the Union Pacific financial plan from the extreme disfavor in which
 1t was held yesterday. Union Pacific itself F showed evidence of some absorption and | resisted the occasional pressure which 1t \ suffered with the rest of the list.
 The large demand for capital made by the Hartman parties continued. however. to be regarded as rather formidable and affected other companies which are sup posed to be candidates for new securities . ssued. As measure of refunding the 'h1 rms of the Union Pacific financing was
 etter regarded than yesterday, owing to The consideration of the retirement of #iother obligations which is involved under a the lower interest rate to be paid com 5 pared with the recent urgency notes is- sued by railroad corporations. From this also it was argued there was some im- provement in the general capital situa- ton so far the attitude toward railroad investment is concerned.
 From the standpoint of the value of rights to stockholders carried by the sub scription rights to the new securities, there was obvious ground for disappoint- ment on the part of speculators who had bought the stocks in anticipation of these rights The quotations in the curb mar ket today for the Union Pacific rights were F and under, and Southern Pacific rights 13s and under
 Great interest attached to the monthly l...4 partment shortly after noon. The rise in wheat after the report appeared to the highest price of the season was the in- dex of the Interpretation placed on the report, and the reflected influence on this showing was depressing factor in the later stock market. The percentage of conditions reported for the winter wheat crop did not show as large a deterioration as was feared, but the showing of up- wards 4of 3,500,0O0 acres of winte killed wheat was far in excess of any current supposition. The continued delay to spring wheat seeding by cold weather in the northwest was also a discouragng factor
 The London market was a center of some depression today growing ort of the disorders amongst the Indian subpects of the British empire. London was re- ported a buyer of some stocks in this market, including Union Pacific. Esti- mates of the weeks currency movement did not indicate a large change in the cash item, the receipts on bal5 nee on the interior movement having been enough apparently to rather more than offset the suh-treasnrys absorption for the market, the latter including, however, the 3D. 0OO,O00 deposited for the telegraphic trans fer to San Francisco.
 The money market was appreciably stronger, nevertheless, and this caused the supposition that some large syndi- cate operations have affected the loan item of the banks during the week.
 Some special weakness in Reading was accompanied by unconfrmed rumors of an intended note issue. It's decline helped to pull down the whole of the later mar \ lket.
 5fl Bonds were irregular.
 PI Total sales, par value S1144,OOO. Uni Dfed States 3s declined A per cent on gall.