The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1908-05-06
FINANCIAL LETTER.

New York. May CSpeciaD In
so far as the volume OF business
is concerned, che month of April
In the stock market was not "A par
ticularly important one, as dealings
on both the New York Stock TX
change and Consolidated Stock Tx
change showed a material falling on
when compared with those for the
preceding month and for the CORE
spending period in 1907. This, how.
ever Is accounted for in large meas
ure by the fact that the month con
talncd several holidays, while a num-
| Der of uncertainties that at fire.
qucnt intervals surrounded the gen
eral financial situation likewise op-
Grated in the same direction. In
other respects. however, the period
under review was quite an Important
one, particularly as it demonstrated
a further growth in confidence on
the part of both speculative and
investing public.
Despite the Yukon Gold Mining ep.
isode. which served 10 unsettle con.
| fidences in the early part OF the
month, the long-existing doubts as to
the success Of the efforts making
TO prevent reccivership for the
Erie Railroad company, which hap.
PLY were effectually removed later
on and tine inauguration of an eN.
port movement OF gold to Europe to.
ward the end OF the month. the gen.
cral tendency Of prices was upward
and at the close all classes Of stocks
reflected substantial gains over the
| prices current at the end OF March
Not only does this apply TO railway
and Industrial shares, but the stocks
OF several mining companies like
wise showed a considerable enhanc,
ment In value. \ noteworthy case In
point is the stock OF the Tennessee
! Copper company, which during the
past week has been exceptionally ac.
tive, due principally to the fact ,ha,
the company is now earning a profit
something like cents pounl on
Its output At the present price of
| copper metal this company is earn.r z
at the rate Of 50 share on it.
outstanding capital, or s1.OOOOOO net
per annum. Its production is at the
rate of 100000 pounds of copper
a year, SO that It will be seen that
II the metal were at present selling
at anything like the high figures
current last year, say % cents
pound, the company would be making
an enormous profit.
The advancing tendency of the
general market in the face of the
disappointing statement Of the Unit
/ ed states steel corporation for the
March, quarter and such an event
as the reduction in the PENNSYLVANIA
railroads dividend from 7per cent
To per cent annual basis dem.
onstratos beyond a shadow OF a doubt
| that the large banking interests are
at present committed 10 the bull side
OF IN" market and consequently it Is
not surprising that the professional
traders and outside public are in
'un'd TO follow their lead Recently
activity In the market has been great.
er than az any time since the panic
days and in many instances commits
sion houses on both the New YORK
stock ana Consolidated Stock Ex.
changes have had larger buying or.
ders than for long time past. AS
result Wall Street Is at present in
very cheerful frame OF min dand
looking forward to a still further ex-
panslonl in business, with an accom-.
panying additional Improvement in
values. Just now there is an enormous
amount of money throughout the
country seeking investment. as illus.
trated by the great success OF the
Pennsylvania railroad bond issue. and
all things being equal this must OF
necessity sooner or later find its
way into the securities market.
J. X. BURTON.