Los Angeles herald., 1908-11-05
NEW YORK. STOCK
AND BOND MARKET

NEW YORK, Nov 4.-The stock market
today demonstrated a striking capacity for
reaching a conclusion beyond a prevailing
assumption The assumption had become
universal in the financial district that the
ripening of the occasion to which the specu-
lation had been looking forward to would
be accompanied by the harvesting of the
fruits.
1t has been pointed out with great precis-
ion by multitude of adviers what the ex-
act course of the stock market was to be
following the election. There was, to be an
immense bulge in prices helped by manp-
ulatiYe tactics the part Of powerful back
ers of the movement, thus making the new
outside buyers buy the highest priced stocks
and giving the largest profits to the inside
sellers.
Afterward the pressure of realizing sales
would tell on the price levied and sharp re-
action must be expected until the gathering
of forces sufficient to resume an upward
movement The extent of the advances es-
tablished for Americans in London before
trading began in New York today confirmed
this view in the minds OF many operators in
stocks, and they acted in accordance with
this view. Selling from those sources was
in such volume, in fact, that few of the
opening prices were as high as they had been
in London earlier. Instead Of advancing af-
ter the opening the market gave way slowly,
and volume of safes which has not been
seen before this year. 1t was the subsequent
action of the market that belied the COM
mon opinion After a momentary pause at
the end OF the HrSt nOur, Wneu lne buSlAb
orders seemed to have been exhausted and
prices were quite generally a point below the
opening high level The buying for the rest
Of the day persistent and determined
and ranged oyer a wide field in the list The
dimensions of the orders executed in this
movement gave evidence of transactions by
operators of the largest resources.
Apparently great satisfaction was felt
over the digestive power shown by the mar
ket in the profit taking period of the first
hour and the profit takers were then be-
lieyed to be among the largest buyers on
the resumption of the advance. Having
bought the market to the verge of the cleo
tion period at practically the highest level
of the year, and tackled on buoyant addl-
tional rise at the opening today, and having
conserved most of this advantage after et-
fecting a very substantial realization of prof
its, banking interests and large capitalists
seemed to come back into the market with
great confidence. The sentiment of the coun-
try as expressed in the elections was con-
strued as favorable to capital, and as OPP
posed to radical readjustments of estab-
and labor and capital employment. The out
burst of speculation proved a surprise to the
most careful observers, Beyond the elec-
tion, there was not much of immediate con-
sequence in the news to account for the day
dongs.
The closing tone of the stock market was
very animated and buoyent, and last prices
were close to the highest of the day. That
level was the highest in the history OF united
States Steel preferred and Southern Pacific.
Bonds were firm. Total sales. par value,
$S,O9O,0G0.
U. S. bonds were unchanged on call