Omaha daily bee., 1909-05-08
THE BEE. OMAHA, SATURDAY, NAY s, 1909.
NEW YORK. STOCKS AND BONDS
Worldwide Speculation in Copper
Industrials Boom These Shares.
MARKET BROAD AND ACTIVE
Railroad Issues share M~odernteIy In
Rise Caused by MetaIs-CIOse
OF Market IL Active and
strong.

NEW YORK. May I-There was world
wide speculative demonstration in copper
metal and copper industrial securities to-
day. The movement formed the central
force in the days market in New York.
In Paris and in London copper mining
shares OF all classes and conditions dis
played extraordinary buoyancy. The
strength Of these stocks in New York was
parity on buying orders, nominally from
Foreign sources. The great influence on
speculative sentiment OF this copper dem
onstration was due TO the supposition IL
caused that active operations in the mar
ket were going on by the group OF capital
lists OF most pronounced speculative pro-
cltvities and credited with the most power
tul resources. The copper stocks are a
tavorite medium Of speculation with this
group, owing to their large interests in
those securities. IT was notable TODAY.
however, that the railroad stocks which are
supposed to be the favorite medium Of
speculation by this same group shared but
moderately in the upward movement and
had periods of reaction.
An extraordinary number of separate
Issues were dealt in at the Stock exchange
and this gave an appearance of great
breadth and variety to the market. The
material of the speculation consisted
mostly in the numerous and frequent items
OF Information kept afloat in the financial
district. bearing on the metal trades. A
systematic canvass was made of a large
number of companies and a succession of
reports of their activities or of the views
or their officials in the business outlook
were published during the day. Large
Viuels were IN SlEnl, II was SAID, Tor cars
and rails. One company announced an ad-
vance in the price OF lead and sales of
copper at prices above the recent quota
tlon. Another company, II was reported,
had withdrawn from the copper market,
having its product sold up to the end Of
June. London prices for copper shares, as
mere were advanced. Increased activity
oy various steel mills was reported. These
stimulating influences stirred up the spec
ulation in the coppers to the boiling point
ana mad a lifting effect on the whole mar
kGI. preliminary aGffnNafAu Of the r-,.Irs
currency movement had some sustaining
effect on prices with its indications of
heaVy receipts from the interior brought
out by the hardening interest rates in
New York. The subtreasury operations
nave held less than 81, 900 to the banks.
owing to the payment for gold bars ex-
ported, but the excess of receipts on the
interior movement appears to have brought
the cash gain to upward of $1,000 900.
Another $4,000 In gold was engaged to-
DAY FOR shipment to Argentina, but foreign
exchange rates were lower and the Paris
chtque on London rose a fraction, thus
deducing the inducement 10 shin gold from
New York to Paris. The chanpi1e nhases
IN the labor controversy i'm France had no
appSrent disturbing effect on the securities
The enormous authorizations and flota-
ions or new capital issues going on induced
some discussion of the possibility of
another era of indigestion of securities"
Two important modifying factors in the
present situation are pointed out. Numer-
Gus maturing short time obligations are
securities. Also the favor shown for
convertible bonds is a feature Of the period
anu IL Is customary to authorize stock in
volume equal to these bonds to provide
for the conversion which would. however.
work the retirement of the bonds. Stocks
were but little affected by the heavy
decrease I'm winter wheat acreage indicated
ny the government crop report. More at
tention was paid to the Improvement in
the condition estimate of winter wheat and
the torwardness of the spring planting re-
ported in suite of the backwardness of the
season. The market closed in a burst of
animation and strength.
Bonds were firm. Total sales, par value
changed on call.
Number of sales and leading quotations