The Washington times., 1908-10-28
PROFIT-TAKING CAUSES DECLINES
IN THE LEADING STOCKS, WITH
FIRMER CLOSE.

NEW YORK, Oct. 2s.-On the tap Of
the bell stocks started for a higher
level throughout the entire list. New
high records were made, Union Pacific.
ST. Paul, and Southern Pacific being
on the top of the 1905 market
The report of the United States Steel
Corporation showing earnings in excess
OF the estimates, over S2IOO0OJ0, and
good untitled tonnage orders, lent en-
enlargement to the list.
After the first half hour there were
very evident signs of proht-taking.
This extended to the Steels, showing
that the people who bought the stock
of the big corporation had been fully
posted and that the market had dis
counted the report, as Wall Street gen
orally discounts everything. The rush
to take profits nipped the rising ten-
denCy in the bud and turned the mar
ket the other way for moderate de-
cliues. When compared with the extent
of the recent advances. however. the
reactions took the form of very modest
rroessiOnss and the manner in which
the selling was absorbed indicates a
good tone 70 the list.
II Is not likely that the selling viii
be permitted 10 turn the market Into a
rOut.
Disappointment.
Disappointment in the fact that the
United States Steel Corporation state
ment fell fiat was the most active in
fuence during the first hour. The good
showing Of Steel earnings caused near
~ all The room traders TO bid for and
buy stocks at the opening. Represeu-
Jauves of banks and banking interests
hsF IN Q
market strength, had selling orders all
around the room, expecting that the
Steel statement would induce a large
enough outside demand TO enable the
execution of these orders without any
immediate effect or prices, but there
Was no outside interest and the result
was that losses of ] TO ~ points were
sustained in d number of leading issues.
The selling came from brokers who
have not heretofore been Identified with
the clique movement. Traders tried to
tathOm the intent of the houses OF the
market, but could not ind anything be-
yOnd very moderate selling movement.
Perhaps the insiders were selling some
stocks on the strong spots, but the
manner in which the market rallied in
the second hour of the morning and into
the afternoon session indicated that the
bears were nervous and not at all in
Clined 70 stake any chances of losing
small prohts, Tor they covered on every
reaction the leaders recovering more
than half of their early loss in the good
buying. while the volume of trade CON
Tinued quite large as compared with the
limited business of the last few days.
The Range.
Union Pacific opened ar l17s, touched
Ups. broke TO I70li, and rallied 10 170Ts
or q under the final figures of Tuesday.
ST. Pau! gained IS, lest a point and re-
covered all but a net; Southern Pacific
rose Il on the initial sale, broke from
100 10 1918, and recovered TO los. a
loss OF but q. NIpper lost a point, and
reduced it ta S net. Rock Island was
y lower. Great Northern. 3; Copper,
les, and SmeIter just fraction after
a very strong opening. Illinois Central
lost p ; Reading, Is, and New York Cen
trail, =.
Stcels were comparatively steady.
ss-Sheffeld rose 1ts and lost the adj
vance. United States practically UNI
Glanced