The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-11-09
NEW YORK STOCK MARKET REACTS
IN A MODERATE MANNER ON
PROFIT-TAKING

NEW YORK. Nov. 9.-There was
more Of a two-sided market on New
York Stock Exchange than at any
time since the election. At that the
volume Of business was large and the
reaction did not extend 20 anV severe
recession in values. The decision IN
the American Tobacco case caused
some uneasiness, but opinion was un-
favorable to this corporation as the
most grasping and indecent Of all the
trusts. in its effort to hold and con-
troll all the various avenues of the
tobacco trade. retail no less than
wholesale.
At the opening, London sent over
lower figures. but this was the result
Of American orders rather than of
European timidity.
Hold Profit Orders.
A feature Of the market that did
not work for its good was the large
number OF stop-lOss or1e rs, or rather
stop orders on profits placed by specu-
lators and others who have large
profits as the result OF their accumu-
lation OF stocks. and who, while will
ing 10 follow a small reaction, do not
want 10 see their profits cut to pieces.
Reading and Erie were the strong
features. Pennsylvania, Great North
ern, Louisville ana Nashville. Cana
dian Pacific, and Texas Pacific were
strong, and only Tobacco was very
weak This latter stock was OF u
points on the start, selling at 81, but
Il recovered 10 SO and again dropped
20 81 The preferred shares dropped
Is points, IN addition TO IS loss on
Saturdays curb.
Proft-Taking.
In other shares heavy prOfit-taking
made its appearance. but although
stocks were thrown on the market in
large blocks, they failed 10 break
prices materially
Even q bullish advertisement by
Thomas W. Lawson failed 10 break the
market which seemed TO be "faker
proof" London pretended TO be wor-
Tled again over another war but Wall
Street Is beginning to suspect that the
European war news is manufactured
in New York. AS result OF profit
taking the buying orders from public
investors did not cause any advance
early in the day.
There was also a disposition to shift
trading toward the specialists, many OF
which have not advanced in proportion
to the leaders.
On the Curb.
On the curb market copper mining
stocks were the feature with silver
shares running a close second. The
whole outside was firm. Fresh inter
est is being taken in the Goldfeld
stocks. but they do not have a broad
market as yet
The Census Bureaus cotton report
showed that S,l99o00 bales had been
ginned up. 10 November l. This com
pares with ginnings of 6,167,60O bales
up TO the same time last year.
Owing TO the rapid advance in the
stock market since the election pro
fessionaI traders are becoming sus-
piCiOus, and look for a bad break The
big people, however, ara confident.
They say the market has brOadened
out 10 such an extent that there is
every reason for expecting IL TO con-
tinue for weeks. The public response
has been so generous that interest viii
be kept up by manipulation should
there ba any temporary falling on. The
public has been attracted after many
months OF painful manipulation. and
the insiders now propose TO keep the
following.
Copper Weak.
Amalgamated Copper was weak during
the first half hour, going back IA
points. smelter lost the same amount.
Locomotive. after starting weak re-
covered and became active and rose
above the closing price of Saturday.
Steels were firm at ssGI1z decline. Shelter
recovered all but = OF its loss.
In the noon hour Reading rose to 1879
and Off to 10 just a under Saturday
price Great Northern made q gain,
Canadian Pacific Y, Illinois Central rs,
being especially firm az a Hartman
stock despite the rather unfavOrable
In the second hour Of the afternoon
the market maintained a. fair degree OF
activity and strength.
TODAY'S PRICES ON