The Washington herald., 1908-04-25
MARKET SWINGS UP
All Around Adyancein Prices
Record for Weeks.
INCREASE IN TRANSACTIONS
Standard OIL Stocks Establish Rec
ord for Season Since January L,
Indicates General Trend OF Buoy
ancy in Financial WorId-FaiIure
OF Bear House Helps Rising Market.

New York, April 24-The upward swing
In the stock market that has been slowly
increasing IN force for several days past.
broadened considerably to-day and result.
ed in an all-round advance in prices on s
greater scale than has been witnessed
since the rise started.
Transactions, too. were the largest for
nearly month. and the market on the
whole displayed more vigor than II has
at any time since the first reaction from
last years panic eliminated in the mid
die of January.
There was this to be said about the
days market; that viewed from a tech
nicai point OF view. there was one indiea-
tion afforded by it of a sort that has not
infrequently proved Of value in the past
IN estimating the length and duration OF
price movements. This was the fact that
the prices of the standard stocks to-day
rose to a new high record point for the
year
May Decline again.
The conclusions derived from such cir
cumstanees are, of course. not entirely
satisfactory. since the mere fact that a
stage in the course of prices has been
touched higher than that reached at a
previous rise affords no conclusive proof
that prices may not again decline before
they rise further.
Bat it does attest that the market has
developed sufficient force after a pro-
nounced downward reaction TO carry It in
any upward direction further than it
nd
at least suggests that the movement will
reach higher level before the impulse
behind it lessons.
AS was the case yesterday, the striking
success OF the Pennsylvania new bond
issue was the main factor in the advance.
additional sources Of strength also being
the renewed demonstration of the Houi-
dated condition Of the market and the
continued accumulation by investment
interests OF bonds and other high grade
securities
sPecuIated for the Fall.
new element in the situation to-day
was however, the suspesion of one Of
the large Wall street commission houses
which was connected in the popular mind
with supposed losing ventures in specu-
lauon for the decline in the market.
Whether this commonly accepted ex-
planation OF the cause Of the failure was
or was not correct could not to-day be
authoritatively ascertained, but it was
known that the house in question did
take a position Of the kind named
throughout last years fall in prices. and
has since been interested according 10
tie prevailing understanding, in specu-
lations for the advance in cotton. II
was generally said to-day on the stock
exchange that the failure Of the horse
resulted in an involuntary buying in Of
contracts for the decline on its account.
involving a large quantity OF stock. For
merly, such transactions were reported
on the stock-exchange quotation tape In
such way as to communicate their true
nature.
Conducted Quietly.
Under the present arrangement buying
OF the kind described is more quietly
conducted so that no real testimony could
be had as to the volume of dealings of
the sort These were, however, admitted
ly considerable. and undoubtedly led to
a further covering of short" contracts
by other operators. who were naturally
perturbed by the development. Il is a /
we'll understood maxim Of stock exchange
operations that the failure Of a bear house /
serves TO strengthen the stock market at /
least temporarily.
Apart from this matter to-day and the |
continual discussion Of an optimistic na-
ture concerning the Pennsylvania's bond /
offering there were no novel developments 1
of financial Importance. The market, /
however. maintained its rise unchecked |
closing prices being almost uniformally at
the highest, and at advanced of from one
TO three points in the active stocks.