The Washington herald., 1908-05-15
STOCK SALES LARGE
Prices Move Up Rapidly and
Consistently All Day.
NEW RECORD FOR THE YEAR
Carefully Planned Distribution of
Stocks In Progress and Traders
Eager 10 Aid the Advanee-Public
stiH Way Oat, but May Come in
for "0dd Lots on a Decline.


New York, May ian enlargement of
the quantity of stock exchange transae-
tions to-day TO nearly 100000 shares,
being the greatest daily volume OF deal
!ngs since the beginning Of the year, ae-
companied with the largest rise in the
price Of both the active and inactive
stocks recorded in any similar time in
the same period, were the statistical evil
dences to-day OF the more important
dimensions assumed by the continued up
ward movement in the security market
Earlier in the week there were not a
few indications that the market was
hesitating. and that a carefully planned
distribution OF stocks was in progress.
But yesterday. and TO a greater extent
to-day, the plain EFFORT was 10 boom the
market along as rapidly as possible. The
rise went on from the very beginning Of
the days stock exchange session. and
was carried along without interruption
or reaction worthy of the name.
Closing Prices Highest.
Closing prices were IN almost all in
stances at the highest Of the day, and
were such as 10 cause total gains of be-
tween three and four points IN all the Is
sues. usually the prominent subjects OF
speculation, but the advance included, in
manner almost equally noteworthy, the
entire list Of low-priced ard inactive
shares in both the railway and Industrial
departments.
The manipulation of pools and the Ike
was no less manifest in the market to-
day than il had been, and there was a
very general impression that the enforced
buying of stocks by spectators for the
fall. chiefly among the traders on the
floor OF the stock exchange itself, was
also responsible FOR much of the strength
shown. It was undoubtedly true that
oommission-house business was greater
to-day that it has been at any previous
time, even If this observation had 10 be
qualified by the statement that the vol
ume OF these orders from the general
public was exceedingly small IN proper
ton 10 the total quantity OF dealings
Public stiu Wary.
The public is stllI wary OF the present
stock market. and is manifesting very
considerable apprehension that those who
buy speculative stocks. even for Invest
ment, at the present level Of prices will
find that trap has been laid for them
and il may prove to be the case that in
taking this stand the public is displaying
the same good judgment that it did in
the panic days Of last year. when it alb
sorbed in such large measure. through
the medium OF "odd-lot' buying. the
shares Of stock tumbied into the security
market by the relentless speculative
buyers Of year or more preceding. As
has been the case for so long. there was
an absolute dearth OF news to-day that
could be cited as explaining in any way
the rise in prices.
The cotton market was again to-day
the scene Of frenzy. II is conceded that
a stock exchange plunger. who came into
new prominence last year as specu-
lator for the decline, has in certain
measure cornered the supply Of cotton
in this market available for delivery upon
the July option. Such supply is, it is
well known. comparatively short