Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-05-10
new YORK STOCKS ANDBONDS
Announcement Of Union Pacific Financial
Plan Causes General Slump
STOCKS CONE OUT IN ALL DIRECTIONS
Entire List is swept 20 Lower Level
by Rush to seII-Many speeu-
latOrs Turn 60 Grain
Markets.

NEW YORK. May s-ft was only after
the announcement OF the Union Pacific
financial plan that today's stock market
sprang into animation with acute weak
ness The largest activity vf the day
was In Union Pacific and the dealings
element as the time for the meeting of
the directors approached. The rise TO
in session, but before the financial plan
was publicly announced. 1t ran on
abruptly after the publication of the plan
had been foTeseen but rate OF Of interest
at ~ per cent has been foretold In place
Of the per cent announced. The placing
of the price of conversion into the stock
at no fs a higher figure than had been
anticipated and the offer of the bonds to
stockholders at 80 seems not to onset these
preferred otock offered to Southern Pacific
stockholders at par also caused mixed
sentiments by reason OF the priority OF
the claims of the new stock to earnings
over those Of the common stock The
large body OF new securities thus to be
brought on the market had its part also
In reviving acute apprehensions of the
larger absorption OF capital by railroad
corporations in an already stagnated con-
dition OF capital supply. The erect on the
whole market was immediate. Stocks came
out I'm all directions and swept the list
to materially lower level throughout.
Previous TO this episode the whole market
offered little cali for serious discussion,
Prices moved fitfully and irregularly and
there was no very constant tone to the
market at any time. The sluggish drift
was in feeble sympathy with the upward
or downward movement of special stocks.
Continental stock markets we're closed
for a holiday and this was supposed to
subtract something from the activity of
the market, although participation from
these sources of late have been very
slight. More important Is the diversion
Of interest on the part of habituRl specu-
lative contingent to the commodities mar
kets as indicated by the large dealings
crops continue a depressing factor in
stocks, although this consLsA ton was
not of much effect today. - monthly
report of the condition of tho ain crops,
tural department. lie expected surely to
have an important influence In forming
opinion on the crop outlook. The agree
ment reported from Albany for the sup
port of the public utilities bill was a
factor In the early weakness in the stocks
OF New York corporations. There was
some further pressure also on New York
Central which was a sympathetic infiu-
ence on the market Then the strength
developed in Union Pacific, and in Smelt-
ing sifted the tide of speculative senti-
ment for time. The market was trivial,
however, under late outpouring of stocks
under the influence of the Union Pacific
announcement. Money conditions showed
small change, although rates for time
loans we're reported somewhat firmeT
Sterling exchange continued to decline and
widened the margin against any profit in
exporting notes. Discount continued to de-
cline in London and the Bank of England
reported-a moderate recuperation in con-
ditions.
Bonds were steady. Total sales par
value H400OO0. United States bonds were
unchanged on call
Number of sales and closing quotations
on stocks WeTe