The Birmingham age-herald., 1906-09-18
FURIOUS OPENING
 IN STOCK MARKET Prices However Sagged to As- toniShing Degree During Day TRANSACTIONS WERE LARGE Blocks of Thousands of Shares Were Bought and as Quickly Sold at
 Advance With Little
 Reason.
TRANSACTIONS WERE LARGE

New York; September 1.-The specula- tive choice of ffavorites went racing through the list of stocks usually promi- nent in the market today, and exploited the individual stocks thus selected for what they could be made to yield in the way of a price movement The furious activity with which the sudden bursts of buying distinguished these stocks was no less astonishing than their sudden lapse into dullness when operations turn ed to the next choice on the selected list As the various stocks were left behind by the tide of the most active trading, they were inclined to sag back in price also under the influence of the profit taking sales. Some of the strongest and most active stocks of the early dealings lost all their gains subsequently, those that immediately followed in the move ment lost part, and the latest corners in to demand conserved the best part of the gains
 Individual transactions in separate stocks were very large and gave the inn pression of orders executed from one source or under concerted operations Purely speculative operations by room traders in following these movements were on an enormous scale. and without any pretense of information to base the buy ing on. Blocks of thousands of shares were bought on the floor and often quick ly sold at a slight advance for no other motive than that they looked good for a movement. Some of the days conspicuous movements were advertised before hand and were subject of wide circulated types before the market opened. Accumulation of buying orders over the weekend as a result of last weeks influences were on moderate scale.
 The usual weekly summing up of in dustrial and business conditions was con- vlncing of the flood tide of prosperous activity in every branch. The car move ment of all kinds of merchandise over all lines was reported to be limited only by the available equipment facilities and railroad officials expressed but one ap- prehension, and that was of car famine and coming freight congestion from in sufficency of means to take care of a heavy offering The railway equipment stocks responded early to this showing of conditions. Amalgamated copper re- sponded to the showing of general pros perity in the copper trade and to specific rumors of intended increase in the divi- dend of Anaconda. and on its own stock. The speculative element was disposed to assume that the Saturday Nank statement showed that the crisis in the money mar ket had been passed, and an obstacle thus removed to the due reflection In the se- curities market of the extraordinary pros perity prevailing. First loans on call were made at below per cent Compared with Friday's 9 per cent rate this served to confirm speculative confidence The later rise in the call money rate to 10 per cent had something to do with the reactionary tendency of the later stock market, all though the papable speculative exploita- tionS of stocks that was going on. and the manner in which different Issues were thrown aside as fast as their posslbil-