Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-05-12
new YORK STOCKS And BONDS
Wall Street Market Gives Further Demon
StrstiOn Of It's Reoupsrativs Ability.
PRICES ARE AGAIN PUSHED UPWARD
Advance Fails TO Bring out Selling
Orders suGlcient TO Cheek IT
Decline In Interest
Rates.

NEW YORK, May 1.-THE stock mar
ket made a further demonstration of its
striking advances effected in prices of a
large number of important stocks The
current belief in the financial district con-
tinues to be that the operations viii III
cause these advances are largely in the
hands OF professionals or habitual specu-
lators formed into market combinations
ana mae maze up OF men Of great wealth:
small evidence OF any widespread gen.
eral demand in the market The accumu-
lation of stocks from whatever source
went on with great apparent confidence,
however, and prices were pushed upwards
without meeting selling orders sufficient
IN volume to overcome the upward ten
dency. Board room traders professed
their distrust I'm the movement at times
and tested its force by opposing short
sales and by attempts TO offer prices
down. The efforts TO turn the market
were uniformly unsuccessful and the
traders were forced TO shift their position
and buy back stocks, thus helping on tha
advance Their distrust of the rise was
based on the extent TO which it has
reached and was not Occasioned by an
unfavorable view of any actual occur.
rences bearing on values. They professed
their sCepticism also of the capacity Os
the market to afford profits at the higher
cumulations which have been made owing
TO the light general demand for stocks
which has shown itself thus far. The
action Of the market. however indicates
digestion of profits going on from time
to time in the course of the advance.
| Thus the stocks which are strong one
day are either reactionary or held sta
tionery during the next day under the
influence of the steady selling, while ad-
yances at new points serve as a sus-
cedure has justified itself up to the
present time, despite the distrust pro-
fessed towards # by a considerable specu-
The broad underlying basis for the
movement Is the effective. decline in in
today in the rates. both for call and time
loans. The banks have gained apparently
several million dollars on the express
movement this week with the interior.
The account of sub-treasury operations
shows on it's face a loss by the banks of
| $4,000, but this includes the return by
| the banks of government deposits which
| are made contingent on arrivals Of gold
| engagements. A net gain in cash by the
banks therefore of upwards of &5,0O0,0eO
| seems indicated Foreign exchange rates
| also eased off today and IL was reported
| that some remittances to New York were
| being made on account of the British fire
| insurance companies. II Is assumed by
/ the speculative party I'm Wall street that
practically the whole volume of fire losses
! by the British companies yet remains
| to be RENTED, and 1t Is expected that
these sums will remain on deposit in New
! York for some time before being ulti-
/ mately distributed to the San francisco
ports of the probable fixing Of an early
| date for the resumption of business by
J the San Francisco banks, as return
| flow of currency TO New York is ex'
/ pected to follow promptly when this re-
| sumption occurs and the demands on de-
! posits are defined.
! Some effect was caused by the arrival
! at the final stages of the railroad rae
legislation. as the definite clearing up OF
that matter is expected to relieve tn
| stock market Of some cause OF depression
Reports Of crop damage by the cold
| weather were ignored in the stock market
An advance In the prices of copper was
an incident of the day and many runners
were revived OF an intended dividend IN
| crease and projects for consolidation an6
financial readjustment. The occasional
irregularity caused by the continual
| profit-taking was in evidence again al
the market closed. but the strong under
tone was not materially altered and II
| feet seemed to gather force Throughout
the day.
Bonds were irregular; total sales pa
| value. S2.7S0000. United states old u
declined y per cent on call.
| The following was the range OF prices OF
the New York Stock exchange; -