New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-05
AEAVY DEALS In STOCKS
STREET WELCOMES TAFT.
Eesc High Records for Year Made
an 4ctire Issues.

Wall Street was intensely optimistic and effer-
aesoeat with enthusiasm yesterday conse-
haeace OF the eyer xhelrning defeat OF Mr. Bryan
snd that the small and large capitalists IN inc
xountry at large jubilant over the success OF
Mr. Taft was reflected in the movement Of wan
street markets. Stocks were bought in active Voi-
s,rae for the account OF the public operations OF
xhis character being heavier than on any day IN
more than twelve months. purchasers taking the
high grade issues. Notwithstanding the fact that
Anriees were at the best figures OF the year, Win
me prospect Of going temporarily lower on realizing
sales No decline from profit taking developed
however. fn the FIVE hours or trading, as the buying
Sower was heavy enough offset the realizing
as an influence upon values Advances Of from
sc points we're made on d total business that
amounted 10 more than 1.S59o0o shares,
Prices for American stocks on the London Ex-
rhange were from 10 points above parity at
she opening Of the local market. while the
British Board buying for New York account be
sore business started here was estimated at more
fhan 1005oO shares. For the accommodation OF New
York traders the London curb market opened at Z
O. n. or 2 a. m New York time. and conse-
euence operators at this centre began trading al
most s the result of The Presidential cleo
sicn known and. including the regular session
aere, they had thirteen hours OF continuous deal
sngs. London traders sold on the advance in the
sOcsl market to take profits but there invest
snent buying for foreign account. while cable ad-
vices foreshadowed the development Of an active
European inquiry for American issues as a result
bf the Republican party's victory.
: LORD Avebury. head of the London banking
fouse Of Roberts Lubbock & Co, said in cable
G.gpsfch that the commercial community in Lon
bon had confidence in Mr.. Tafrs good Judgment
snd hsartily wished him success. and that England
pas much interested in the commercial pros
Se-ity Of the United States that anything that
helred that prosperity would be cordially welcomed
D. the British capital
Pool operations were heavy in volume through
iuf hey 6f nat Ike fha hest
esrt Of the trading. Commission houses reported
Sc active demand for stocks from all parts Of the
arornt-y. and heavy contracts were executed for
customers who had placed orders to buy Monday
contingent upon the election Of the Republican
candidate.
many Of the active and inactive issues Union Pa
sci9c being the leader among the active shares at
3 maximum gain Of ga points 177l4- St. Paul
pennsylvania, Reading, Anlalgamated Copper
Southern Pacific, United States Steel and the rail-
hEay equipment securities also were features. The
East named stocks were taken on the well based
fEeoTy that in the immediate future the railroads
rvould place large orders with the locomotive and
gar building concerns, while, matter OF fact
al stocks were bought lhe belief that the sue
cess Of the business mems party means tremendous
Buying orders IN all lines Of trade. In the bond
snarket there was an active expansion in dealings
4otal trading amounting in par value 10 ssh ,000
against S45lSoeo in Mondays operations. and were
The heaviest for any day in two years.
{ Interests identified with the United States Steel
Incorporation said that large tonnage had been re-
Seived in the day By all the important steel com
1anies, and that from now there would be a
marked gain IN the volume Of new business The
lSonsensus or opinion steel circles was that if
THE tariff steel should be revised II would be
none in such a way that business would not be
disturbed. And this idea from the reports re-
feived the day appeared 10 be general in all
departments Of trade. The Iron Trade Review
En its edition yesterday, said that the iron trade
was happy over TIE election of Mr Taft and
That the outlook for Improvement was most en-
'<ouraging Viewed from abe point of view Of
new orders booked for nearby shipment it was the
busiest day in the foundry iron business in sixteen
months
- Wall Street bankers received many requests for
opinions on the probable effect Of the election upon
she country's business, and in every instance in
1l,lirers received the answer that from now on
steady expansion in the country's industries might
sbe looked for. J Edward Simmons, president of
she Fourth National Bank, in speaking Of the Taft
victory. said:
! Now that the Presidential election and the ex-
ltement incident thereto over it Is reasonable
30 expect that confidence in the stability Of com
snercal enterprises viii be re-esablished and that
business will resume normal conditions. The ex-
1-e,nists Of all classes have received rebuke that
IS most reassuring 10 the conservative element in
EFhIs country Yesterdays election established
On frner basis than the rights of property.
whether held by corporations or by individuals.
j believe that Ny Iarl VIII be safe ana con-
servative President and viii administer the law
Hninfueuoed by either corporate prejudice or an
tagonisrn against those who have been conspic-
slously successful in the accumulation wealth
a. Barton Hepburn, president Of the Chase Ma
sicnal Bank. said: I'VE shall have a gradual ex-
bansion Of business. but the prospect Of revision
az the tariff VIII serve TO keep the Improvement
iFrom going too far. II Will take a long time to
sund and refund the floating Indebtedness Of our
railroads and industrial corporations That means
s2bat a considerable period eIapse before any
marked expansion viii come. But / look for a
lkealhfG revival in all lines with slightly higher
Interest rates The volume Of money is abundant,
and interest rates viii he low bat quotations must
advance somewhat from the meagre figures Of the
Aast six months"
/ II. I. Horton & Co in their market letter. said:
F'We believe the victory yesterday is the herald
e prolonged era OF prosperity and contentment
leuch has not beea witnessed for many years"