The Montgomery advertiser., 1908-11-05
THE STOCK MARKET

New York, Nov. 1.-The stock mar ket today demonstrated in a striking manner its capacity for reaching conclusion beyond prevailing as sumption. The assumption had become almost universal in the financial list which the speculative element has been looking for would be accom- panied by the harvesting of the fruits. It has been pointed out with great pre-. the exact course of the stock market was to be following the election There was to be an immense bulRe.i ID prices. helped by manipulative tactics on the part of the powerful packers or the movement. thus making the new outside buyers pay the highest prices for their stocks and giving the largest profits to the Inside sellers. After would inevitably tell on the price level and a sharp reaction must be Ax- pected until the gathering of forces sufficient to resume an upward moyes. ment. ff
 The extent of the advances estah- lished for Americans In London before trading began in New York today con firmed this view in the minds of many operators in stocks and they acted m accordance with this view. selling from these sources was in such volume. in fact. that few of the opening prices here were as high as they had been
 
 vancing after the opening, the market gave way slowly and on a volume or sales which has not been seen betore this year It was the su6sequent common opinion. After momentary pause at the end of the first hour. when the buying orders seemed to nave been exha usted and prices were quite generally q point below the opening high level thero developed an i'm pressive new demand. The buying Tor the rest of the day was persistent ana determined and ranged over a wide field of choice in the list of stocks The dimensions of the orders executed in this movement gave evidence or transa ctions by operators Of the larg- est resources. Apparently great satls- faction was felt over the digestiye power shown by the market in the profit taking period of the first hour and the profit takers then were oe- lieved to be among the largest buyers Having brought the market to the verge of the election period at prac- tically the highest level or the year, and, tackled on a buoyant aouIlonaI rise at the opening today, and having conserved most of this advantage after effecting very substantial reallza. ton of profits banking interests ana large capitalists seemed to come BECK into the market with great confidence. The sentiment of the country as ex . pressed in the elections was construed as favorable to capital and as opposed to radical readJustments or establish ed methods of relations between capi- tai and labor. and capital employment. A spirit of hearty cooperation for up- building amongst tho wealth produc- ing forces was inferred not alone 1rop the general results. but from various details of the election outcome. The outburst of speculative enthusiasm which resulted, proved a surprise 10 the most careful observers. Beyond the election news there was not much of immediate consequence in the news to account for the days doings.
 The closing tone of the stock market was very animated and buoyant ana last prices were close to the highest of the day. The level was the highest in the history of United States Steel preferred and Southern Pacific. Bonds were firm. Total sales par value $s,- 0eO, 1000. United States bonds were un- changed on call. e7
 CLOSING STOCK I.Isr.