The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-08-09
Weeks Record Notable in
History of the
Exchange.
BULLS DOMINANT
AND AGGRESSIVE
Outlook Not Easy to Predict for
Reasons Hard to Reconcile
With High Prices.

expectations, and all efforts to cause
a break have been hopelessly defeated.
The week ends with the bulls in thu
Ascendant. VICTORIOUS, hopeful, and ag-
gressive, expecting 70 drive the market
70 still higher ground next week.
The market closed q week ago in
some uncertainty. II seemed at that
time as though the rise had about run
its course z. H Hartman had gOns
West on his vacation, the GOuld-Har-
Tirnan deal had gone through without
a hitch and had been discounted N the
market There did not at the moment
seem nucA prospect that stocks would
60 much higher
Bulls Were Aggressive.
Monday morning, however, showed
that the bulls were in no mood TO sur
render. The traders who have sup
ported the market since the beginning
OF this rise were at their posts on the
exchange and business opened with
snap that promised some excitement
before the day was over. That day
and every day since the MARKET mas
been upon the jump, Every day the
opening has been strong, followed by
a bulge, then a setback due 10 a large
volume Of profit taking sales. Several
times & nervous plunge has been made
about midday carrying the market into
much higher ground, Win the DdldIC0
Of the day taken up with sparHuB IOf
openings and a lull in the afternoon for
the traders to take breath
Looked al from any point OF view the
week in Wall Street has been re-
markable one. The strength or the
market has been phenomenal, and has
again verified the custom, law or nap
pening, call II what one VIII. that STOCKS
always have a big rise in August.
Rise Has Been Gradual.
While the market has been gong up
every day, 70 new top prices. the Up-
ward movement has. been quite gradual,
except IN spots. United States Rubber
second preferred, scored eleven points
during the week, but the great ma
jority OF stocks, even the most active
ones. hive not made d net advance OF
more than six or seven points AmerI-
can Smelling. which made the phe-
nounenal advance Of six and One-half
points in one day, made only nine and
a half points for the week, as the price
dripped back from the highest figures
and went through somewhat wide fluc-
tuations below the highest.
Reading. which has been the leader
throughout this movement, added about
five points net for the week, and most
Of the active stocks which showed the
greatest volume Of transactions made
four 10 six points net for the week.
This, Of course, is a good showing
when It Is taken into account that II
did not seem possible to carry the mar
ket up that high al the opening Of the
week.
The rise this week must be attributed
chiefly 10 the Work or powerful manlpu-
latOrs who have poured money without
stint into the market TO keep il going
It has been only within the past two
or three days that there has been ul.-
mistGkable evidence OF public paructpa
ton in the rise. Yesterday and today
the commission houses have been OOns
a big business on buying orders.
Public Joins the Bulls.
Early in the week there were some
selling orders, and the traders were a
little anxious lest the hundreds and
thousands Of small purchasers who had
taken up stocks when they were low
were about TO dump their holdings upon
the market and take their profits. There
was a good deal of that kind OF selling
for the first three days Of this week,
but since Thursday morning that sell
ing has almost entirely disappeared,
and the orders from the outside have
been 70 buy. The public IS surely get
ting into the market, and this has meas
urably helped the bulls along.
One who would prognosticate the
CUurge Of the market for the next week
today faces probably as many doubts
as he did 2 week ago. to which is add
ed the fact that the market is pTac-
tically five points higher than II was
last Saturday.
The basic facts remain OF the pros
pect of good crops, better now tnan
week ago. There is further proof Of the
general revival OF business. Reports
from the railroads all speak Of in
creased TrafnC, Steel orders are in
creasing. all the elements of strength
arc at hand TO bolster up ones hope
Moreover, the bulls are more confident
today than ever before this year To
hear the talk in Wall Street one would
think that the bull market would never
end.
Market Shows Irregularity.
But one must net forget the irreg-
ularity Of the market for the past few
days, and the desperate drives the bears
have made ID break prices. An stu
dents Of the market know that the
point Will come beyond which the
l-l-1IACL GuLlLlUL ~ WlAAtGub q recession
as marked as the rise has been during
the past twenty days. Where that point
Is Is the mystery. and where it may be
makes one cautious about predicting
this or that when the prices OF stocks
are at top notch.
The indications seem to be that the
bulls will not let so for a while longer,
at least until the market has gone a
few points higher. The truth is such
probability seems stronger today than
IL did one week ago, and 1t is entirely
possible that a week hence one may be
saying that the market has had a re-
Ezrkable rise during the past week.
II is safe 20 say that stocks are get
ting high, judged from their merits and
the circumstances which surround the
market. II would not be surprising If
the break came suddenly next week
when the bulls wers least expecting il.
and again II may be deferred some days
until the situation is ripe for the end
II the bull movement.
Whether II comes soon or later there
viii probably be the usual number of
unfortunate ones caught in the nIeshes
Of the change, for spectators as a rule
never learn much by experience. If
they old there would be no such bull
movements as now followed by rough
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