Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-31
Further Rise in Prices Marked
. the Opening.
COVERINGS OF THE SHORTS
Early Advances in Large Part Were
Obliterated.
LONDON GENERALLY HEAVY
Developments Of Days Dealings In
Commodity Markets-Mixed Rail
way Traffic Exhibits.
COVERINGS OF THE SHORTS
LONDON GENERALLY HEAVY
Social Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK May 3l.-There was no
other explanation of the further rise in the
stock market during the morning than the
favorable construction" placed upon the
Presidents speech at Indianapolis by the
professional speculative element Fore
know ledge OF some portions of the ADDRESS
was commonly accepted as accounting LOT
Wednesdays upward movement, ana the
perusal of the full text OF the speech seemed
to confirm the opinions previously heid pS
SPECTATORS as to its general tenor
The extended discussion accorded to the
Indian oils address ia the London news
papers attracted some attention. but appar-
emily operators in American stocks In Lon
don were disposed to await the opening OF
! the New York market before assuming an
aggressive stand. The London stock mar
ket was generally heavy, and American
stocks were decidedly irregular, and opera
tions here for foreign account showed on
balance excess OF safes 10 the aihouu'
of about 10000 shares.
1t was difficult to abstract very much OF
Interest and Significance from the Reports
! of the dealings in the local market Such
advances as took place during the carry
tpart or the day appeared TO represent lor
the most part the covering of snort con-
! tracts and at any rate there was very nj
tie increase in the business or COMMISSION
houses. THESE circumstances NOuiu seem "
indicate that the short interest in the mar
lket was more impressed by certain phases
tof the Presidents address than we're spec
lulators with contrary market pfeuliectiohs'
| AT any rate there was quite STEADY cor
traction In activity with the course OF tiie
tbusiness session and in the large majority
tpf cases the extreme advances made carrier
lin the day were wholly or IN large part
tobliterated. Such recessions as were op-
tseryed however, appeared to reflect moth
f5pp than the reduction In the snort
Interest. together with the realization OF
profits by Wednesdays and this mornings
fbuyers.
Sone Early advances.
: In the early part of the day number OF
THE active stocks advanced from one to
two points. and the dealings reflected quite
! a general distribution of interest. Owing
to the complete conveyance of interest
and discussion upon the indianapolis ad-
dress the days situation was a rcther
one The chief developments
in other respects were the sharp advances
I'm the commodity markets and the engage
'ment of an additional sum Of 100000 gold
for export by tomorrowS steamer.
Preliminary estimates of the principal
movements In currency during the week
lpoInted to a loss In cash by the banks Of
about 100000 and slight hardening In
the rates for money was observed
Little or nothing IN the way of actual
news or interesting gossip accompanied the
movements in particular stocks. The days
returns of railway traffic were rather mixed
exhibits the very large gains in the earn
ings' of the anthracite roads being, of
course, accounted for by the strike which
was in progress in the corresponding period
of last year. In the railway list, active
trading again conferred largely upon Read
ing and Union Pacific. Both New YORK
Central and Pennsylvania reflected occa-
sional pressure. and from time to time
there were signs of weakness in Atchtson
and Southern Pacific due, perhaps, to the
construction placed upon certain portions
of the Presidents address.