The Montgomery advertiser., 1907-05-03
THE STOCK MARKET
AGAIN SHOWED RESPONSE TO COURSE
 OF UNION PACIFIC.
Tone Was Heavy During Early session in Continuation of Depression Under .. Which the Dealing Ended
 the Day Before.

New York. May 2.--The stock market to- day again showed itself responsive to the course of Union Pacific and not much to any other development. The tone was heavy during the early part of the day in contiuu- ation of the depression under which the dealings ended yesterday. Union Pacific shared to some extent the decline. The better tone which ensued when the Harrf- man stocks turned upwards not wide spread and was not decided out of that immediate group The strength of Union Pacific was as much without explanation in any special development as 1t has been from the first and continued in consequence the subject of great variety Of rumors Tor which no authoritative confirmation could be had.
 The squirt in the preferred stock preceded the recovery In the common and served shares in a company which would hold Union Pacific stocks in other companies. The preferred stock has not hitherto moved in company with the common although the report of intended holding company has been current ever since Union Pacific be- came active and strong. It was only re- gently pointed out that preferred stock holders would share with holders of com mon stock rights 10 any distribution of Union Pacific treasury assets The jump in the preferred stock today might be as- cribed either to a belated recognition of the value of expected rights, or s,erception by market operators of a rise in the com mon. not shared in by the preferred. The lack of authentic information to account for the Union Pacific movement makes 1t somewhat unconVincing as reflection or general market conditions. It Is expect ed that the statement of net earnings of the two Hartman companies which will be published tomorrow will make a favorable showing. The sympathetic influence of the action of the Hartman stocks was most distinct in other etranscontinental stocks and others that have been poined in previous movements In the group. The copper in- dustrals showed some independent strength due to the strength of the metal
 The unfavorabe effect of the proposed is- sue of s26.00o.0 900 of Atchison convertible bonds bearing five per cent. interest seemed to be modified to some extent today. The old convertible fours of the company recov- cred a part of yesterdays decline and the general bond market was not affected as consequence of the terms offered by the company to secure new capital.
 Some benefit accrued to the late stock market from the failure of the wheat market to hold it's extreme rise. There was an increased disposition also to ascribe a part of the keen demand for wheat to the poor prospects of foreign harvests as well our own. The money markets un- derwent no marked change in conditions hanks all came to hand today. All showed ed to the May first settlements. The fact that money conditions have remained tran quil all through, in spte of the extra re- quirement hips to confirm the growing con fidence in the real substantial nature of the relaxation In the worlds money mar kets
 Union Pacific was pushed to above 150 but the even figure was evidently the ob- Jective point of the days movement and the stock closed there, holding the general mar ket >xlrm.
 Bonds were irregular. Total sales par val ue $1,4sO.oo0 United States bonds were unchanged on cali.