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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Nov 05, 1908
Page
4
Trade journals report a post election uptick in demand for copper and steel with inquiries turning into potential orders. Major producers like United Metals and Calumet & Nicola raise copper quotes while steel and locomotive sectors foresee gradual improvement, cautioned by some for not expecting rapid gains.
Trading on the Stock Exchange opened with record floor attendance and wide price fluctuations after an election. Total stock volume reached 1,259,030 shares, the heaviest since September, with bond turnover at 8,260,000. Reading and United States Steel showed notable moves as the market gapped upward before retreating.
Trading ended with a buoyant tone as investors watched fluctuating profits and gains. Rail equipment and industrials led buying interest while bond focus centered on Union Pacific convertible 4s American Telephone and Telegraph convertible 4s Rock Island collateral 4s and United States Steel sinking fund 5s.
The Cincinnati business community reports orders contingent on Taft's election. Thomas P. Egan of Fay and Egan, president of the Chamber of Commerce, says orders to be shipped if Taft wins, with immediate work starting. Machinery manufacturers anticipate prosperous times and have expanded staff for travel.
Boston brokers report a boom as Taft’s election pledge of eight years of prosperity boosts demand for copper stocks. State Street trading rises sharply with many buy orders and copper prices climbing on stronger metal prices.
Baltimore business leaders report renewed confidence after Taft’s victory. Maryland Steel Works adds workers and eyeing large railroad orders, including rails for the Pennsylvania Road and over $1,000,000 in equipment from Western Maryland. Local merchants share optimism about improving conditions.
In Pittsburg, after the presidential defeat of W. J. Bryan, factories move to speed repairs on Pennsylvania Railroad cars and announce wage increases. The American Nut and Bolt Fastener Co raises pay 20 percent, citing revived demand and orders expected after election day. Milton Bartley notes prior overhang orders and plans to rehire and restore wages to predownturn levels.
European press greets Taft win as a stabilizing factor for global finance. London traders expect cheap money and steady Bank of England rates while Paris, St Petersburg, Berlin, and Tokyo react with optimism about U S policy and leadership.
Indianapolis merchants of all parties believe Taft’s election will spur immediate business revival. Farm prices stay firm while the nation looks to four years of unprecedented prosperity. Newark thread mills notify 7,000 workers full-time work resumes next Monday after partial operation since April.
Washington observers praise the news election of President and Mrs Taft and remark on their long residence in the capital. The Tafts are well known and popular in official and social circles amid public reaction.
Special to The New York Times from New Haven Connecticut reports Yale students and officials marking William H Taft's election. Yale senior Benjamin Harrison McKee hosted a banquet for Robert Alphonso Taft son of the President-elect at the Yale dining hall. Taft a Yale junior is expected to resign from the Yale Corporation where he has been the only Western member. President Hadley declined to discuss Taft's election.
Philadelphia reports Bryn Mawr College student Helen Taft daughter of the President elect overwhelmed by her father's success. She carries books to Latin class on campus from Denbigh Hall and says she expected the landslide results. She jokes about teachers pardoning her mistakes.
Miss Taft arrived from Bryn Mawr and watched the results from a Broad Street office building as telegrams of congratulation poured in. She followed the Republican demonstrations with interest before returning to Bryn Mawr after her father's victory was assured.
Whitelaw Reid American Ambassador praises Taft and US British penny postage accord. He calls Taft the most powerful popular president since Lincoln and suited to continue recent administrations. Other speakers include Lord Monkswell Sydney Buxton and Anthony Hope.
The first system to broadcast election results at sea succeeded Tuesday night. Vessels including Mallory Viner Lampasas from Galveston and Panama liner Colon near Staten Island received returns. Other ships such as Denver Nueces Sabine San Marcos City of Columbus and Advance relayed updates while 72 miles north of Key West and 110 miles east of Mobile. W J Harahan aboard Denver is son of Illinois Central president.
A scanned list records numerous small fire-related losses and incidents across Manhattan addresses including 100th Street Ridge Street area, East 102nd Street, West 62nd Street, 14th Street, Amsterdam Avenue, and the East 22nd Street corridor. Names such as Jacob Lehman, Emma Allaway, Eppa Steinsee, S. Becker, and Angeline Ferrie appear with minor monetary amounts and times noting trifling to slight damages.
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