The Birmingham age-herald., 1908-11-14
HEAVY BUSINESS
 IN STOCK MARKET Remarkable Advances Are Made In Many Issues ENTHUSIASM RUNS HIGH Many Stocks That Have Lain Dormant Take on New Life and Transac-
 tions for the Day Are
 ecord-Breakine.
ENTHUSIASM RUNS HIGH

obstacle 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 advancing tendency of prices served to reduce the offerings, holders retaining their stocks tn the hope or conviction that they could just as well get higher prices for them Such offerings as were encountered were absorbed with ready confidence. Stocks which have lain dormant were revived by putting in bids at gradually advancing quotations without bringing out any stocks, the result being some remarkable advances in the sale prices over preceding transactions, sometimes dating back months into the period of depression All this served to feed the speculative en- thusiasm, which was prevalent to high degree It was manifestly easy to ad- vance prices and the securing of fresh holdings itself conduced to this end.
 No special news features were dwelt upon to explain the demand. There was tacit assumption that for all to buy and for none to sell would facilitate the de- sired end to the best effect. While, ob- viously there must have been seller fin 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 ad- vance in prices The market, therefore, took on all the appearance of an excited bull movement. The general proposition advanced by the enthusiasts was that quick restoration of prosperity was in x.i0bt with rrospaete of larger returns to capital than ever before.
 A prolonged 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 high ly all lines of production and consump- tion. Details of this process and the stage of progress yet reached in the improve 1nent played small part in the calcula- tions, or absence of calculations. as did the extent to which the rise in prices had already discounted the improvement. United States Steel was made an object lesson for all followers of the prevalent speculative spirit. That stock forged up- wards to successive new record prices, so that each stage of it's advance offered an additional profit to any purchase that had ever been made of the stock since the formation of the company Its top figure of 5S4c represented rise of points over the closing price last night, which in turn showed a gain of 17sc over the closing of the preceding night The ex- pansion in valuation thus represented on the 100000 and upwards of common stock shares of the corporation represented So potent a force of absorption in the appe- tite of capital for speculation and invest pnent to fairly overpower the imagina- tlon. It had that effect today and was the dominant factor in the market.
 Of the days total sales of all stocks, reaching 1,693 100 shares, those of United States Steel reached the number of 321,- 500 shares. Simultaneous sales at the opening were of 15000 shares, and there were numerous blocks of between 5000 and 10000 shares recorded on the tape throughout the day. The large proportion of the days dealings conceded in that stock and in Union Pacific and Southern Pacific was significant of a centralization of the forces in the speculation Yet the general demand for stocks continued broad and widespread and left practically no quarter of the list of securities unex- plotted. Uncertain rumors were circu- lated of orders of unprecedented volume by some of the railroads for equipment and material.
 Deal rumors regarding the Hartman Pacifics also had some revival. These rumors, however, did not receive much more attention than did the marking down of the quotations for copper at the New York metal exchange, or any other news incident of color different from the prevailing speculative spirit in the stock market. The room traders caused slight reaction in the final hour in realiz- ing their days profits, but the advancing tendency was sustained with remarkable consistency, and the closing tone was very strong. Bonds were strong and very Active The days transactions were prob- ably the largest for any single day in the history of the stock exchange. Total sales, par value, $sS45,o0o United States bonds unchanged on call.