New-York tribune., 1908-11-07
FINANCIAL AFFAIRS
STOCK PRICES Up.
Nezg High Records for the Year an
host Tssues-HeaUy Trading
an Bonds.

Fxplanation Of yesterdays record breaking
business for the year in the stock and bonu
markets is found in the success Of the Repub-
lcan party and in the announcement by Presl-
dent-eIect Taft that every business man who
is obeying the law may go ahead with all the
energy in his possession. every enterprise Whlch
is within the statutes may proceed without Ieaf
of interference from the administration, when
acting legally" The dealings in stocks were
heavier than any day since the so-called
silent panic Of March. 1907 while the operations
in mortgage issues, amounting in par value to
more than 100000. were the second largest
for any day in the history of the Stock EX-
change. Prices both in stocks and bonds made
new high figures for the year, net gains run
ming from 2 TO > points in the leading shares,
with the heaviest Improvement in the copper
issues. American Locomotive, American Smelt-
ing St Paul, Great Northern ore ceruh-
cateF Louisville & Nashville. New York Cen
tral. Union Pacific and United States Steel COM
mon The last named stock enjoyed a net ad-
vance Of ga points on tremendous transactions
that represented buying for public and Wall
Street account. It is generally believed in the
Street that the increase in the iron and steel
business in the course OF the next twelve months
will be large enough to warrant the placing Of
United States Steel common on a 4 per cent
dividend paying basis, and the stock is being
bought by many traders on the assumption that
at the next dividend period the rate Will be IN
creased while the preferred is being taken by
investors who have studied the financial posi-
ton of the company. The advance in the price
Of copper following several days Of better quo
tations for the metal naturally attracted specu-
lative and investment attention to the shares
of the Amalgamated Copper Company and the
Anaconda Company. the stock Of the first named
closing at a net gain Of / points and the latter
stock at a net advance of 212 Great Northern
ore certificates were up more than points on
the expectation Of dividend in the near future.
Northern Pacific was heavily sold on the action
of the directors IN declaring an extra dividend,
but the new buying power was sufficiently
heavy TO prevent a loss in the price Of the
security All industrial shares were strong
buyinC based on the belief that industrial pros
perity is assured n consequence of the cleo
ton 10 the Presidency Of man who represents
the business interests Of the nation.
Prices for railway mortgage issues in the
greater number Of cases are at the best points
of the year. while current indications point
toward further Improvement in the near future
as a result OF investment buying and accumula-
ton Of the mi-speculatfVe bonds by Wall
Street operators who believe that in the next
twelve months opportunities for profits VIII be
presented. In october prices Tor bonuS ad-
Vanced well above the September quotations.
and on November l showed marked apprecia-
ton as compared with the same time in 1917
The advance in this class of investments has
not been rapid, but il has been large enough 10
place the general level about 10 points beyond
the average figures recorded at this time a year
ago. At present the average price Of bonds
dealt in the New York Stock Exchange
stands At about 93. and in view Of the cheap
price Of money and the bright prospects FOR
business expansion IN all parts Of the country
this quotation is low and ought TO encourage an
active movement Of capital into securities Of
this character. II IS quite likely that prices for
bonds VIII show material gains before the holi-
days, II is evident that there will he many
new bond offNings before the close Of the fiscal
year and II Is apparent to the who under
stands the relation between the bond market
and the countrys industrial movements that
the market for mortgage ISSUES offers remark
able chances for the Investment Of idle capital
according TO the opinion of the leading nnan-
clers. there VIII be a heavy public inquiry for
all high grade securities in the next few weeks
but IL is believed by some market followers that
on speculative operations prices the Stock
Exchange for a time viii seek a lower level ana
subsequently will go to the best figures ever re.
corded. There is enormous amount OF Idle
money in all parts of the world This money
will not remain inactive for any length Of time
and its employment will he important factor
In influencing higher quotations for securities
Stocks are at the best prices of the year, but
this fact does not preclude the possibility Of
further Improvement