The Washington herald., 1908-04-28
PRICES CLOSE STRONG
BuOyant Rise Rules at End
of Market Day.
ST. PAUL LEADS IN ADVANCE
Railroad shares Develop strength
Because OF Anticipated Success of
Cash Believed TO BE Less Critical
Than in Past Few Months.

New York. April Z7.-There were stn
many traces to-day OF that reaction
ary temper in Wall street which betrayed
itself more or less conspicuously at the
last stock exchange session. and, in
deed. for the greater part of the day. the
stock market seemed to be making some
thing Of e struggle TO free itself from
these influences. Prices hesitated and
wavered in the morning hours OF busi-
ness strength as a rule. IN the railroad
stocks. being Offset by heayiness. if not
positive weakness. in the shares OF the
Inherent metal producing and manufac-
.uring companies. and. in fact. these
Ines OF demarcation characterized the
market as whole during the entire
lay
In the afternoon. however. the tendency
Oward an advance gained the upper hand.
md, IN the last half hour of business, a
ouoyent rise went on, which left most
of the railroad stocks. anyway, at a
considerably higher level than they
closed on Saturday. The buying ex-
arcised its greatest force in the St Paul
and Union Pacific stocks and was popu-
larly supposed, at least in the case of the
last named stocks. to be directly con-
nected with the Union Pacific Railroad
Company's coming bond issue Il was
also rumoTed that the Chicago. Mil
Waukee and St. Paul company was soon
20 make an appeal OF some kind 10 the
money market and the general underlying
oasis upon which the rise IN stocks was
predicted was unquestionably the strong
prevailing impression that symptoms OF a
genuine recovery in the market for in
Eestment securities proper have made
their appearance.
Many Skeptics Left.
Inere are stiu many skepucs who as
seyt that It will be found when railroads
and other corporations make offerings Of
securities, that are OF a class less high
than those Of the new Pennsylvania is
sue. that the public response TO negoti-
alton will be less enthusiastic. Neverthe-
less. the conviction has become wide
spread in the financial district that. In
view OF the still continuing and almost
unprecedented accumulation Of money in
the country prospective buyers Of secur-
ties for cash viii be, and already are,
less critical in their requirements than
they have been in the last six months,
and that the bond market through and
through, is better now than it has been.
is beyond question
To-day it is true the diversity and
quantity of the dealings in bonds was
not so notable featule of the security
market as they were in the closing days
Of last week
Bond Market Strong.
The bond market was strong, but the
strength was due more TO the advance in
certain speculative issues than to any
comprehensive upward movement The
Brooklyn Rapid Transit convertible bonds
in particular were bought at rising prices,
as were the Brooklyn Rapid Transit
shares in the stock market proper. in the
preliminary dealings, and cause for this
advance was commonly said to be the
official admission OF the fact that a large
block Of the bonds recently intruSJsd 10
a prominent banking house for sale, had
been taken by miscellaneous investors.
The news to-day bearing upon the
stock market, was Of rather mixed sort
and was not very important at the best.
There were many rumors, as the busi-
ness day drew near its end, of another
message to Congress by the Chief Ex-
ecutive, relating 20 financial subjects;
but these rum0rs were without any es-
pecial force as market factors