The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-04-01
SHARP GAINS SCORED
Rush to Buy Stocks Sends
Prices to High Points.
NEW RECORDS ARE REACHED
Some Of the Active Issues Touch
Levels Above the Previous Highest
of the Year-FinaI Prices of PrOmt-
nent shares Show "a Net Gain of
More Than One Point for the Day.

I >
sring and TO a certain extent receding
movement IN stock market prices proved
to-day 10 have been but temporary The
market continued during the first half
hour OF business this morning in that
same hesitating attitude. which it as
4 sumed on the day before, although
striking advances were made. neverthe-
less. in a few stocks.
The news from London was In every
way favorable. a definite and final with
drawal by the Servian government from
its stand taken in the difficulty in Austria
being promised for the afternoon; and a
firm undertone was reported in conse-
quence thereupon AL European bourses.
II American stocks In the London market
were not all at advances from the parity
established here yesterday no declining
tendency was observed, while consols and
the other European national securities
were strong Later on, Sill the European
markets became buoyant, and London
houses were large buyers here. as they
have been through the week.
Therefore, after the preliminary backing
and filling was over. the advance in our
market was vigorously resumed, and al
though profit-taking in large volume was
distinctly visible in many quarters, the
general rush 10 buy stocks was so pro-
nounced as 10 sustain and re-enfOrce the
rising tide throughout the day. Final
prices were IN the case nearly all the
prominent stocks at net gains Of more
than point.
High Prices Reached.
In many OF these stocks the highest
prices made since the panic DAYS OF 1867
were recorded, and IN some the highest
prices Of record altogether; while quota
tions for the active stocks taken as &
whole touched a level above the highest
Of the year. that which was reached on
January. . To this a real significance
attached.
Such a development on similar occa-
siops in the past has Indicated in nine
cases out or ten that the market having
recovered from a downward reaction was
again experiencing the impulse of a new
and fresh upward movement which was
TO carry il. before its force was spent. 70
a level considerably above the former
high pOidt. But this. Of course. does not
preclude the possibility Of frequent. and
at times important. recessiOns.
. One reason for the strength Of the mar
ket to-day was no doubt the circUm-
stance that there has been during the
week thus far a large quantity OF specu-
lative selling Of stocks. proceeding from
operators who made Up their minds one
hour after another that the advance IN
the market had eliminated. and who
either disposed Of their Stocks held for
the rise. or INDUCED In sales Tor the
decline The constant buying back Of
securities sold in this manner has in IL
SELF served 10 elevate prices not a little.
Steel Common Active.
Much attention to-day was directed 20
the resumption OF concentrated buying Of
United States Steel common stock, IN
spite OF the fact that news regarding the
steel trade situation was. on the surface
Of things, not satisfactory; but il may
be questioned whether this news is not
more satisfactory in reality than appears
on the surface.
While II is hard 10 ascertain the exact
facts, II appears to be conceded that the
mills Of the United States Steel Corpo-
ration are now. in consequence Of the
volume OF new business stimulated by
low prices, operated at between IS and
20 per cent Of their capacity. as against
below 60 per cent Of this capacity some
weeks ago
The activity in certain lines of the steel
business is certainly promoted by the ap-
preach OF the spring season, the struc-
tural steel and tin plate departments be-
Ing especially stimulated by this cause,
and the orders received by consumers in
these lines indicate that a large business
for the year viii be transacted TAX
ing broader view, confidence appears
TO be general throughout the financial
and business world that the bottom Of
the depression not only I'm the iron and
steel trade. but in others. has been
reached. and that no lower prices will
be quoted than those that have been al
ready seen