Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-11-12
u. S. Steel Common Dominat-
ed Today's Trading.
TREMENDOUS DEALINGS
Advanced to New High Figures Of
Record.
GENERAL MARKET IRREGULAR
Animation in Local fractions Next
Conspicuous FeatUre-So-Called
Specialties Furnished Ex-
tensive Movements.
Special Dispatch to The Star.

NEW YORK, November FIT is the
case nearly every day in the prevailing
stock market that some particular stock
or group of stocks assumes such con-
spicuous position as really to dominate
the course of the whole market. Recent
illustrations in this respect will recur to
any one having the slightest familiarity
with stock market affairs. That position
most distinctly assumed today by
United States Steel common. which on
tremendous transactions advanced 10 he"
high figures of record.
1t is obvious that sensational develop
ments i'm the affairs of the United States
Steel corporation are not to be reckolred
upon. The business of the concern is
improving steadily and Is fairly certain
to show sustained betterment with the
course of time, while the enormous sums
which have been diverted from net earn
ings into new plants and construction
have. of course, greatly increased the
equities of the common stock in the gen.
eral estate. There is. however. nothing
novel in this statement of the case hence
it would furnish no direct explanation of
the extraordinary movement in the stock
in today's market.
A theory was advanced, however. with
the course of the day that when the
puSiueSS VI TIE pOIdliOH has Dect
stored to normal level, and when the
expenditures upon the new plant at Gary,
Ind, have been included. the manage
ment may consider the propriety of capt.
lalizing these vast expenditures and max
Ing some special return to the common
shareholders on the ground that it would
be unfair to assess the whole of this out
lay upon the present generation.
This notion is probably altogether pre-
mature, even if it has any basis whatever
hot no
upward movement In the United States
Steel securities was the main factor in
converting highly irregular stock move
ment into one of comparative steadiness.
No Definite Tone.
During the first hour of business in par
ticular. backing and filing movements Of
extensive proportions followed upon one
another so quickly and frequently that
IT was impossible to assign any definite
tone to the dealings. Nearly all of the
recently active issues showed material
pressure and declined in a number Of
cases in excess of one point
1t is necessary to add that throughout
The course of the business session the
market at large continued Irregular, but
IN Few cases Ceceded to the low figures
established at the Quiet. Next after the
movement in United States Steel COM
mon the most conspicuous feature Of the
market was the sudden access of anima-
ton in the local traction shares. THIRD
avenue stock In particular scored a very
large maximum advance and Manhattan
rose TO the highest prices quoted In many
months.
The movement in this quarter had no
very satisfying explanation but was
generally assumed to reflect the belief
that the COMPARES would be successful
in the litigation brought to prevent the
establishment of the transfer system
&fnrko No<oI1- .x:-
Most OF the really extensive movements
In prices in the railway list and in the
Industrial and miscellaneous shares were
in the so-called specialties. In the first
named quarter Northern Pacific and the
Gould stocks were exceptionally firm. as
Were Illinois Central and the 500 shares.
In the miscellaneous groups substan
nal maximum advances were scored in
american Canadian preferred, CONSOLE
GATED Gas. Peoples Gas, American
harvester and Tennessee Copper.
both IN the stock and bond markets
the trading during the greater mart
OF the business session was conducted
IN reduced volume in comparison with
yesterdays scale of activity
The London stock market was irree
niar. with noteworthy weakness in the
copper stocks, but operations here for
foreign account consisted of purchases
OF about $4,000 shares, mainly in the
lower priced issues
The Bank of England's rate of dis
count was left unchanged at 2h per
cent, and no substantial alteration was
SHOWN In local money market or for.
e1Sn exchange conditions.