Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-11-10
Irregular Tendencies Marked
the Opening Today.
FOREIGN HOUSES BUYERS
Profit Taking Sales in Enormous
Volume.
SENSATIONAL S. P. ADVANCE
About $4,000 Shares of That Stock
Sold-Liquidation Absorbed.
Very Extensive Gains.
Srccial Dispatch to The Star.

Special DlSpAtcn 10 IHe
NEW YORK. November 10.-rhere were
various features of interest and 1mpor-
lance in today's dealings upon the STOCK
exchange, but they were all surpassed oy
the quite sensational advance in southern
Pacific stock. As was to be expected, the
inward movement in that issue mad
sympathetic effect upon the quotations for
Union Pacific, which also rose Sharply.
Very heavy and concentrated buying APP
reared in Southern Pacific during the
morning, and the bulk of the purchases
here for foreign account. which were In
the neighborhood of about 25,oW sIdres'
were in that stock. Despite the Nioieh'
advance in Southern Pacific, no authori-
tative statements were forthcoming In eA-
PLANTATION thereof
1t was commonly assumed, however,
that the movement in the stock 1ore-
Swallowed some early announcement OIL
the plans of the company for the reure-
ment of the preferred shares. and IL was
rumored that an underwriting syndicate
had already been formed to assure the
success of the f1otation of the Az per cent
bonds in connection with the undertaking.
The bearing of such a transaction upon
both Southern Pacific and Union racine
is too obvious to call for EXTENDED coih-
ment 1t was the common expectation
that some announcement in this directlon
could be reckoned upon be1ore the ciose
of the current week.
Industrials Irregular.
In the early part of the day the market
at large exhibited very irregular tend
encies, which were quite pronounced IN
the industrial group. There and In other
directions 1t was obvious that pront-tak-
ing sales in enormous volume were pelns
conducted, but the manner in which TINS
liquidation was absorbed was the supJect
of general and favorable comment.
About the end of the first hour aovices
were received from Chicago settlng iortn
that the United States circuit court OF
appeals for that district had denleo tn 9
petition of the federal authorities for a
rehea ring of the Standard OH Company
appeal from the notorious fine levied upon
that company by Judge Landis- inns
will apparently result in a retrtal or the
whole case before the lower court but
tho intelligence nevertheless produced a
highly favorable impression coming as IL
did upon the heels of the decision rem
dered on Saturday in the American To-
bacco Company litigation.
buyers upon a fairly large scale In the
local dealings. and the London stock mar
ket was generally firm. apparently on
diminished uneasiness with regard 70
European political affairs Notwithstand-
ing the net results of the day move
ments in prices the general course OF the
stock market could after all be described
only as irregular.
Increased Business Volume.
Very extensive gains were made in the
onening transactions, but these were sue
ceeded by general relapse In prices. ana
the following upturn in the market dld
not develop vigorously until the decisions
in the Standard Oil matter became known
and the rise in Southern Pacific developed.
During the early period Of irregularity
the dealings fell considerably below those
of Yesterday in respect OF activity. but
there was substantially a marked In
crease in the volume Of business, although
the gain in that respect was contributed
chiefly by Southern and Union Pacific.
AS already mentioned, such reactionary
tendencies as were occasionally displayed
were most pronounced in the industrial
and miscellaneous shares. In the railway
list a large number of high records were
established with particular strength show
ing in the trunk line shares. the anthra-
cite coal issues and the stocks of the
lines in the southern states. notably In
the instance Of Atlantic Coast Line and
Louisville and Nashville.
Reading was. of course. the most ac-
tive feature of the coal stocks. but no lit
tie interest was attracted by sharp up
ward movement in Delaware Lacka-
wanna and Western. which carried that
stock to by far the highest prices at which
1t has ever been quoted.
Some dimnution in activity was OBJ
served in the bond market and the deal
ings in that direction reflected in some d.
rection the realization OF profit on specu-
latively purchased securities