Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-11-24
Profit Taking Depressed the Prices of
Some Stocks.
GOOD BUYING ON CONCESSIONS
Furry in Southern Common Based
on Rumors.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, November 24.-Proft-taking
was resumed this morning by traders and
commission houses. the demand at the de-
cline being better than yesterday, but not
entirely equal to maintaining prices. Lon
don rallied at the close OF the day after
weak opening. but there was little new
business sent to this side.
Southern railway shares were in good de-
mand, the buying of the common stock
being ope of the features OF the days bust
The size of the purchases and the fact
that they came always from conservative.
sources lead to the belief in important de-
Velopments in the near future. The Penn
sylvania railroad undoubtedly has plans Tor
the Southern system which will be to the
advantage of the latter, and a reduction
OF an unwieldy volume OF common stock Is
among the probabilities.
The granger shares showed an ability TO
rally and We're relatively strong in spite of
the heaviness of the general market The
Pacific group and many of the industrials
recovered from every attack. but inside in
terests seem to have decided to leave the
market to its own resources for a time
Should this experiment show an undertone
of substantial, intrinsic strength the ad-
vance would in all likelihood be renewed
with increased vigor.
1t is not to early to recall the chilling in
fuences of December preparations for
similar obligations. Such preparations dis
courage activity even when actual declines
are not encouraged In anticipation Of
such conditions many interests have taken
profits, and profit-taking. when founded
merely upon the desire to convert paper
profits into cash and when entirely devoid
OF any scare. contributes directly to lower
prices.
Stocks once sold are only willingly repur-
chased at lower level. There are excep-
tions to this rule, but the market has
ignored many rules since the 9Th instant,
and this one may be followed. There
man.. special movements in sight, but dis
examination must be employed. Deals of
far-reaching consequences shortly to De
announced in spite of the sneers of traders.
w all street does not engineer railway con-
SoIda items or ratify leases.
The course of such enterprises is not in
fuenced by the quotations at the stock
change. All Wall street can hope for is to
be allowed to profit by such action, and
the larger interests going ahead in the
one way, while traders delayed in making
profits impatiently deny that big things
pending. If it were not that such big
has not such a safe anchor to windward
the present level of prices would never
have been recorded.
The bank statement made an unexpected
ly strong showing. The net gain in cash
more than two millions in excess of
yesterdays predictions the total gain be-
ing I,53S,S00, the major portion of it in
specie. The loans have been increased ST.
$4,000, a moderate amount in view of the
daily volume of speculation. The deposits
are larger by S11. 121 200. The changes are
unusually consistent, and the net result is
shown by an increase of 81 G0S5 in the
res erve, making the total surplus S12,21SO 5.