Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-02
Reaction Followed an Advance
at the Opening.
SLUMP FOR MANY SHARES
Transactions on Very Large Scale
During First Hour.
LONDON MARKET IRREGULAR
Statements of Railway Traffic Re-
turns-Union Pacific Feature of
Day-Gould Stocks.
SLUMP FOR MANY SHARES
LONDON MARKET IRREGULAR

NEW YORK. June 2.-Following upon a
very strong and active opening, in which
a number Of stocks advanced from one to
more than two points above yesterdays
closing figures. the stock market reacted
quite generally and many shares fell
backward to or below their final quota
lions OF yesterday. During the first hour
of business the transactions were upon an
exceedingly large scale, but there was
material falling away In activity in con-
lection with the reaction. or these vari-
Gus movements in prices there was little
or nothing in the way Of explanation eX-
cept along the technical lines TO be
elected
The professional traders of the floor
seemed to be commonly of the opinion
that some sort of reaction was neces-
sarily involved in yesterdays and this
mornings extensive advances and acted
accordingly 1t was apparently the case
also, that the recovery in prices since
Friday has resulted in a considerable cur
tailment of the short account.
FINALLY bullish manipulation was by no
means so aggressive was the case
Monday. In view of these various cir
cumstances and of the general charac-
terlstics of the stock market. and out
SIDE conditions al the present time. it
might be said that the days market gave
Some of the Influences
The adjournment of Congress the enact
ment of the emergency currency bill.
more confident feelings with regard TO
the political outlook and evidences of a
more widespread improvement in the
trade Of the country at large were again
named as the sustaining influences in
the dealings In securities To these there
should. of course. be added the profound
ease in the money market Conditions
IN the latter direction showed today no
alteration whatever
The usual weekly weather report of
the Agricultural Department set forth
somewhat unfavorable conditions for the
gram crops: and both wheat and corn
We're firm. The governments cotton crop
report was also followed by lively adj
vance In that staple
The London stock market in common
with that In New York. was more quiet
and rather irregular. although the fairly
active operations here for foreign account
resulted In slight excess of purchases
Railway Statements.
A large number of further returns of
railway traffic for the month of April were
published today. and these included the
statements of the Union Pacific and the
Southern Pacific companies The Union
q, ih' . fcpotl "dS HlSnly Satisfactory
statement. and produced a very favorable
impression The gross earnings. to be
sure. decreased SAT 900. but. on the other
hand. operating expenses were curtailed
S%2.uV- hence the company was able to
report an increase in net earnings of
$i55Op
The Southern Pacihcs statement showed
decrease in gross earnings of S1,31SOOO
but through a-large reduction in operating
expenses decrease in net of only S3ol 900
was shown. Union Pacific might be des-
ignated as the leader of the stock
market in all respects
Union Pacific Plans.
The tremendous transactions in that Sc
curity were accompanied by revived COS
sip of the so-called segregation plans of
the management and also of the likel-
hood of an early announcement of the
conclusion of the negotiations for the dis
position of a portion of the recently au-
thofized bonds.
There were also large transactions in
the United States Steel shares, and these
were only moderately affected by Pitts
burg advices setting forth general cut
I'm the prices for steel bars. The so-called
Gould stocks were exceptionally firm.
The bond market was steady, but the
dealings In that quarter were conducted
upon a somewhat reduced scale of ac-