Omaha daily bee., 1907-05-02
new YORK. STOCKS AND BONDS
Trading Becomes Dull ard Prices Are As
lowed to Slip Backward.
UNION PACIFIC AGAIN UNDER PRESSURE
When This Issue Turned Downward
the Life Seemed TO Die Out of
the Market-BOnds Are
Irregular.

NEW YORK, May 1.-Tradlng in stocks
became dull again today and prices were
allowed to slip backwards under very mod
crate selling pressure. Some OF the day s
news items were adduced to explain the
sag Of prices, including fresh crop damage
reports, but probably the largest influencing
factor on speculative sentiment was the fact
that Union Pacific was under pressure.
For several days past the movement Of the
whole market had been practically confined
20 the sympatheuc effect OF the course OF
Union Pacific. When that stock turned
downwards today the life seemed to die
out Of the market
stocks connected with the copper industry,
including Amalgamated Copper, Anaconda
and American Smelling. This seemed to be
caused by 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 report was
without effect on the shares of that com
pany, which we're sluggish and unusually
neglected all day. The earnings OF the
company for the quarter and the untul-
filled orders on hand at its close were
acknowledged to show fattering condi-
ton of affairs in the trade. The specu-
lative view OF the report, however, Is that
present activity represents the completion
of projects entered upon before the OUT
look became clouded by the difficulty OF
the railroads In securing capital. It is
held that the extent Of the effect of the
curtailment by railroads on the steel in
dustry must be looked for in the future
the announcement OF a convertible, bond
issue by the Atchison was unfavorable to
the securities of that company and hurt
amounts to about $4,000 600, to be paid for
in installments and to be offered to stock
holders at par. But the new issue, besides
carrying the privilege of conversion into
the common stock, Is to bear interest at
the rate of 8 per cent, while the previous
issues of convertible bonds paid per cent
and were also subscribed for at par by
stockholders the last issue Of about
ST., OoO 900 having been made in April OF last
year Upon the announcement of the new
bond issue the old convertibles, which sold
at 1904 in the morning, ran of to below
g. Some minor effect towards depression
was caused by a rise in the call money
rate. The hardening OF call loans was mod
crate and was attributed to a number Of
causes, including the May 1 money settle
ments, the opening of a new bank and some
resulting shifting Of loans and the prepara-
ton for n number of syndicate payments.
The London stock market was closed, but
sterling exchange here was firm. The in
teresting feature in the foreign money
markets, however, was a decline In the
private discount rate in Paris and rise
In sterling exchange at that point marking
the easing tendency of money affairs at
that capital. The violent upturn In the
late wheat market decided the downward
at near the lowest Of the day.
Bonds were irregular. Total sales, par
value, S174,OOo. United States bonds were
unchanged on CALL
Number OF sales and closing quotations
IN