The Washington herald., 1909-04-20
HOT WEATHER LIKED
Speculation Increased with
Signs of Summer.
DECLINE II PRICE OF WHEAT
Wall Street Believes Public OPin-
ion VIII Have Effect on Chicago
'HBuIIs,'' Who Fear a Suspension of
Tariff Duty on the Grain-Unex-
pected Strength shown in London.

New York April 1s.-That local weather
conditions have any effect upon Sc
curity market is usually secuted by mat
ter Of fact observers. and on the face OF
things does not seem logical II is a
fact. nevertheless. that the conditions do
exercise a species Of influence at times
upon speculative sentiment; and there Is
little doubt that the balmy, not to say
warm, weather that prevailed here to-day
throughout business hours was a real
factor in the advance IN stocks that oc-
cured
They afforded visible proof that normal
spring weather IS al hand, with aIl its
resultant beneficial effect upon the c0un-
try's agricultural and business relations;
and oheerfulness on the subject was in
creased. IL not IN reality largely due to
the understanding that to-dsy's high tenn
peratures were more or less general over
the entire northern part OF the country.
n the West as well as IN the East
Feared Late Spring.
For several weeks back il has been OBJ
vious that as great drawback upon
business as anything else was the lateness
OF spring To-day indications were that
rstarding Influences Of this sort were on
the point Of disappearing, and Il was
presumably because OF this also that a
declining tendency was visible in the price
OF wheat
As concerns the speculation IN grain, it
is nov beyoDi question that spectators
who are az least responsible for the cur
rent high price Of wheat, are becoming
more uneasy under the frown Of public
opinion II is highly probable. more
over. that the pointed suggestion now
being made in so many quarters that
the national Congress might do q worse
thing than temporarily suspend the taTin
duty on wheat. which Mr.. Patten's cor
ner in the article has made possible. Il
also serving the purpose Of checking fur
ther speculation for the advance.
The optimism engendeTed by all this in
the financial district was assisted to-day
by an exhibition Of quite unexpected
strength in the London stock market be-
fore the opening Of business here. Al
though the news from Turkey published
IN the morning newspapers was superb
cizlly Of sensational character and such
as 10 lead many people 70 conclude that
a good deal Of unsettlement might be
produced thereby on the foreign bOurses.
the reverse was actually the case.
Rope for Peace.
The feeling appeared 10 be general
abroad that the so-caued reform party IN
Turkey IS rapidly gaining control Of the
situation. and that. indeed. the result Of
the recent revolt in Constantinople might
be more secure and more Of liberal rule
IN the Turks empire than has hitherto
been hoped for.
Therefore to-day the stock market
opened az eli around advances, and an
exertion Of vigorous buying power in It
was sustained without mitigation until
the close Of business London and for
eign bourses bought between 3o0oo and
1000 shares Of stock. and there was
naturally a great deal Of hurried cover
irg OF contracts for The decline put out BY
SPECTATORS at the end OF last week
There was to-day in fact an entire col
lapse Of whatever campaign for the fall
has been lately entered into, and the ad-
vance Of the market in the two hours Of
business on Saturday and during the day
carried the average level Of prices for
both the industrial and railway shares
10 anew high level for the year