Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-11-25
Reactionary Tendencies Fol-
lowed Opening Advances.
FOREIGN HOUSES BUYERS
London a Strong Factor During the
First Hour.
HEAVY PROFIT-TAKING SALES
Dealings in Both Stocks and Bonds
on Large Scale of Activity.
Pacifics Led.
FOREIGN HOUSES BUYERS
HEAVY PROFIT.TAKING SALES

special Dispatch I" me SUR.
NEW YORK, November 25-After some
new high records had been established
by individual stocks, chiefly during the
first hour of business, the market at large
developed Irregular and reactionary tend
encies. Neither the early bulge in prices
the subsequent recession was accom-
panied by any specific developments OF
novelty. The further advance at the out
set appeared, in fact, to represent moth
ing more than renewal of the market
tendencies displayed yesterday, when the
average level of prices was advanced to a
greater extent than upon any day since
the Wednesday after the presidential cleo
ton. SUCH a rise as that, coupled with
the further advance this morning, was
practically certain TO induce very heavy
proht-taking sales, and orders of that de-
scription were executed in large volume
today
London was factor of influence at the
opening of business, as the quotations
from that point showed American stocks
to be quoted at general and extensive ad-
vances above parity with New York $
closing prices, and with the course of the
morning foreign houses were buyers in
the local dealings of upward of 5000
sHdTeS- L mere WAS HldteT dI Change
noted in the fundamental features of the
situation.
Railway Commission Ignored.
Money market circumstances were vir-
tually unaltered and a further advance
took place in the rates for sterling ex-
change. There is little probability, how
over. that any exports of gold will be I'M
dertaken during the present week. The
commodity markets moved within narrow
limits.
Some interesting reports of railroad
earnings were submitted including the
October statement of the Atchison Com
pany. The returns disclosed, so far as
net earnings were concerned, the bene-
ficial result of the rigid economizing prac-
ticeG by the company. What might be
called the regular extra dividend of 10
per cent was declared upon Delaware.
Lackawanna and Western.
Announcement that the Erie Railroad
Company had made application to the
public service commission for authority
TO issue $;0O00.OO0 of per cent collateral
trust bonds was made soon after midday.
and in all the circumstances of the case
created a somewhat unfaVOrable impress
sion. although it was generally understood
that the transaction was one of the first
steps in the readjustment of the financial
affairs of the company.
Both Stocks and Bonds Active.
Dealings in the stock market and also in
bonds were maintained upon large scale
of activity, although there was some cur
tailment I'm that respect after the noon
hour. when the irregularity of the trading
was most pronounced. The bond market
was generally strong, particularly for the
Brooklyn Rapid Transit As and INTERIOR
ough Metropolitan Az per cents.
The traction shares all showed pro-
nOuQced strength in the early part of the
day, but they were subsequently infiu-
enced by the irregular course of the gen.
eral market. The same description might
be applied to the Consolidated Gas and
Brooklyn Gas issues. which likewise lost
ground after an early extensive advance.
Transactions in the Industrial shares pre-
scented no features of particular interest.
Union and Southern Pacific again fur
nished a large proportion OF the total
transactions In the railway list, and the
varying course pursued by those stocks
was fact of influence in the drift of the
market at large.