Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-11-08
Realizing Sales Failed to Cause Re-
action in Stocks.
GOOD BUYING IN ALL LINES
High Level Of Yesterday Was We'll
Maintained Today.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, November S.-The buying in
todays market demonstrated the fact that
higher prices are expected, in spite of any
setbacks which may be due. London sent
over lower range of prices, due to extern
sive realizing on recent purchases. but the
local market readily absorbed all offerings
and held prices around their best level. The
market was broad. but the excitement of
yesterday was lacking. Traders and COM
mission houses have taken opposite sides
the former working for a reaction and the
latter adhering to the theory that the de-
mand is likely to continue to be superior to
the supply.
The two opinions are well defined and the
loan crowd already reflects an active Dor
rowing demand against short sales
A few of the pools have lightened their
burdens, but such action has had no pro
nounced effect on prices The steel stocks
were sold in this manner to take profits
but the street readily absorbed all offer
lngs The Pacific shares were firm, but
were not pressed to the front. Northern
PACING showed some tendency toward real
tzing, but the extra dividend, which NAV
be declared today, serves to hold the price
The leaders of the market We're the Trac-
ton shares, all of which sold at substantial
excellent demand as the result of increased
earnings and the prospects of an important
change In management. The political at
tacks with which the company has had to
contend are now believed to have passed.
and the real value of the property will be
given an opportunity to develop along nat
ufal lines Manhattan and Metropolitan
We're advanced under a good demand, and
the entire group worked in such close har-
mony as to give rise to predictions of deal
in which all were concerned.
The Tobacco shares were strong under
an inside demand based upon the outlook
for good business. The entire Industrial
list showed surprising strength in spite OF
realizing.
Pennsylvania. New York Central and the
srangers were exceptionally well bought by
investors. Here and there traders sold
these shares on scale up, thinking the de-
mand would soon succumb to the free offer
ings. Surface Indications lead to the con-
clusion, however, that the new owners of
these shares are financially superior to
those who sold. Should the course of
prices continue to reflect such a condition
the present level Of prices will not long be
regarded the mere reflection of political
enthusiasm.
The best opinion in conservative quarters
seems to be that the prosperity of the coun-
try will establish new standards of value
and that previous high levels will lose their
significance. The best price recorded last
year need not be regarded as a danger line
this year If earnings increase over that
period and larger net results or increased
dividends are recorded. The money market
Is again favorable to new undertakings ana
borrowers are entirely satisfied with the
rates offered. This Is an important factor
in the market and should lead to activity
in the stocks which have been hitherto
neglected.
Northern Pacific directors declared an ex-
ira dividend of l per cent on the common
stock, making 1t per cent for the year.