New-York tribune., 1908-11-09
FINANCIAL MARKETS
STOCKS Up ON BUYING.
:
Result Of EIection-WaH Street
Looks for Big Bull Increment.
STOCKS Up ON ]
BUYING.
THE WEEK IN WALL STREET.

I'M Hhhh In WALL 1hhb1.
Stock market values moved to new high rec
ords for the year in the last week. the chief
gains being reported after the publication Of the
good news Of Mr.. Taft's election Wall Street
expected a Republican victory, but it did not
look forward TO q landslide. Spectators and
ths general financial community revised their
market opinions following the big vote for the
Republican candidate, and instead Of selling out
the advance Wednesday morning they added
TO their holdings in the confident belief that the
overwhelming defeat of Mr.. Bryan would make
d reaction of any Importance improbable for the
time. Before the election Wall Street predicted
z sharp advance in the event Of Mr. Taft's sue
cess and then q quick decline result Of
realizing sales There was an enormous amount
OF realizing by certain interests when II became
known that Mr., Bryan again had been bowled
over, but the buying power was so heavy
that calculations made before the election show
ing that prices would sell off al the close Of
Wednesdays market we're completely upset. the
movement Of the market also upsetting all prece
dents The common sense OF the American
people was on trial in the recent political cam
paign and II won notable victory.
Mr.. Bryan may be honest in his beliefs, but
the country at large knows quite well that his
ideas are not based on knowledge Of condi-
tiOns that make for business stability and in
dustrial prosperity. And now that the country
knows its business will be protected, as il has
been in the past by the party that represents
the business mans ideas II will settle down 10
the pleasant task Of developing its great re
sources. Labor and capital viii work together
for the advancement Of their common interests
CapitaI needs labor. and labor cannot get along
without capital Wall Street is jubilant over the
election results. while business men in all parts
OF the land are bUbbling over with enthusiasm
regarding the future Of the country's industrial
activities Business will increase in volume in
all lines OF trade. labor viii find increased re
wards for its devotion TO the cause Of sound
economies and investors in American industrial
and railway enterprises Will continue 10 receive
satisfactory returns on their capital Stocks
will sell higher because the demand viii be in
excess OF the supply. and il Is not unlikely that
speculative enthusiasm will carry the greater
number Of issues 10 an inflated level. from which
q normal readjustrnent will be made. with the
usual losses 10 the foolish operators who believe
that great wealth can be secured in speculative
operations based on shoestring margins, backed
By expectation rather than by reason Stocks.
notwithstanding the Improvement that already
has taken place from the low figures Of last
Years panic level, are attractive for buyers who
can afford TO buy outright. but they are not 50
attractive from the purely speculative point OF
view The largest holders Of securities doubt
less viii take advantage Of the current ad-
vancing movement 10 secure profits, with the
hope Of buying back at cheaper figures, and mar
Gin traders who buy at existing levels there
fore may suffer heavy losses unless they have
big bank accounts and enough courage TO hold
market there are splendid chances for investors.
and the same thing may be said of the stock
list Union Pacific. which is 10 per cent stock.
still is at a level that ought TO appeal TO the in
vestnlent community. United States Steel pre-
fc-red. which Is a per cent stock. is not dear at
its current quotation: Southern Pacific is cheap
for the outright cash buyer. and Atchison pre-
fe7red and Pennsylvania offer similar attraC-
tious for the investor
Bonds are selling on the average about 10
-s-te
year ago. but in spite OF this advance the ma
joritv Of mortgage issues are cheap. based
the price Of money and on the outlook for i'm
provement in the country's industrial earning
power Reports received Saturday from the
commercial agencies covering all parts Of the
United states were extremely optimistic over
the prospect for business in the balance Of the
wear and in the year to come, while railway
earnings. bank cleaTings and other industrial
barometers foreshadoVed gradual Improvement
in all departments Of trade Heavy buying
ders were reported in iron and steel quarters
Immediately following the election marked
expansion in the demand for copper was re
corded and railway equipment companies re-
,eiyed contracts that had been held up pending
the outcome Of the Presidential campaign Il
looks like full time ahead in all manufacturing
enteruriscs There We're sales of copper in the
week 1T I4tz cents q pound. with indications
pointing to a Is cent market before the close Of
the year Activity in the copper market is a
y
and it augurs well for the copper shares that
are dealt ia the Stock Exchange and the
curb Heavy purchases of Amalgsmated Cop
per stock we're made Last week. Anaconda was
in good demand and a better business was re-
ported in the outside market for copper issues
Of merit than in any week in recent months /
The expansion ia general business on the Stock /
Exchange was accompanied by larger trading !
on the so-caed little board. where business for /
legitimate investment account was active in the +,
closing days Of the week, especially IL the lead
ing railway securities and in the metal shares.
Money was easy throughout the week, but q
better demand reported following the elec- /
tion of Mr. Taft Money frQm now on viii be /
more active. and higher rates undoubtedly will /
prevail before the close Of the year. Rates for /
accommodation ought TO work 10 a better leve.. /
us a result Of an enlarged demand from mer-
camille quarters. from the stock market and /
from federal Treasury requirements. II gen /
orally II believed that Secretary Cortelyou soon /
.yill cali upon depositary banks for the return ,
of upward OF S30eo0.000 government money, oW- /
ing "a tire small working balance in the Treas
urv and thc heavy deficit il government revenue
account. The Clearing House banks in this city