Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-19
REAcTIoNARY TENDENCIES
Some Leaders Maintain an Appear
ance of Strength.
LOCAL FRACTIONS ARE FIRM
Dealings Largely Professional To-
ward the Close-Gold Shipments
Leading Topic Today.

Special Dispatch to The Star.
NEW YORK, November 49, - Stocks
started today with activity and strength
rather general The market was, more
over. under leadership commonly regard
ed as good. since ii was exercised largely
by Union Pacific, Reading and some OF
the standard industrials. The forenoon
trading. however. was very much like
yesterdays. Some increase in commits
sion house participation on the buying
side seemed to be indicated in the early
dealings, and transactions during the first
hour aggregated about 100000 shares. All
the new business, however, what there
was of it, seemed to be concentrated in
this period
The volume of the second hours bust
ness was about half that of the first
hour, and around midday the market was
more or less dull. AS the dealings con-
tracted they became increasingly profess
sional and accordingly uninteresting.
From the early strength the list turned
to irregularity and moderate reactionary
tendencies seemed to be manifest In the
early afternoon. although some stocks
maintained the appearance of strength.
Brooklyn Rapid Transit and the local
traction stocks generally displayed con-
sistent firmness. The anthracite railroad
stocks moved rather strongly in unison
in the forenoon. but were irregular later.
Nothing was advanced to account for the
issues other than the commonplace con-
sideration of prospective enlargement
of coal consumption.
AS for the traction stocks, Wall street
has theory that in some way or other
their position has been improved by the
political outlook. and by the reorganiza-
tons necesstated in the case of some
traction companies.
Union Pacific Strength.
The strength of the Union Pacific stocks
was accompanied by a revival Of rumor
rendered somewhat stale by over-repeti-
ton In the late summer. and also by in
ferences drawn from the Wells-FarEo
melon cutting, of which Southern Pacific
Is a beneficiary, TO the extent at least of
the ownership OF WellsFargo stock. dis
closed by a report year and a half old.
Incidentally, it might be said that with
regard to this Wells-Fargo disbursement
OF profits. that there has been some
ironicaI talk about the eventual admission
of the company's stockholders to a higher
deal than that from which they were
warned away not so long ago.
Considering the marked rise in the stock
In recent months and the probable nature
Of the absorption, 1t is a question whether
or not many of the forbidden stockhold-
ers of a year or so ago are now in q posi-
ton to profit by the dissolution Of the
injunction. Wall street was more or less
bullish today. calculating out Of curiosity
the probable value of the Wells-FargO
distribution.
Ii is apparently much greater than was
Indicated by the nominal dividend of $780,
No little curiosity was also shown as to
TIE purpose of the large stock increase.
The assumption that a merger was in
ofcated was Offset by the suggestion that
the purpose was to disarm political HOS
tility by contriving an apparent dec .ase
in profits as they may be Indicate in
the percentage of earnings to capitSiza-
tion.-