The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-10-28
WALL STREET NEWS
Upward Movement Is Brisk
from Opening of Market.
POWERFUL BUYING OF STEEL
One-third of Entire transactions
Are I'm This Issue and Price of
Common Touches SO-Prices In
General Recede Before CIose-Aa-
nipulatiOn Probably Cause of Rise.

New York. Oct. G-The natural ten
deney OF the stock market to-day was
plainly enough toward recovery Prices
had been falling In general way ever
Since week ago last Tuesday. and yes
terday's sharp decline was Immediately
preceded by two days Of recessions, on
one OF which the fall in the average quo
tatlons OF the railroad shares was more
than a point
All technical considerations. therefore
favored a fairly sharp reaction in the
course or values. and such a reaction
was, IN fact, clearly begun in the first
quarter or an hour OF the stock ex-
change session to-day During the first
hour and a half of to-day's session this
upward movement was continued rather
brisky. the buying coming obviously
from room traders and habitual specu-
Iatofs, who We're engaged for the most
part IN covering contracts for the decline
recently made
Heavy buying of Steel.
Then another speculative factor entered
the field. There was e resumption OF the
large and powerful buying OF United
States steel common stock which has in
the last month caused such violent
and altogether unexplamable advance in
the price OF the issues.
This was carried on to-day 20 so great
an extent as to make the total volume
or dealings in this particular stock one
third OF the entire transactions in all
stocks Of 720 600 shares. The stock was
rushed Up by leaps and bounds until il
touched a price Of 50. the highest seen in
the present year since last February.
between the time to-day when the record
quotation Of 50 was thus made and some
what later, when the stock sold at 7sls.
an enormous quantity OF stock changed
hands, but the fact indicating either
that at this point much greater amount
of stock was offered for sale than the
spectators for the advance chose TO
take, or else that pure manipulation in
the stock was at work.
Feeling of Appreciation
Another factor came into prominence
and that was that the general market so
far from exhibiting the effects Of enthu-
siasm, displayed feelings Of apprehension
over the character OF the movement in
United States Steel common stock that
was in progress. Prices outside of Steel
common began TO recede. and. indeed.
taking the day as a whole there was
only a narrow market for many stock
other than few speculative leaders.
on any other theory than that the
stock exchange is place where mere
gambling transactions are conducted.
such developments as We're seen there to-
day are 10 be reprehended as those which
inJure confidence IN current values, and
which in the long run must impair the
eountrys fundamental financial situa-
ton.
II may be for the great rise In United
States Steel common stock, which has OBJ
viOusly been the work OF some large Gpecu-
lative pool, some reason exists that is not
known 20 the general public. But such a
reason certainly does not exist in the
present state Of the iron and steel busi-
ness, or in fair prospects Of its future, or
any general consideration Of the state or
business in the country at large.