Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-26
PRICES KEEP STRONG
Heavy Profit Taking Is Well
Absorbed.
LONDON A POTENT FACTOR
Local Stocks Respond to Conditions
Abroad.
ROCK ISLAND ISSUES FEATURE
Almost Entire List Shows Substan-
tial Gains-Few Exceptions to
General Movement.
ROCK ISLAND ISSUES FEATURE


NEW YORK. November 2G.-If the
stock market today was any indication
Wall street. without forgetting the Stand
ard Oil decision and the immediate effect
which it had. had decided over the holi-
day TO dismiss them from consideration
for the time being at least A boisterous
attempt from Boston to stimulate inter
est in these matters fell as fiat as a stale
joke. The stock market itself furnished
interesting material for the attention of
the stock market following, and develop
ments by way of news and report tend
to reassert their influence against any
more or less futile discussion of points
of law.
At all events. the stock market for the
greater part of the session was decidedly
strong. 1t received an impetus to advance
from the Improvement which American is
sues showed in the London market over
the holiday
This Improvement was unquestionably
one consequence of the very strong posi-
ton disclosed by the Bank of England in
its weekly return.
Its present ratio of reserves to liabilities
is about 10 per cent higher than the aver
age for the last decade, and although for
political reasons, undoubtedly. the bank Is
keeping its discount rate at per cent 1t
is questionable how long this may con-
tinue with open market discounts below 4
per cent for three-month bills
Heavy Foreign Buying.
The foreign financial Improvement was
emphasized by very good weekly re-
port from the Imperial Bank of Germany.
In addition to furnishing these reasons
for encouragement foreign quarters fol-
lowed them up by purchases of stocks
here on a much larger scale than any day
since money conditions frightened early in
October. The buying put down to Lon
don's credit was about 10,U9 shares.
about one-quarter of which represented
purchases of United States Steel and
Amalgamated Copper, with practically no
sales.
Taking it's cue from London. the market
opened strong. and although profit-taking
was rather heavy in the early dealings,
sales were well absorbed and the whole
list practically made substantial gains
during the forenoon.
The morning dealings were on an active
scale, at least during the first hour, but
thereafter business slackened perceptibly.
although prices were firm.
Pennsy an Exception.
New York Central was again heavy in
the forepart of the session. but subse-
quently showed decided Improvement. In
the early part of the afternoon Pennsyl-
vania was about the most conspicuous
exception to the general price movement
among the railroads, but 1t was hardly
reactionary. American cotton oil was
the weak feature Of the industrial quar-
ter. Gains of more than a point were
shown by Canadian Pacific, Great North
ern preferred, Reading Union Pacific,
the PETERBOROUGH issues, the Rock Island
stocks. Missouri Pacific and the issues
of the copper metal group. United
States Steel was very strong.
Wabash preferred and Consolidated Gas
displayed the effects of profit-taking
sales by traders, but if no trustworthy
information was Forthcoming regarding
the expectations which have been enter
tanned recently i'm relation to the leasing
of the Wabash railroad and the distribu-
ton of increased profits by the Consoli-
dated Gas Company, there was also no
information TO the contrary.
Rock Islands Advance.
y feature OF the trading was the
strength shown by the Rock Island stocks
and bonds Rock Island advanced 15s,
the preferred H. per cent collateral
bonds ia and the 5s 20.
The movement of the Rock Island
stocks was regarded with particular in
, terest because of the reports which have
connected them with Wabash and Lehigh
Valley, and also because of the rumors
that differences had developed in the
Rock Island party.
Cali money ruled firm AZ. to )
per cent. The time money market was
characterized by disposition on the part
OF borrowers to lower their bids.