The Birmingham age-herald., 1909-05-08
STOCKS HIGHER
 ON GOOD DEMAND Metals and> InduStriaIS Lead In
 Upward Movement FOREIGN MARKETS HIGH Greatest Influence Upon Speculative Sentiment Is supposition That Powerful Resources Are Con
 cerned in Buying.
FOREIGN MARKETS HIGH

New York May 7-There was a world . wide upward demonstration in copper metals and industrial stocks today. The movement proved the central force in to- days stock market. In Paris and in London copper mining shares of all classes and conditions displayed extra ordinary buoyancy. The strength of stocks in New York was partly on buy ing orders nominally from foreign sources. The great influence on specu- 1ative sentiment of this copper demon- stration was due to the supposition It caused that active operations in the mar ket were going on by the group of cap italists of most pronounced speculative procllvities and credited with the most powerful resources. The copper stocks are favorite medium of speculation with this group, owing to their large inter ests in those securities. It was notice- able today, however, that the railroad stocks which are supposed to share the favor of this same group participated but moderately in the upward move ment and had periods of reaction.
 An extraordinary number of separate issues was dealt in at the stock ex-
 
 great breadth and variety to the market. The material of the speculation consist ed mostly in the numerous and frequent items of information which were kept ahoat in the financial district bearing on the metal situation. A systematic can vass was made of the number of com panies and a succession of reports of their activity or of the views of their
 fIkafaly rATTh h lished throughout the day. Heavy or ders were on tap for cars and rails. One company made an advance in the price of lead, and reported sales above the re- cent quotations.
 Another company, 1t was reported, had withdrawn from the copper market, nav ing it's product sold up to the end or June. In London prices for copper shares as here were advanced.
 Increased activity by various steel mills was reported. These stimulating inf1u- ences stirred up the speculation in the coppers to the boiling point and had a lifting effect on the whole market. Pre- limfnary estimates of the weeks cur rency movement had some sustaining eff feet on prices, with it's indications of heavy receipts from the interior brought out by the hardening interest rates in New York. The sub-treasury operations have yielded less than a million dollars 
 bars exported but the excess of receipts on the interior movement appears to have brought the cash grain to upwards of s7,o00000.
 Another s9O0,OO0 in gold was engaged today for shipment to Argentina, but foreign exchange rates were lower and the Paris cheque on London rose a frac- ton, thus reducing the inducement to ship gold from New York to Paris. The changing phases in the labor contro- versy in France had an apparent disturb ing effect on the securities market. The enormous authorizations and fotations of new capital issues going on induced some discussion of the possibilities of another era of indigestion of securities
 Numerous short time obligations are to be simply refunded into these new securities. Also the favor shown for con yertible bonds is feature of the period and 1t is customary to authorize stock in volume equal to these bonds to provide for the conversion which would how ever work the retirement of the bonds. Stocks were but little affected by the heavy decrease in winter wheat acreage announced by the government crop re- port
 More attention was paid to the inn provement in the condition .of winter wheat and the forwardness of the spring planting reported, in spite of the back wardness of the season. The market closed in burst of animation and strength Bonds were firmg Total sales, par value, s6,916,0o0.
 United States bonds were unchanged on call