Omaha daily bee., 1909-05-07
NEW YORK STOCKS AND BONDS
Striking Movements in Lower Grade
Issues Features of Day.
PROFESSIONALS ARE PUZZLED
U~ncertainty as 80 Meaning Of
Numerous Advances Causes Cur
taiIment OF DeaIinss-Bonds
Are strong.

NEW YORK, May 6.-The professional
traders in stocks were puzzled to know
what was going on In the market today
under covering Of the striking movements
in a number Of stocks of the lower class.
Ii was this uncertainty that prompted the
c~lrtailment of operations and the shrink
age in the volume Of the market. Atten-
ton was focused on the Industrial stocks
and sudden advances were made in a great
variety OF these, some OF which have not
appeared in the tape records for a long
time previously. Diversion of activity TO
this grade of stocks usually awakens sus-
picion OF the exhaustion of possibilities in
the more substantial kinds, which have
had their previous movement.
The general list. including the stocks or
the more substantial class, was almost
more responsive TO the rise in speclalties
realizing sales we're going on in those
stocks, in continuation OF the movement
yesterday. The bulk of today's business
nevertheless was done at a level OF prices
above last night. in contrast with the
positive depression caused by yesterdays
Operations These advances were not
slant wavering In the price level which
reflected the uncertain tone of the specu-
latiOn. The sharp rise In a miscellaneous
lot of low priced stocks, most OF them non
dividend layers, was unexplained by any
authentic news, although there were ru-
mOrs which applied to some Of the stocks
affected. The rise had Its inception in the
group Of metal industrials, including vari-
Gus companies making secondary use OF
steel. such as the railroad equipment com
panies and the copper, lead and smelling
stocks. The definite developments of ia
vorable character in the metal trades
made the backbone of this movement and
various rumprs were added. The asking
price of copper was advanced and some
large sales of refined copper were reported
made I'm the last few days. The forthcom-
ing report OF the Copper Producers asso-
citation, giving the April statistics, Is eX-
pected to show the effects of trade eXpan-
sion to. an extent. according TO rumors OF
an actual reduction of surplus, stocks OF
copper during the month. The rise In price
of light steel rails and the placing or ad-
ditional orders for heavy rails by. the st,
Paul gave, color to reports of a coming up
III. in prices of various steel products.
Accounts by, cable OF a project for a
worldwide combination of lead producine
interests met with authoritative denials!
( but had their Influence in the strength Oh
| stocks concerned. There were rumors also
| of a coming merger Of the fertilizer com
panies and of intended dividend increases
on these stocks. The violent advance In
western Maryland followed n report thai
the Pittsburg Terminal company's Goa
properties had been taken over by ina
company. The movement in the low grade
stocks was progressive and a procession
Of them was brought forward one after the
other. Throughout the demonstrative buy
ing and bidding OF nondiyidend payer,
moved over a range as great as a point
London was a seller of stocks here anC
the labor nation in France engages
fects. Discounts were easier in Londo
and Paris in spite of the weaker condi
ton Of the bank OF England. Foreign ex
change here was unchanged. A condition
OF great dullness existed I'm the time none!
market, owing to the holding off of lend
ers for the higher rates and the unwilling
ness of borrowers TO pay them. Warme
weather in the west encouras ed hopes o
rapid growth OF the grain crops, for whicl
conditions are reported to be ripe, In spit
of the backward season.
Bonds were strong. Total sales, par val
ne. $780, 900. United states bonds were un
changed on call.
Number of sales and leading quotation