New-York tribune., 1908-11-16
FINANCIAL MARKETS
HIGH RECORDS FOR TE4R.
Heouy Buwng of Hartman Issues
and of Steel and Copper Stocks.

nusfness that
downward movement in March. lapt- He@Ny
operstfons for the account Of the public were re-
ported. and though professional Wai Street ana
many OF the substantial interests VINO went IoIls
of the market prior TO the election converter
usper profits into cash. new purchases Tor
stricta, wall street account We're IN enormous
volume especially in the Hartman shares ana
United States Steel common. The advance moved
with such speed AT times that sharp reactions
resulted, but at the close the general level OF
quotations showed long list Of big net gains.
including gains for the low priced issues and
stocks not usually active One of the features
q the week was the interest manifested IN Ihe
low priced securities in which the equity prom
ises TO increase materially in the course OF the
next few months Wall Street has not MADE
I'd its mind whether not the so-called election
hulse has run its course II is contended BY
some observers that the results attained by the
success Of the Republican party were SO Tnuch
greater than those expected that the market IS
good for further rise the current move
while there are others who maintain that tech
nicaI conditions warrant the expectation OF
downward movement in the present week All
interests however-that IS, the real Wall Street
people who study causes and effects and their
relation 10 securities values-agree that top
prices have not yet been recorded, and that
while passing declines may be looked for the
range Of quotations eventually viii be above thar
now prevailing. The argument that prices ultl-
matelv will sell higher is based on solid grounds
conditions, the prospects for great industrial eX-
pausion. the enormous increase in the purchasing
power Of the country as the consequence Of big
crops, and the vast amount Of idle capital seek
ing employment are factors that practically as
sure e gradual appreciation in securities values
until level has been reached At which the re
turn on the investment no longer viii be at
tractfve-
Bonds are climbing I'd, and they. soon will
reach point which viii switch greater amounts
OF capital into stocks, and when stocks reach
The level where investors will not buy capital will
20 into other channels. and stock values then
viii move entirely under the control Of specula
ton rather than under rhe influence Of idle funds
seeking employment The high average last
week for the leading railroad issues was about
III and about Ss.T5 for the leading industrials
the gain IN the industrials from the low point
september amounting 70 1921 and that in the
railroads 70 1=.51 Persons who are fond Of
making predictions regarding the course OF
prices on the Stock Exchange talk Of geo or
better for Union Pacific, $50 for Southern Pa
cifc. So for United States Steel common. 80 for
the preferred ana % to so points for the copper
shares As 10 per cent stock representing
company that has proved its ability 70 pay this
rate in times Of business depression. Union Pa
cihc Al 20o would not be dear, as II would then
return per cent on tire investment and based
on the expectation that its dividend will be in
creased in the spring Of 1893 70 z I per cent
basis, s. would not be dear for United States
Steel common. while the same thing may be said
Of the expected higher prices for the greater
number Of dividend paying issues. II should not
be taken for granted. however, that the advances
predicted by Wall Street prognostlcators will be
reached in the near future, OF that the movement
toward q higher figure will proceed without
many DAYS Of weak markets, heavy liquidation
and Wall Street sceres Persons who propose 70
enter the market on margins in the expectation
OF higher prices ought 10 bear in mind the IN
certainties Of speculation and the. need Of large
financial backing. particularly AZ this time, when
prices look tempting for the sale of stock that
has been carried for 50 many months. II they do
not the chances are that they viii be shorn OF
their capital The greater number Of Wall Street
commission houses are demanding large mar
gins Notwithstanding the fact that veryrhtng
appears so rosy And their attitude promises TO
save many operators from needless losses
There viii be, from al indications, an enor-
nous EXPANSION N the steel and copper business
IN the course OF the next TWO Eears. but mis-
fact should not lead one to the making at the
moment Of big stock market speculative con
tracts based on this idea The copper market
already has had good advance. and some re
action seems inevitable. bnt IN view Of the
prospects OF better times ahead II IS reasonable
70 look for higher dividends on the copper
shares the outright purchase OF which is ad-
vised bv many OF the conservative brokers This.
Of course refers 10 the copper shares OF known
merit. such Amalganated, Anaconda ana
Tennessee Copper. The last named issue was
justified bv the improved financial position Of
the COMPANY Producers and selling agencies
believe that copper will sell above 10 cents 4
pound before the close Of the year, but they ara
not talking boom prices. nor do they want any-
thing like the quotations that prevailed in 1901
when consumers were driven from the market
as consequence Of the excessive cost Of the
metal their action leading 10 reaction thar
denoraized the trade ~ q price OF 16 cents z
pound II is estimated there will be q steady
%g-Se
cents producers could make a reasonable profit
: leading steel manufacturer said last week
THE months of November. December, January
and February usually constitute the dull period
in iron and steel but there may be an exception
over the next four months. L is generally
known thar consumers are bare Of stocks. The
question Is win these consumers now replenIsh
their stocks IN anticipation OF g gradual return
70 normal II such is the case, then This
business will carry the steel mills over period
usually dun We are going 10 have 2 gradual
recover IN business. and there Is no reason 70
believe mat conditions are 10 continue IN
depressed state until spring OF next year There
has been an Improvement III steel since the cleo
ton Specifications against all classes Of mate
rial are coming forward III good quantity and
manufacturers have complaint 10 make
There was an active demand for iron al over
the country following the election and steel
companies showed. something like an increase
OF 10 Der cent over their recent running basis.
The United States Steel Corporation on q basis
of from 40 u 80 per cent Of normal was able
70 pav per cent on its preferred stock, ? Per
cent on The common, eZpend a large amount
from earnings on its property, and still show
surplus II is wonder therefore, there was
z rush 10 buy the shares Of the company in last
weeks animated market
call and time money rates are slightly frmer
but no great advance IN the market is expected
in the immediate future 1t is generally be
Iieved however. that the tendency will he toward
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