The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-06-14
WALL STREET NOTES.

1t can be stated on authority that the
Union Pacific Railroad Company viii
onvert Its holding of Southern Pa
cihc preferred stock. amounting to
slightly less than s35, 900. 600. into COM
mon shares rather han accept for
them 100 per cent. in "A per cent.
~debenture bonds and 20 per cent. cash
or lis in cash. 1t can also be stated
o authority that the Union Pacific
Railway Company intends to hold as a
permanent investment the new COM
mon shares of the Southern Pacific
Company. which it will obtain through
the conversion operation. That practi-
cally all of the other Southern Pacific
preferred shareholders will convert
their stock into common is regarded as
a certainty. Some of the large pre-
ferred holders have been waiting to
learn what the Union Pacific would do
before determining which option they
would accept for their own shares and
now that the intentions of the Union
Pacific in respect to the matter are re-
vealed it is thought that no further
doubt will exist in the minds of South
ern Pacific preferred shareholders as to
the course which they should pursue.
American securities in London at
noon were " to q higher than Satur-
days New York closing.
The delay in the final formalities of
listing the common shares of the u. S.
Steel corporation on the Paris Stock
Exchange has afforded a certain sec
tion of the French press an opportunity
to charge that the Introduction of these
securities is purely for speculative pur-
poses and inimical to French steel in
t~erests. Morgan, Harjes & Co. expect
the negotiations to be contaminated
any day.
Uptown Sentiment-Further activity
and higher prices are predicted by up
town spectators, although a few ultra
conservatives are looking for a sub
%stantial reaction. 1t is claimed by those
who have had very good speculative in
formation for some weeks that Union
Pacific will be the leader among the
high-priced stocks and will tend TO in
crease the trading throughout the list.
1t is confidently predicted that this
stock will at least reach zoo soon, the
price which has long been f~orecasted.
Increased activity in Great Northern
and Northern Pacific Is also expected
and by some interests a substantial up
ward movement in st. Paul is looked
for.
Although more division of opinion is
found to exist at present than has been
the case recently respecting the imme-
date future of the market, the most
reliable indications are nevertheless still
favorable to a general improvement in
the prices of stocks from around pre-
vailing levels. a prominent broker said
this morning. Speciality operations are
likely 10 be the dominating feature of
the stock market for the time being,
said this informant. and these are apt
TO continue until something develops to
produce a stimulus for a broader and
more active trading again. This mar
ket is favorable to a broadening and
more active session, with opportunities
promising for profits in speciality move
ments, vas his opinion.
At the Metal Exchange today con-
tinued dulness was shown, with prices
unchanged. with the exception of tin,
which improved a small fraction. Cop
per was steady, but unchanged.
Bullish talk coming from pool sources
on Colorado Fuel and Iron suggest
much higher prices for the stock.
A Chicago story early today credited
Mr.. Frick with becoming active in mar
kaf anarafi0ps in this stock
The United States s~ub-treasury in
New York today transferred s2.250. 900
to San Francisco for the Yokohama
specie banks. The transfer is under
stood to represent the payment Of an
equal amount of gold taken from the
San Francisco mint for the account
of the Bank of Japan.