The Washington herald., 1909-06-02

New York, June lit has rarely hap
pened before al this season OF the yeaI
as i did during the three days stock ex-
change holiday concluded yesterday that
the period conceded with a tine when
ali the great security markets OF the
world were closed likewise.
There was. therefore, considerable Gu
riosi1y expressed IN financial circles this
morning 70 discover in Just what light the
foreign markets would view the notable
advance in prices here at the end OF las;
week, particularly. OF course. IN the Unit
td States steel common shares.
The Interpretation placed by foreign
observers upon this advance was IA
voreble, or, al any rate. appeared 10 be
80. as result thereof not only did prices
for American stocks n London to-day
rise before the opening OF business here
TO our own American parity, but even
exceeded this. United States Steel com
mon leading with an advance Of more
than point
Gains Follow Quickly.
As nothing OF q nature adverse TO the
stock market developed during the in
term IN which business was suspended.
considerable gains were Immediately es-
tsblished IN the opening quotations for
stocks here. Then ensued another test
OF the markets strength. Would an ad-
vance OF AIS points IN the price Of Unit
ed States Steel common stock since the
end Of the stock exchange on Friday
afternoon-this being taken as the most
notable example OF the rise In the mar
ket-lead 70 such q food OF Liquidation
as 10 depress values2 As the day went
one thing that became obvious was that
an enormous amount OF realizing IN UnitL
ed States Steel common and other
stocks was taking place The rank and
file OF professional spectators, both Of
large and small degree. who had profits
in operation for The advance. made haste
70 take these and liquiCations OF such
sort continued throughout Official hours
Of business, yet the market emerged from
the trial with brilliant success.
Steel Holds Gains.
The Steel common shares closed hold
Ing practically their entire gain and It
was beyond dispute that volume OF
new buying power had been created
sufficient 10 more than Offset all the
proEs-taking sales that had been prompt
81.
The days business was. however. re-
msrkabIe in other respects. Whether OF
not because OF the departure for Europe
to-day OF Mr. Edward Il Hartman. and
the consequent presumption that a sup
posed closing out process Of stocks held
more or less speculatively for Mr. Harri-
mans account, had been finished. the
Union Pacific. Southern Pacific. and the
entire railroad list Of stocks were
stronger to-day than they have been az
any time IN the last four weeks, al this
being the more noteworthy because OF
renewed speculative operations for the
rise in the grain options The market
closed at levels for the principal stocks
which II somewhat below the highest.
were still with substantial uniformity al
large gains.
Outlook Encouraging.
General financial and business infu-
ences to-day were al OF a sort calculated
10 encourage financial sentiment A re-
port that the United states Steel CORPORA
ton would make application 10 list its Sc
curities on the French Bourse, was neither
confirmed nor denied. although the com
mon understanding. was that negotia-
tons looking forward 10 this end had
been begun.
The news was OF no less optimistic
tenor regarding conditions IN the iron
and steel business. than It has been IN
the past few weeks, and il was said thar
a further advance IN the price OF the (
important steel products had been made !
BY the independent producers.