The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-04-06
MARKET BULLS
END BIGGEST
ROUNDUP

BY international News Service
NEW YORK, April 6.--When the
closing gong of the New York
stock Exchange sounded yesterday
it rang down the curtain on the
fifth week of the most spectacular
and turbulent stock market ever
known.
The violent uprising in stock
prices. which added about three
billion dollars to the valuation of
the outstanding stocks OF two hun.
dred or more corporations, was
ushered IN -unOstentatiOusiy.
The bull movement Of March was
probably not horn i'm Wall Street.
but in the counsel chambers Of the
General Motors COFpOratiOgl. These
officials, knowing full we'll the ef
feet Of q large buying movement
in the stock Of their corporation.
nevertheless determined to 90 out
into the market to purchase q block
OF 100000 shares OF the common
stock of General Motors, in order
to round out their holdings for
themselves and the thousands of
employees of the company.
Boosted Eight Points
Buying of the stock began on
March . and the first days activi
ties boosted the stock points to
133. 1t was not until after the
whole 100000 had been acquired
that the public was acquainted with
the details, and then the stock was
selling around 165. Concluding,
however. that the stock still offered
unlimited possibilities for income
and profit, investors rushed into
the market to buy at any reason.
able price and General Motors
scared to within q point OF 200.
While this important incident was
the opening gun In the raging bull
market of March.ApriI. it was by
no means the most important.
Wholesale short selling of the in.
dustrial stock leaders had been in
dulged in, not only in Wall Street,
but in most Of the speculative cen.
tiers throughout the country. The
market was heavily oversold, while
stocks Of the railroads, oil cOnpan.
les and other industries which had
made poor showing in 1897 had
been so completely liquidated that
practically all the stocks were in
strong hands.
While all this was in progress. I'm.
divlduaA and corporate wealth I'm the
United States had been steadily In.
creasing. Since 1924 wealthy Ameri-
cans have been cOmbing the Sc.
curity markets for safe and attrac.
tive forms Of employment for their
FREDERICKSBURG surplus funds.
Profits All Rnan6
Bond prices in the intervening
period had risen to such an extent
that they were no longer attractive,
and investors more and more sought
the stock market.
In this realm Of security purchas-
inG these investors found conditions
very much to their liking. Not only
could they derive an excellent In
come from high-grade stocks, but
appreciation in stock values brought
them profits they never dreamed of.
Naturally, the influx Of such per-
sistent buying found Wall Street
and the stock market in a very
receptive mood. The big bulls
and the pools, knowing the extent
OF the short interest in General
Motors, United States Steel and
other market favOrites, were .esdy
to ''whoop it up" not only for tho
satisfaction of mailing the bears
skin to the barn door, but to cash
I'm the splendid profits which 81,
ways accompanies such a process IS.
Thus we have seen the most
aggressive pool work ever known
TO the speculative district, and this
accounts in a large measure for
the succession Of 4.000, 000-share
days so long forecasted, but never
rea lized until this wear.