Los Angeles herald., 1908-10-22
NEW york STOCK
AND BOND MARKET

NEW YORK, Oct. 2.-The aggressive ope-
rations to lift prices of stocks which com
menced In volume yesterday were continued
indefinitely today with no strong news de-
yelopment basis for the movement. A
number OF shares transferred had risen by
noon to a total large the aggregate for
the whole day yesterday. The number OF dit-
ferent Issues traded In was long ones ana
included many issues often inactive for long
periods. The great congestion OF activity in
a few favorite speculative stocks continued
hcweYer, q distinguished feature OF trade.
This was especially true Of the two Hartman
Paoihcs and st. Paul came into close sympa-
thy with them. Reading had its usual promi-
nent place and the Hill stocks, the copper
industrials and United States Steel being
added, tho overwhelming preponderance OF
all transactions for the day would be ac-
counted for. Some OF the rumors In cireuia,
tion to account for the days advances had
TO do with Individual properties, but the main
stay Of the speculation was the rather mys-
tertous ailusons to important Developments
in the political field which were regarded as
releasing the speculation from some OF the
bonds OF uncertainty which have held II.
The expression is quite universal IN wan
street Of the feeling that promptly with the
passing OF the elections there Is to be an out
burst of public demand for securities for IN
vestments for speculation. 1t is the expecta-
tion Of this demand which prompts the pro-
fessional demand for stocks at the present
time. That reliance will be placed on mis-
expected demand TO absorb a considerable vol
ume Of proht taking sales Is safe to assume
from all past precedents. The eager expec-
fancy felt In the financial district is indi-
Gated by the general intention by brokerage
houses to have their offices open on the night
OF the election and on the following morning.
Publication OF election returns viii be pro-
yided, but the primary intention is to afford
facilities for early action In the market, by
cabling orders to the London market If
necessary, before business has begun in New
York 1t was this eager spirit regarding the
effects to follow the election that ap
pealed to from the speculation today. The
most important OF the professional traders
dealt largely and in fact concentrations ope-
rations were the rule both on the buying and
ted to important banking and inside interests
drawn, however, from more substantial
evidence than the personality of brokers exc
cutting the orders. Yesterdays reports per-
sisted concerning Southern Pacific and North
ern Pacific of the intended retirement of the
preferred stock In the case of the former and
of projected extra dividend disbursement IN
the case of the latter The st. Paul move
nhent was accompanied by talk of the large
profits to accrue from the early operation Of
the Pacific coast extension. 1t common
remark on the floor OF the exchange that
stocks are in ''strong hands," that is inter-
ests that can withhold them from sale ex-
quently prices be easily advanced when
BILE conditions arise. They were in
fact easily advanced today and quite firmly
held without effect from the profit taking
sales invited by the rise, except for Northern
Pacific. Bonds were firm. Total sales, par
value, s5, 10000. Government bonds were un
changed on cali.