Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-11-11
Union and Southern Pacific
Reactions Today.
FEATURED EARLY DEALINGS
Market at Large Unfavorably In
fluenced.
SALES FOR PROFIT-REALIZING
Tremendous Volume Of Selling At
fected Buying by Outsiders
Erie Issues Notably Strong.
FEATURED EARLY DEALINGS
SALES FOR PROFIT-REALIZING
Special Dispatch to The Star.

NEW YORK, November 11.-There
were quite positive reports current before
the close of business yesterday afternoon
that Wall streets expectations with re-
gard to the financial plans of the South
ern Pacific company would not be realized
today. and these intimations were RESPONSE
BILE for the reaction in that STOCK anu
Union Pacific from the extraordinary adj
vance which they scored earlier In the
day. After this mornings meeting of the
directors of the Southern and Union IA
cific companies it was announced that no
further action had been taken than the
declaration of the usual dividend on the
shares of the two companies
Yesterdays sensational advance In
Southern Pacific stock had naturally CIV
en- some color of truth to the rumors that
the dividend would be advanced and that
a plan for the retirement of the pre-
ferred stock would be soon announced.
There was consequently no little disap-
pointment on the part of spectators IN
these shares when 1t became known that
nothing more than routine action had
been taken. Consequently both Union
and Southern Pacific reacted further In
the early realizing in today's stock mar
ket. although in view of the extent or
their recent advance it would be quite IN
correct to describe eltner STOCK DIS peihs
actually weak.
The market at large was, as might De
expected unfavorably Influenced by the
course of these leading issues and, In fact.
the dealings showed greater degree OF
frregularity not to say weakness, than
. has been displayed since election day
Profit-realizing sales were again conduct
ed in tremendous volume and the irregu-
lar tendency of the market had the nat
ural effect of diminishing new buying Or
ders on the part of the public.
Exceptions to Price Drift.
There were numerous exceptions to the
general drift of prices. All the Erie
issues were notably strong and, indeed, In
view of the relative position of the two
companies it might be said that today's
rise in Erie common was quite as strik-
ing a movement as that which took place
yesterday in Southern Pacific. There was
nothing definite to be ascertained, how
ever, in explanation of the exceptional
animation in the Erie issues
list were Wabash and the other Gould
stocks: Canadian Pacific, Chesapeake and
Ohio. the so-called junior Vanderbilt
stocks and Colorado Southern. A gener-
ally heavy tone characterized the trans
actions in the industrial and miscellaneous
shares, although some striking exceptions
were noted in that group also. cases in
point being American Can preferred and
Peoples Gas. The United States Steel
stocks, after an early decline, also evinced
a good degree Of rallying power. The
Traction issues continued sluggish.
London Generally Firm.
Dealings in the bond market showed
further contraction and otherwise ex-
hibited the same general tendencies OBJ
served yesterday. The London stock
market was generally firm and num-
Der of noteworthy advances were shown
in the American department.
The local stock market was. however,
quite unaffected by the London quota
tons at the opening of business. and the
operations here for foreign account, while
upon fairly large scale. showed small
results on balance
A slightly firmer tone was reported in
the money market. especially for the long
er terms of accommodation. Rates for
sterling exchange also showed slight
but insignificant advance
Considering the days stock market as
a whole. IL must be described as one in
which technical trading circumstances
rather than fundamental conditions were
the dominating influence In the dealings.