Los Angeles herald., 1908-11-07
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Nov. 6.--The speculative move
nent in stocks entered new and broader
phase today IN the entry into the buying
movement Of additional forces from widely
scattered sources. The alert leaders OF ths
speculation were prompt to take advantage Oh
IL by manipulative devices to help on the a1e
vances in prices The advance was IN nsell
an attraction to the somewhat excited ops
rations of the participants, VINO were APP
parenty of the class that would naVe VIII
drawn or waited if-prices had moved down
ward instead of upward. The prospect OF dan
ger contained In this kind OF movement Is
perfectly well recognized by the practceu pro-
fessidhal operators in stocks and TINS class 70
day Mas attentive for signs Of reaction III the
market and prompt to digest pronts frequently
in the course Of the rise r.. 80
1t was impressive of the extent and force OF
the new buving movement that these sales
vert absorbed and without great impressions
on prices. Operations of this character now
ever, represented passing OIL stocAholulliss
from stronger to weaker hands Whlcn Always
results in growing vulnerability OF the mar
ket to attack and 10 the attraction OF such
an attack for the stronger speculative element
after IT has disposed OF its holdings
he huying orders today through commission
houses was on a much larger scale and they
seemed to come from widely separated sources
although for the most part from the sPeou'a-
tors.
Boston was much impressed with the prom
Use Of the copper industry and, together with
large blocks of stock in that group Sent eA-
Of copper and the rapid advance in the price
of that metal which was in sympathy
Philadelphia and Pittsburg as usual PAID
close attention to developments in the iron
and steel trade and the heavy orders for
United states Steel for the shares of the minor
steel stocks and for their equipment COM
panies and electrical equipment companies
which correspondingly Interested We're az
tributed to those sources to an important e&-
tent What called western Wire
Houses" represented a clientage even more
nd
The largest interest shown by these buyers
was industrials, also, although demands for
stocks with whose conditions they are familiar
made itself felt. OpeI atoms for foreign &C
counts were mixed, but influences from that
side wero Of cheerful effect on the speculation.
The speculation was dominated still further
by the considerations springing from the pass
ing of the elections. Several incidents served
as a supplement this A notable influence
was attributed to the remarks of Judge Taft
to the Commercial club of Cincinnati in the
assurances of non-interference from the federal
government with all business and corporate
enterprises that serve the law, although this
assurance was coupled with impressive adj
monition of an enforcement of the laws
against dishonest methods. Wall street
FASTENED to arrogate to itself a promise of
exemption in these words. The incoming rush
for stock orders was confidently heralded as
coming development in the industries of the
country. The soothing of the friction between
France and Germany the cause of some
relief and the settlement of the strike in the
Lancashire cotton mills was dnOtner nelpIul
factor from abroad. Yesterdays extra divi-
dend declaration Northern Pacific had its
consequence in revived rumors of other in
tended distributions which were without con-
fiTmation
The largest days business previous to today
for the present year was on September %,
when prices broke violently following the
Maine election sales of $4,000 shares.
The largest days business during the panic
last fall was on October %, when 1.369, 392
shares were recorded. The record sales of
1907 were 2,571, Sig shares on March IA, In the
elimination of what called the silent
millonaires' panic.
Today's squirt of 1.53i00O shares shows the
largest sharp expansion that has occurred on
rising quotations since the days of the abor-
tive speculation on the increase In the Harri-
dividends The markets furious activity
was maintained to the last and prices were
still forging upward although with some effect
from realizing sales to certain points. The
days movement showed such gains 4 to
Az to Amalgamated Copper, New York Cen
trail, Louisville & Nashville and Atlantic
Coast Line 81 for United States Steel and
Union Pacific. 6h for Great Northern Ore GER
tifeates and 10 in Lackawanna.
Bonds were strong and active. Total sales,
par value, SS,612O0O Government bonds were
unchanged call.