| Show LAMBS ARE CAUGHT BY UNION PACIFIC I Action of Directors in Putting Out Securities Breaks Market BOY BY 1 S C. C Nc York May 9 Official Official announce announcement ment mont was made macJe today of ot the tue Union P Pa Pacific la rifle financing which was exclusively pl ann announced an nn- n In these dispatches many ela days 1 before beCore an any o ol of the financial authorities would admit Its possibility Many Ian a tr trusting n lamb iamb lambas was as captured In the time ambush h of today and was cJ according to 10 program Wall all street ran nin yellow lIow with blood for r red d corpuscles cor eor- g have been en turning golden veins from these unfortunates There mere ro roars of or laughter from l Union nion Pacific headquarters rs when Imen n the terrified trader tried to 10 disentangle themselves as Union went crashing down on omi the ex IX cx- change h It Jt was wa a a. Fla 1 slaughter h I r equal Inmany in inmany many respects to those which took place months month ago ogo when Union Pacific was wag advanced l twenty points In ten minutes for Ih the benefit of or a L favored few tew Action Act of or the Union Pacific directors today I IH Is another deadly blow at tho stock market for Cor It utterly destroys n it little confidence con tho time public had In men in charge of ot that property It II has been heen common knowIN knowledge for 01 s me time that th Union Pacific intended to l issue Isue sue stocks and bonds and yet et t even in the face of oC legal proof of C such an I Issue sue the leading spirits In Union Pacific have C denied hat an anything any any- thing timing of or time tho kind was to be done or wn was even contemplated Securities s I T F MIC I. I I It II will be to see how th the new nen- bond and stock Issues are arc received Southern Pacific offers of the new 11 preferred stock at par Union Pacific Pa Pa- Nile otters offers i O 4 per cent convertible convert convert- converti converti- blo ble debentures at 90 O They he ate ale tlC convertible converti tile ble In three 0 to five the years Into Inlo common stock tock at 1 Iii j 10 io 0 provide for conversion cOI of Ir It new common has boon au au- This leaves nearly jf Jr new common stock hanging over o tho thu market The Increased Union Pacific Is I 3 O Union PacH Pacific was all al the market Movements else elso elsewhere where wore vere of or no Importance an as they lCY were Influenced b by time the Union Pacific break Ii In tlc Mo lie Street The Time total number of ot shares of stock sold l today W n against thC flit corresponding Ila ha day a year a ago 10 The Time total par value of bonds sold soll to today to- to tiny day amounted to 10 S a against r tho the corresponding da day a year ago In addition to 10 needing mone money In vast quantities for reconstructions the developments developments evel devel devel- of or tOl today a proved the tho truth of oC tho the statement that railroads have lingo huge floating Mr 11 harriman Hariman says the Southern Pacific has hm a floating debt of df r W. Of of- which 1 H Jo I Is owed to time the the Union Pacific lie Ito 1 says Fas th the total expenditures expenditures ex ox- of or tho the Southern Pacific which up to this time have hare not been In th the capitalization cap cap- n aggregate gr This means nans more marC bonds and stocks In the ear mear future about future about more It I looks l like e a conspiracy among the tle tle railroads railroads rail rail- rai- rai roads to us use all nl the mane money there Is nn and le leave lenone none for COl the Panama canal Spinning cars on a monorail as I Illustrated Illus US by hy the tho Royal society in London rondo made Wall al street gasp tola today The prin- prin Mple Is so O simple and the cars car are tso so o absolutely certain of oC heln being brought Into world wide use that hundreds of or millions milons mil mu- mi- mi lions lons of dollars now no Invested in th the or- or 01 rai railroad 1011 roUn rolling stock and track will wi be he reduced to on Rn alarming extent nt The builders of locomotives cs and cars car are ar really worried over 01 the situation The invention Is hailed as the lie most important Import import- ant since the discovery of the steam loco loco- knot lye Promoters Promoter of or the Nevada stocks today toda ay ay that the decline In those thoe Issues ws Is II Joe Juc uc entirety entirely to to taking profit on or 01 account f time tho th strike settlement tit or nuJ The range of oC prices was ns as follows h C Am m. C. C Fd 3 37 m 4 37 27 31 m m m. Smelt 1 1334 T 1 1 m. I. I Loco 63 C 4 1 63 6 Am SU Sugar Rr 2 12 1 12 1241 2 12 1 Copper M-M M SV 9 na Copper I t 6 62 7 1 ch I on DG tt t 4 94 H 4 hT Call It I and Oo T H 99 09 19 SS S c s Ii n. n J. J T. T Trans II Sk 9 V Can Pac 1 11 1775 II 1 17 7 11 C C. and Ohio II 10 iG 40 04 O Wit V Wa VC e. e C M ti and si St Sl u IE 1 1 i 1 C. C F. F and 1 I. I 3 33 WI I 31 Eric ml 21 24 H 23 24 21 2 1 U fi I. I an and d N. N 11 1 F Mo ro I Pacific 5 75 ea 4 TI L 71 cl N. N Y y COaL l H I 1 1111 1133 1 Nr N anil W V 70 ei 77 II I 77 I Nat Lead 11 Cl I Cli 3 CZI NOI Nor 1 Paa 1 u 13 K 1 Pennsylvania fc 12 Peoples People's 93 93 03 3 92 t lr tr Reading 1 i 13 4 IiO lf HO Rep flop L and S S. 2 X i 20 i MU I tt So o. o f Ry fly 21 1 l 21 21 I So o. o J l' l 81 Mi Sn SG 64 i T I C. C amid 1 J. J Hj Hj 14 H h hI I t t. Pacific 19 i i T t. S. S Sleet 37 m 17 i ZW Preferred n i DEh rj MT ren Tenn n. n Copper IO IOU IO 10 iO 11 10 Newhouse 17 1 17 1 17 l 17 Money loney closed S i per cent cent |
