Omaha daily bee., 1908-11-14
NEW YORK STOCKS AND BONDS
Market Advances Buoyantly Through
out Practically Entire Session.
STEEL COMMON LEADS ADVANCE
stock Goes TO New High Record and
sales AmOunt to over 100000
shares-Harrimsns Also
Higher.

NEW YORK, Nov. 12-No apparent OBJ
stacle presented itself to the advance in
prices today. Except as bids. were raised,
there seemed to be no stock offered for sale.
The mere fact Of the sdysneing tendency ad,n
holders retaining their stocks In the hope
or conviction that they could just as well
get higher prices for them. Such offerings
ready confidence.
Stocks which have lain dormant were re-
vived by putting in bids at gradually ad-
%vancing quotations without bringing out
any stocks, the result being some remark
able advances IN the sale prices Syer pre- cL
months into the period of depression. All
this served to feed the speculative enthusi-
Il was manifestiy easy to ADVANCE prices
and the securing OF fresh holdings itself
c~onduced TO this end. No special news fea-
lures were dwelt upon TO explain the De
mand. There was a tacit assumption that
for all to buy and for none to sell would
facilitate the desired end to the best eff
feet. While, obviously, there must have
been a selling in each case to meet the
buyer, there was no ostentation about the
selling, while the buying was done with
enthusiasm and with ~palpable Indictment
to the advance in prices. The market,
therefore, took on all the appearance of an
ositton advanced by the enthusiasts was
that a quick restoration of prosperity was
IN sight. with prospects OF larger returns
abstinence of huge sums Of capital from
employment and from any enjoyment of
profits, 1t was pointed out, was bound to
give place to an thrush of these funds with
the restoration of confidence, which would
stimulate highly all lines Of production
and the stage of progress yet reached in
the Improvement played small part in the
calculations, or absence of calculations, as
did the extent TO which the rise in prices
has already discounted the Improvement.
United States Steel was made an object
lesson for all followers of the prevalent
speculative spirit. That stock forged up
ward to successive new record prices, so
that each stage Of its advance offered an
additional profit to any purchase that had
ever been made of the stock since the
formation of the company. Its top I CURE of
closing price last night, which in turn
showed a gain Of ls over the closing of the
preceding night. The expansion in valua-
ton thus represented on the 100000 and
upward OF common stock shares of the
corporation represented so potent a force of
absorption In the appetite of capital for
speculation and investment as to fairly
oyerpower the imagination. 1t had that
effect today and was the dominant factor
all stocks, reaching 1,ssS,iOo shares. those
of United States Steel reached the number
Of 321,SO shares. Simultaneous sales at the
were numerous blocks of between 8,O00~and
10000 shares recorded on the tape through
out the day: There were purchases OF that
ers Of 1000 shares and upward in many
cases during the day. The large proper
llOl OF the DAYS OeallnES concentrated IN
that stock and in Union Pacific and South
ern Pacific significant OF a concentration OF
forces In the speculation. Yet the general
demand for stocks continued broad and
widespread and left practically no quarter
OF the list of securities unexpected. I'm
confirmed rumors were circulated of orders
of unprecedented volume by some of the
railroads for equipment and material. DeaI
rumors regarding the Hartman Pacifics
also had some revival These rumors, how.
ever, did not receive much more attention
than did the marking down of the quota
tons for copper at the New York Meta
exchange, or any other news Incident Of q
color different from the prevailing specu.
iatiye spirit In the stock market. The room
traders caused a slight reaction in the
final hour In realizing their days profits
but the advancing tendency was sustained
with remarkable Consistency and the cl0sins
was very strong.
Bonds were strong and very active. The
days transactions were probably the larg.
est for any single day in the history of ths
Stock exchange. Total sales, par. value
SS4S,N0 United States bonds were un
Number OF sales and leading quotations
on New York stocks: