Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-05-15
NEW YORK STOCKSAND BONDS
Values Are Higher Early in the Day, but
Reaction Soon Sets In.
AMALGAwArsD COPPER LEADS DECLINE
This stock Has Been Used TO support
the Market and when tt Gives
way the Entire List
Follows.

NEW YORK, May 1.-THE early stock
market today gave no evidence of a change
from the advancing tendency OF last week,
but before the day was over a clearly de-
fined reactionary tendency developed An
explanation which seemed suficient to sat
isfy the professional trading view was that
the recovery from the depression follow
ing the San Francisco calamity had run
its due course.
for the top OF the market for q number OF
days by making tentative short sales and
trying to turn the market downward. There
was no striking new development In the
situation to warrant a renewal OF positive
depression in the speculative outlook, but
NTH the turn IN TIE direction OF prices
per OF the speculation and some revival of
consideration was given to a number OF
factors which were prominent at the time
Of the downward course in prices. The
news Of a large temporary loan by the
Pennsylvania company and the reports cur
rent OF high rate OF interest to be paid
on the call called renewed attention to the
heavy capital requirements yet to be met
in the money market
The relaxation in the money market fol-
lowing the enormous sudden demand for
cash precipltated by the San Francisco
losses has served to build up a sanguine
feeling amongst Spectators that an indef-
mite period of ease in the money market
is assured. The Pennsylvania financing
recalls that many important projects have
been awaiting more advantageous terms
In the money market and which may be
counted upon to be brought forward TO
take advantage OF any relaxation in money
rates Western news dispatches this morn
ing gave large space to the extensions pro-
tected by the Great Northern railway, and
mention is made also OF plans by the Union
Pacific for lines into new territory. The st.
Paul extension 70 the Pacific coast Is known
of p bart OF he GO Of n eS capts
authorized by the New York Central is ex-
pected. There are also large holdings Of
railroad bonds already issued and still in
first hands with resulting heavy loans
from the banks to carry them, which are
expected to come upon the market with
any Improvement in the Investment de-
mand. Another incident of the day which
affected speculative sentiment unpleasantly
was the reduction in the dividend by the
| mino< subsidiary company OF the Amalga-
mated Copper company. This operated to
interrupt very heavy speculative buying
in the copper group based on the excited
advance in the price OF copper metal and
copper mining stocks In London. The
strength in this group was being used as
against the selling to take profits which
was going on at other points. When the
copper stocks gave way the whole market
News OF general conditions continued uni
| formly favorable today. Railroad traffc
| officials reported that the slight hesitation
manifest amongst merchants after the San
! Francisco calamity had been dspelled and
| with It the fears that business reaction
| was impending In the country. Rates for
money continued to work easier and the
| London market was cheerful over the
| prospect OF declining money rates there,
the Bank of England having secured all
newly arriving gold in that market This
| country's April, exports of agricultural
products showed an increase in value Of
! S12, 49,, 900 over those of the preceding April
The downward drift Of prices OF stocks
continued through the afternoon and the
closing was heavy. with only slight rallies,
t1O72.oO0. United States bonds were all I'M
changed on call.
Quotations on stocks and bonds were as