The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-11-07
STEADY ADVANCE
IN STOCK MARKET
6uying Orders from All Out
side Sources Are Heavy
STRONG TONE MAINTAINED
Incoming Rush of Orders for Stocks Is
Regarded as Herald of Coming
Developments of the Indus
tries of the Country.
STRONG TONE MAINTAINED

New York, November 6-The speculative
sentiment in stocks received a broader
phase today in the entry into the buying
movement of additional forces from wide
~ scattered sources. The alert leaders Of
the speculation were prompt to perceive
this development and to take advantage
of it by manipulative devices to help on
the advance in prices. The advance was
in itself an attraction to the somewhat
excited operations of the new participants
who were apparently of the class that
would have withdrawn or waited II prices
had moved downward instead of upward.
The dangers contained in this kind OF
movement are perfectly well recognized
by the practiced professional operator in
stocks and this class today was attentive
for signs of reaction in the market and
prompt to digest profits frequently in the
course of the rise.
1t was impressive of the extent and the
force of the new buying movement that
these sales were absorbed with avidity
and without making notable impression on
prices. Operations of this character, how
ever, represent a passing of stockholdings
from stronger to weaker hands, which al
ways results in growing vulnerability OF
the market to attack and to the attraction
of such an attack for the stronger spec
holdings. The buying orders today
through commission houses were on
much enlarged scale, and they seemed to
come from widely separated sources, al
though for the most part from the speeu-
lative center.
Boston was much impressed with the
promise of the copper industry, and to-
gether with large orders for stocks in that
gyJup sent excited reports of the volume
T.. the new buying of copper and the
rapid advance in the price of that metal
q which was in sight. Philadelphia and
Pittsburg as usual paid close attention to
developments in the iron and steel trade
and the heavy orders for United states
Steel for the shares of the minor steel
stocks, and for the railroad equipment
companies and electrical equipment COM
panies which are correspondingly inter-
ested, were attributed to those sources to
an important extent What are called
western wire houses" reported a client
age even more scattered throughout the
west and southwest. The largest inter-
est shown by these buyers was in the in
dustrials also, although demand for stocks
of railroads with whose conditions they
are familiar, make itself felt.
Operations for foreign account were
mixed, but influences from that side were
of a cheerful effect on the speculation.
The speculation was dominated still by
the considerations springing from the
passing of the elections. Several incl
dents served as a supplement to this. A
notable influence was attributable to the
remarks of Judge Taft to the CONNER
cial club of Cincinnati In the assurances
of nom ference from the federal gov
{ ernmeft with all business and corporate
enterprises that observe the law although
this assurance was coupled with impress
sive admonition of an enforcement of the
IA tell. OF
street FASTENED to arrogate itself prom
Use of exception in these words. The In
coming rush of orders for stocks was re-
garded confidently as a herald of coming
developments in the industries of the
country.
The soothing of the friction between
France and Germany was the cause OF
some relief and the settlement or
strike in the Lancashire cotton
mills was another helpful factor
from abroad. Yesterdays extra dividend
declared on Northern Pacific had its con-
sequence in revived rumors of other in
tended distributions, which were without
any confirmation. 1t is significant that a
review of the most recent parallels to to-
days large dealings finds them occur
ring on days of violent declines in prices.
The largest days business previous to
today for the present year was on Sep
TENDER %, when prices broke violently
following the Maine election on sales of
1,426000 shares. The largest days business
during the panic last fall was on Oc-
tober %, when 1,369992 shares were re-
corded. The record sales for 1907 were
2571 sic shares on March H. in the Gull
mination of what was called the silent or
millonaires' panic. Todays squirt to 1,5S4,-
900 shares shows the largest sharp ex-
pansion that has occurred on rising quota
lions since the days of the abortive spec
ulation on the increase in the Hartman
4 dividends.
a The market furious activity was main
Manned to the last and prices were still
s#orging upward, although with some erect
eIrom realizing sales at certain points. The
= lays movements showed such gains as
Ato ~ for Amalgamated Copper, New
W rk Central, Louisville and Nashville
~ Atlantic Coast Line; 81 for United
et.I les Steel and Union Pacific, 81 for
cre& at Northern Ore cert IS and 10 IN
T,aclI <awanna.
Ron lds were strong a. = Iotal
saIest par value, ss,612,0CO.
I1niAed States bonds were unchanged on