The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-03
UNION PACIFIC
AGAIN CENTER
Market Is Responsive to the
Hartman Rail-
way Stocks.
COPPERS ARE STRONGER
MONEY CONDITIONS HAVE RE-
NAMED TRANQUIL.
coPPERS ARE STRONGER

Nav York. May 2.-The stock market
today again showed itself fespoilslsE ~
the course Of Union Paclflc, ana not ni-SI
20 any other development me lOlS " az az
heavy during the early part or the udS ~.
continuation OF the depression 4 lluSI
which the dealings ended yesterday: y l'l ~
Pacific shared TO some extent , u, t eY'sDed
cline. The better tone Wnich ehsue9
when the Hartman stocks turned upHaIu
was not widespread and was not uee ~
outside of that immediate group. anS
strength of Union Pacific was as Hluci
without explanation III any speclal oes ',5
opnent as il has been from the iiIst' anu
continued the subject OF q eIedt Val 49,, 80
Of rumOrs which had no auLhoriIatIN -,
firmation, The squirt in the prelerreu
srook Dreceded the recovery IN the COM
mon ana served to revive the ruhlors ot q
distribution Of shares in company W VIM.
would hold Union Pacific stocks ana olleI
cornanIes The preferred stock has not
hitherto moved in company Win lLe SOiIl,
mon, although the report OF an lItel l
holding company has been current eNt5
since Union Pacific became acuNe az t
strong II was only recently pointed out
that preferred stockholders WouId sli0t
with holders of common STOCK Tlsnts 70
any distribution OF Union fac'iIC 100
stock today might be ascribed either TO d
belated recognition of the value OF ~
DActed rights, or a perception OF hhaTket
shared in the preferred The lack OF au-
fhentfc information TO account LOT lIiS
T-nion Pacific improvement makes II
somewhat unconvincing az a reflecllon Oi
general market conditions. II IS eApecttu
that the statement of net earnings OF the
two Hartman companies, Whlcn pfoDapiy
will be published tomorrow, VIII maxi
fax-orable showing The sympathetic IN
fIuence of the action Of the Hartman
stocks was most distinct in other trans
continental stocks and others that nave
heen iOined in previous movements OF tile
group. The copper industTials showed q
more independent strength, due 10 the
strength of the metal itself Inc unIdEOI-
able effect of the proposed issue OF 80
f0H n00 of AtChisOn convertible DOn0sr pear p
ing 4 per cent interest, seemed TO be mod
flied to some extent today The old con
vertfbIe Is of the company recovered q
mart of Yesterdays decline and the gen
eraI bond market was not afIecteu as
much as had been feared by bond dealers
IS a consequence of the terms offered
Some benefit accrued TO the late STOCK
market from the failure OF the wheat
market to hold its extreme rise. 1here
was an increased disposition also TO as
cribe part of the keen demand Tor wheat
IN the Door prospects of foreign harNestS
as we'll as orr own. The money markets
underwent no marked change in condl-
riouS The fact that money conditions
have remained tranquil ali through IN
spite of the extra requirements nelpeu 10
confirm the growing confidence IN the
real and substantial nature of the relaXa-
NON in the worlds money markets Union
Pacific was pushed TO above l7e but even
higher was evidently the objective point
of the DAYS movement and the stock
closed there. holding the general market
firm. -
United States bonds were unchanged on
all.