Evening star., 1909-09-11
OPENING IS IRREGULAR
Then, New York Stock Market
Quiets Down.
TENDENCY is. TO REACTION
Speculation as to Reason for Yester-
days Rise.
U. P. STOCK IN THE LIMELIGHT
Government Report on Exports Not
0. P. STOCK IN THE LIMELIGHT
Government Report on Exports Not
Encouraging, But Railroad Earn
ings Reports Are.

Special Dispatch to The Star.
NEW YORK September 11.-After a
slightly irregular opening. with heavy
and excited dealings in many stocks, es-
pecially the Union Pacific issues, the
stock market displayed general strength,
but toward the second hour quieted some
what and exhibited reactionary tenden-
cies. Before the session began there was
a repetition of the rumor and conjecture
which accompanied yesterdays remarka-
bic demonstration, but neither then nor
during the progress of the session was
anything authentic forthcoming to ac-
count for the concentrated aggressive
buying of the Union Pacific stocks and
the heavy borrowing of both.
The explanation of an actual specula-
tive short interest Of large proportions
was not today accepted as sufficient to
account for all that has been taking
place Both the buying and the borrow
ing are believed to have been distinctly
related to the closing of the transfer
books Monday next for the annual meet
ing of the Union Pacific stockholders
October H.
Whether all is going to be peace and
harmony at or before the meeting. Wall
street apparently does not now care. The
immediate stock market effect of Mr..
Harriman's death has been passed over.
actions in the Union Pacific, they served
the purposes yesterday and today of
turning the stock market upward. Prob
ably a consensus Of opinion would be
that the upturn was hardly likely to
initiate resumption of the bull move
ment interrupted by Mr.. Harriman's re-
turn from Europe last month. Second
thought this morning seemed indisposed
to construe the rise in the Union Pacific
stocks as Of bullish import. BY the Sec
ond hour Of the session the general list
was not only below the level of the OPEN
ing, but averaged slightly under last
nights close.
The sentiment of the stock market
community seemed to be that 1t was not
a market for little fellows, the theory
being that stocks which could rise SO vio-
lently as they did yesterday could fall
with equal or even greater violence.
Most of the weekend news was favor
able; the American Railway Association
reported decrease Of 4S,S49 cars. or 50
per cent in the idle surplus between Au-
gust Is and September 1. and the
surplusage Is now less than half of the
total at the same period last year.
The country's bank clearings during the
week increased about II per cent over
the corresponding period last year. Sum-
maries of trade conditions reported ex-
pandfng Industrial activity, but a some
what -heSitating tendency in distributive
trade on account OF the level OF prices.
Foreign exchange during the week de-
clined a-quarter.
Railroad Returns Encouraging.
BY way Of Offset. not much comfort
was derived from the government figures
ef domestic exports for August, which
were of value $1O.0OO.OOO less than last
year. bringing the decrease from last year
for eight months up to $4,000, 900. Rail
road returns published today showed
gains in gross of $2.OOO.OOO by the Cana
dian Pacific. OF s., 200. 600 by the Missouri
Pacific, and 100000 by the Texas and
Pacific, from July ] to the end OF the
first. week in September.
The stock market became relatively
very quiet toward the close. The level
of all active important stocks in the final
dealings was well below last nights clos
ing figures, with the exception of Union
Pacific.