The Washington herald., 1908-06-02
MARKET BOOMS UP
Strength Follows 'Concen.
trated Buying Orders.
LONDON LEADS OFF IN RISE
Prices I'm british Capital Follow
slowly Gathering Strength Caused
by Reduction OF Interest Rate-In-
crease OF Nearly Three Points
shown in English COnsOIs.

New York, June 1.-The stock market
was strong to-day. partially by reason Of
q resumption Of that strong concentrated
buying of certain leading stocks which
was suspended a few days since, and
partially because OF an unQuestionable
improvement In general financial senti-
ment.
To begin with, the London market to-
day was fairly buoyant. Prices on the
London stock exchange have been slowly
gathering strength for some time, owing
TO force OF the impression made abroad
by the continually lower rates for the
use OF money. The inevitable upshot of
such development IS. OF course, after
the usual amount Of hesitation and back
ing and filling. Remittance Of buyers
TITO the investment market. a rise thus
of nearly points has been recorded IN
the price OF English consols within a
comparatively short time. and the mar
ket values Of all the principal English
investment stocks have risen decidedly.
The market in London was no doubt
especially helped this morning by the
large figures OF the Rand gold production
for the month OF May, the output Of the
yellow metal for the month exceeding ell
previous records but one.
Congress Adjournment Helps.
In the next place. favorable effect
was certainly produced to-day in the
financial district by the adjournment Of
Congress and by the passage Of the com
promise currency bill. The end Of the
session Of the national legislature, espe-
clally in the Presidential year, is regarded
by the financial markets with relief. for
reasons that are too obvious TO discuss.
As regards the new currency law, no
one in Wall street to-day ventured the
opinion that this ought TO serve as the
basis for a rise in security prices because
the new law was not in any way meas
ure of imitation.
In a strictly speculative sense proies-
sional operators were. as rule, inclined
to place weight to-day upon the rapid
and considerable reaction in prices last
week and the residence shown by the
market during the last stock exchange
session.
Buying Encouraged.
Conservative houses. which were not
overwilling 10 advise customers 70 buy
stocks during the excited rise in May,
took a much more friendly view of the
market in the face of the decline, run
ming from five 10 thirteen points, in so
many prominent stocks, and were dis
posed TO encourage moderate purchases
for the advance.
From a technical point Of view, IT was
noticeable to-day that as the market
moved upward it did so easily; that is TO
say, that the supply Of stocks seemed TO
be scarce, so that no large quantity Of
buying was required 40 push prices to a
higher range. and. although up TO the
beginning OF the last hour OF stock eX-
change business gains varying from two
10 four points had been made in the lead
ing Issues. the volume OF transactions in
this period was a good deal less than on
many occasions in the last fortnight.
More interest cOnverged to-day upon
the violent rise in Union Pacific stock
than upon the movement of any other Sc
curitv. the stock making an extreme gaiIs
OF ga points, and holding all but frac-
tional part Of the advance up TO the very