The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-01-30
STOCKS GO HIGHER
Many Reach Level Above
Last Closing Prices.
LARGE INVESTMENT BUYING
English ConsOIs a Tributary 10 the
Advance in the Market, While
Easier Money Also Lends strength.
Manhattan and d. II. T. Among
the Leading Active Stocks.

New York. Jan. Sup to the end of
the first hour Of stock exchange business
to-day the advancing movement in prices
which had been IN progress throughout
the preceding two days of the week was
continued, and most Of the leading stocks
reached a level well above their yester-
days closing prices. The rise appeared
70 be based 70 a greater extent upon the
further presence OF large investment buy
ing in the bond market upon the con-
tlnued rapid advance in English consoIs,
and the effect Of easier money generally
IN stimulating purchases Of securities in
foreign markets and in the practically
noble advance in our own market proper
IN the securities OF the Manhattan Ele-
waited Railway, Brooklyn Rapid Transit,
and Interborough- Metropolitan shares.
Just what caused this last named move
ment was not made plain. but the buying
power behind it was unmistakable. and
the stock market as whole was strong
and in sympathy with It. After this
time, however, the character Of the mar
ket underwent q change The buying OF
stocks petered out and prices began 10
sag. The decline as the day went on
was carried on with greater and greater
rapidity. so that at the close Of business
the market was decidedly weak, and de-
clines Of between one and two points
were common in the most active shares.
Breaks Five Points.
= There were the usual special movements
in various stocks. Railway Steel Spring
preferred breaking five points on sale Of
bat 90 shares, while similar wide fiuctua-
tons were noticed in other inactive issues.
many of these being in an upward as
well as a downward direction.
The advance in Utah Copper was con-
. nected with the announcement that the
management of the company had con-
bluded an arrangement for the smelling
81 The compsny's product with the Amer
Jean Smelling and Refining Company, this
Implying an opening Of the company's
miues, and the news was also regarded
Jas being helpful to American Smelling
| and Refining stock.
There were a number Of explanations
on Wall street to-day for the reversal
w t-ic dtLAuuE OF the market In inc
afternoon. but a sufficient cause Of the
decline was probably that q large num-
Der OF the traders. believing that the
present market IS a narrow one. sold the
stc ks that they had been carrying for
the rise and on which a small profit
had accrued. As has been time and
again noted in this column recently. the
bulk Of dealings in the stock exchange
is now made up or the transactions Of
professional daily spectators, who have
as rule chrnged their position on the
market in the last ten days with q de-
gree OF frequency much more than is
usual even with their mercuriaI brother
hood
Nevertheless IL must be admitted that
there were developments to-day that were
undoubtedly somewhat disgusting to
spectators for the advance and that the
adverse influence Of these was assisted by
the circulation Of various unpleasant ru-
mors.