The Washington herald., 1908-05-10
STOCK BUYING ACTIVE
Market Shows Tendency to
Broaden Out.
C. & 0. ADVANCES FIVE POINTS
All Railroad shares strengthened
Under General Adyanee-CoaI-car
rying Roads Respond More Read
iIy-Bank Statement Does Not Fig
ure as Much as Was Anticipated.

New York, May 9.-Wbat distinguished
the stock market to-day from that of yes
terday and the other stock exchange ses-
sions Of the week, in which an advancing
movement in prices has been witnessed,
was the fact that to-day broadening tend
encies in the market seemed greater than
at any previous time.
Buying Of stocks was no less active
than it has been hitherto, but to-day.
instead Of converged on two or three
speculative favorites or leaders" occu-
pied itself with the general list of rail-
road and industrial shares as a whole, and
carried the average level Of the market
10 the highest point Of the year. nOta-
bic advance Of five points did occur. how
ever. in the Chesapeake and Ohio shares
for which the only explanation that Wall
street could offer was that a large local
banking house now in possession OF a
quantity of the stock which it bought
from the Pennsylvania Railroad Com
pany. was Gesirous of making better
market for the shares.
The stocks of all the railroads directly
or indirectly engaged In the coal-carrying
industry were also particularly strong to-
day, not only on our own but on neigh
boring exchanges Prices in the market
closed at or but little below the best, and
the strength of the bond market was also
abundantly maintained
Bank Statement Does Not Figure.
Anticipation regarding the weekly bank
statement did not fgure at all in the
trading, although the statement was
hardly up to yesterdays promise. The
cash held by the banks increased by s.
100000 as against yesterdays $4,000
forecast, while bank loans Increased S3,-
100000. The result, however. was a fur
ther upbuilding of the actual bank surplus
In the sum of S6300,Go0 The showing
made by the trust companies was not as
favorable. inasmuch as the volume of
loans increased so. .623. 800. The meaning
OF this IS probably. that, as was the case
last week, the financing of the week s
speculation in stocks has been largely
conducted by the trust company organiza-
ton.
It is generally admitted that the rise in
the stock market this week. and. for that
matter. for several weeks past. has not
been due to any particular change in the
state OF the financial. political. or indus
trial conditions and Wall street has been
filling in the period with various theories
as to the cause of the movement which,
after all, is not satisfactory.
Strength UnmiStakabIe.
The genuine strength Of the market
was, however, unmistakable; and in
whatever manner it originated, it was
manifestly materially assisted by the cir
cumstanee that the rising tide of quota
tions did not result in any considerable
enlargement of the quantity Of stocks
offered for sale.
Another favoring condition is that the
crop prospect is above the average, and
is certainly a good deal better than il
was at this time last year; and 1t seems,
too, as if the prices that will be realized
from sales to foreigners Of our leading
staple products will be highly remunera-
tive. with the single exception OF per-
haps the case Of the cotton.