Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-11-05
Price Movements More Irreg-
uIar Than Yesterday.
SHIFTING OF ANIMATION
Evidences of Heavy Pro6t-Realizing
Sales.
LONDON HOUSES SELLERS
New Investment Buying Against
Weight of Liquidation-Foreign
Markets Disturbed Over
Moroccan Dispute.

speHal DspStcn 10 Inc star.
NEW YORK, November 5.-The second
day after the presidential election brought
with it no material abatement in the
strength of the market for securities. 1t
was nothing more than natural that price
movements should have been more irreg-
ular than they were yesterday. and such
indeed was the case. but while evidences
of very heavy profit realizing sales were
reflected in some quarters there was also
apparent a shifting OF speculative animal
ton In other directions.
The most important news OF the morn
ing was furnished in the numerous re-
ports OF revival of industrial activity in
many various lines and of increases in
wages. These were the results which
were reasonably looked for to follow Mr.
Taft's election. and it Is particularly
gratifying that they should have made
their appearance quickly.
The actual dealings in the stock market
did not differ in any essential respects
from those observed yesterday. AS al
ready noted. considerable number OF
stocks reflected quite clearly the culmina-
tive effect of Saturday proft-taking sales
have been the leaders in the rise pre-
ceding the election. namely. Union ana
Southern Pacific and Reading. and even
In these instances there were frequent and
sudden rallleS.
New Investment Buying.
AS against the weight of the liquida-
ton of this character there was again
conducted new investment buying, and
commission houses at large reported little
falling away In their business In COM
parison with yesterdays transactions.
London houses were again sellers in the
local market during the first hour of
h,,cf f,f 1ofo h0 Ia
proportion of the amount previously sold
The foreign stock markets were again
unfavorably Influenced by the uneasiness
excited by the Franco-German dispute
over Moroccan affairs. The Bank OF
England's rate of discount was left un-
changed at ga per cent. and the banks
weekly statement made another strong
exhibit. although showing decrease IN
comparison with last Thursdays figures.
At the same time the ratio Of reserves to
liabilities still stands at So per cent. as
against IS per cent In the corresponding
20 week of last year. at which time the
banks minimum rate of discount stood
at per cent.
Local Money Shade Firmer.
The local money market was a shade
f1rmer. and inasmuch as there has I'M
doubtedly taken place this week a con-
siderable redistribution of stocks it is rea-
sonable to expect quite q large increase
in the loan account in Saturdays bank
have probably passed into weaker hands
than those In which they rested previ-
ously.
Up TO this morning the banks have lost
to the subtreasury in their operations
with that institution during the week the
comparatively insignificant sum of $685.
coo. The foreign exchange market was
q shade easier.
Most Of the days routine Developments.
such as statements Of earnings and divi-
little attention az was accorded similar
matters yesterday. A very striking ex-
ception, however, in this last regard
might be named in the instance Of North
ern Pacific. as 1t was known that the d.
rectors would meet today and probably
arrive at some decision with regard TO
the declaration Of the long-discussed ex-
ira dividend on the stock.
Firmer Tendencies.
In general way the Industrial and
miscellaneous shares exhibited firmer
tendencies than were displayed by the
railway list and the strength in that de-
partment might reasonably be referred
TO the multiplying evidences OF revival In
trade The United States Steel stocks were
again conspicuous in respect Of strength
and activity, and all the railway equip
ment shares were firm. The copper stocks
oleo gave a good account Of themselves.
Rather singularly. and for no particu-
iarly definite reason. Consolidated Gas
and the Traction shares rallied very
sharply In the early dealings, although
later In the business session they all
moved with great irregularity.
Transactions in the bond market were
again upon a very large scale, although.
as in the case of the stock market they
fell somewhat below yesterdays aggre-
gate.