The Washington herald., 1907-05-30
PRICES MOVE HIGHER
Holiday Is Responsible for
Upward Tendency.
CLOSING OUT OF ACCOUNTS
Operators Fear to Leave Commit
ments Widely Extended While Ex-
chnnEe Is Closed-Improvements
Abroad Proves Boom tn American
Traders-Grain Prices Down.

New Ork. May 81 ne movement "a
prices in the security market to-day was
wholly in accord with the spirit of profess
sional traditions as to the proper course
for the market TO pursue just preceding a
holiday. The natural tendency of sDecu-
sation under such circumstances was to-
ward temporary reversal Of the previous
general movement of the market; the
reason for this being. OF course, the un-
willingness Of operators 90 leave their
commitments for the rise or for the fall
widely extended during the time when the
stock exchange is closed.
Therefore when the market has been de-
clining for a considerable time previous
20 the suspension Of stock exchange busi-
ness a covering" of contracts for the
fai almost invariably takes place just be-
fore the holiday unless the reasons max
ing for the fall in values are of an eX-
tremely imperative character. Conversely
proft-taking on the part Of spectators
for the rise also occurs at such times if
an upward movement in the market has
been long in progress.
Closing Out Accounts Weekly.
To greater or less extent, closing
out of accounts in this way Is witnessed
at the end Of business in Wall street each
week. but for obvious reasons there is
less chance Of unexpected developments
from a stock market point Of view be
tween Saturday and Monday than on days
when secular business is still IN meas
urab.e degree continued.
lrs for an advance this morning from
general Improvement IN the markets
abroad This more cheerful sentiment
was largely brought about in London by
the fact that the forJnightly financial
settlement there had been concluded with
only one failure; although It was known
that various firms in London had 10 De
..bo,rod" over the settlement day, and
that there was no change Tor the petteT
in the general English investment mar
ket.
In Paris further obstacles presented IN
the French legislature as TO the passage
OF the proposed income tax law produced
q more cheerful feeling on the Bourse,
but i'm this case, too. il was recognized
that the enactment Of an income tax law
in France could probably not be avoided.
In BerIfn-where the financial position OF
the moment and near future is unques-
tionably a matter of serious concern,
prices were weak
Opening quotations for the leading
stocks here were for the most part at ad-
vances Of q point above their yesterday
close. and although the days market was
cuite uninteresting and was without eS-
r,ciaI feature IN any direction, the rally
vyaz sustained until the end. net gains OF
from to 8l9 points i'm prices being COM
monty distributed. There was no Illusion
however. as to the nature of the day
rise. II represented purely and simply a
buying in of contracts for the fall.
Grain Prices Down.
At the outset to-day prices in the grain
market suffered not a little recession be
cause of the unfuldIlment Of prophecies
made In yesterday afternoons govern
mcat weathe. report as to the likelihood
Of general frosts last night throughout
the country. It was also stated that there
had been a needed fall of rain in Kansas
and Nebraska.
Later on. more authoritative reports
were that the rainfall that had occurred
had been only slight, and there was no
real alienation of the uufavorable crop
conditions now current. The best opinion
auneqrs TO be at the moment in the grain
trade that the wheat market. although It
has shown the effects Of heavy realizing
sales. made by fortunate spectators, IS
in no danger of a serious fall.
Close observers Of the speculative trad
ing on the produce exchanges this after
noon declared that there were plain signs
that the large speculative interest in
wheat VINO have been selling cut their
holdings ir the course Of the last week
were once more accumulauug lines Of
the commodity.
Gold Goes to Europe.
Two million dollars in gold was engaged
to-day for shipment TO Europe from this
city. making S2SCoG1o taken during the
week. and as sterling exchange here rose
despite the gold engagements, it was con-
sidercd 20 be not altogether likely that
the gold export movement would be con-
tinued on a fairly large scale In the week
20 come
There was much talk I'm Wall street to-
dav. as there has been for several days
past. regarding President Roosevelt S
speech at indianapolis tomorrow. Il is
known that the speech will be devoted to
a discussion Of the railway question, and
that the address will be one Of the most
elaborate pronOuncements on the entire
general subject that the President has yet
made.
An opinion seemed To be entertained
among spectators that the speech would
he of a favorable" character; but in con-
servative circles very little hope was en-
tertained that the President would retreat
at all from the ground he has already
taken concerning the subject, and predic-
ton was made in quarters often well in
formed that ne was more likely TO advo-
cate more extreme measures Of railway
restriction by the general government
than he has at any previous time.