The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-11-05

NEW York, Nov. 5.-Business on the
Stock Exchange was again very active.
large buying orders having been sent
in from all over the country, Chicago,
Cleveland, and Pi.tsburg contribute g
the largest number As might have
been expected there was some distribut-
ing Of securities her and there through
out tn list. but the best strength OF
the day developed IN the minor stocks.
In which the grains yesterday were less
marked.
1t is evident that We are going to have
more twO-sided markets from now on
and traders are beginning 10 talk. thus
early, OF reaction that will probably
materialIze some time during the next
ten days. But up TO date the only indi-
cations Of a possible development in
that line come from profit taking, and
It is but natural that the people with
nerve enough to hold on to stocks over
the election should feel tempted 20
transfer some Of the big gains OF Mon
day and Wednesday to bank accounts.
London was excited on its opening
and sold stocks freely on the fear of
foreign complications, but by the time
the local Exchange opened. the fear had
disappeared and London was q buyer
OF Americans
Steel a Leader.
Steel common was a market leader.
making a new high at 507s. while the
preferred was firm. but dli not regain
any Of its dividend. The common is now
selling on a per cent basis. and the
preferred on about a 6 per cent basis.
II is within the probabilities that the
common Will receive an increased dis
tTbuuon, but not before 1893
A report that the directors OF North
eTn Pacific would meet today. and that
they would probably declare an extra
dividend OF 10 per cent gave the shares
or that company and excellent opening.
and an a vance OF IL points or to 1901,
but the ADVANCE was not held a reaction
TO liSSs, following with a recovery TO
1875.
Some Reaction.
After the opening there was some re-
action. resulting In a loss OF 1kI4 Of a
point on the average, with a slight re-
cov5ry before the noon hour. There
was but little cessation in the volume
OF business, and it was evident that
the public had entered the market In
goOdly numbers with aggregate orders
amounting 10 many thousands or shares
II ls not probable that there VIII be
any severe reaction for some time to
come, ana vet there are so many traders
with profits that prOflt-taking spell
may result In some losses any time
ITadeTs recall movement some years
ago after depression, when the big fell
lows sold out and went short, and the
public took the market away from them
and made the professionals buy the
stocks back at higher prices
rms is not apprOpOs OF any likelihood
OF similar developments az this time
only OF a possibility, Pools hold the
ELeAI majority or stock today Pools
acquired the stocks at prices points and
tens OF points below current prices, and
VIII probably start the distribution with
purchasing orders here and there to
continue the strength while they un-
load.
IndustriaIs Strong.
Pressed Steel Car gained Is. Distillers
came firm with an advance to S35R. Of
ia better. Biscuit advanced H. Con-
Eolidated Gas was 2 points higher. Cop
per up 3 point and Shelter q Anal
gamated was Is better. and other in
dustTials firm.
Union Pacific opened at III, eased to
ION, and recovered IS. ST. Paul lost
net. Southern Pacific 3 of. Missouri
racine ana Louisville and Nashville
quiet but firmer, Northern Pacific
opened at 1889 TO = advance, sold 10
lOJ7z, dropped TO 1889 and recovered
u 1885. Illinois Central strong. Great
Northern y up. Brooklyn Rapid Trans
IL gained IA. New York Central strong
and q better. Reading was also very
firm at q pain.
In the first hour Of the afternoon the |
market began TO show more radical /
signs OF weakness, and with each de-