Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-04-20
Stocks Reached a New High-water
Mark Today.
CONFIDENCE In BETTER PRICES
Brooklyn Rapid Transit Crossed
the IS Mark Again.
GENERAL MARKET REPORTS


Special Dispatch ~ The Evening Star.
NEW YORK April 20.-The volume OF
business in today's short speculative
sion was again up to record proportions.
and was. for the most part. quite as good
in character as that of yesterday. London
sent over higher range of prices and was
a moderate buyer OF the better known in
tcrnational issues. The strength OF the mar
ket was especially encouraging in view of
the fact that telegraph business, especially
with Chicago and the west, was interrupted
throughout the day.
Considerable realizing was noticeable at
times. but stocks were well taken, and
many hitherto neglected shares were given
new prominence. For the first time in sew
eral weeks Brooklyn Rapid Transit was
allowed to cross 50. and indications point
to movement OF more than usual signin-
canoe The adjournment OF the state legis-
lature on Tuesday is popularity supposed to
be favorable to several schemes Of a local
nature. Such schemes include develop
ments In the Traction and Gas stocks es-
pecially.
The Burlington operation has reached a
stage at which considerable speculative
realizing is encouraged. The Erie and
Northern Pacific shares have lacked snap
for several days, heavy selling OF them be-
ing conducted under cover of the strength
elsewhere The buying of st. Paul, which
was a significant feature of yesterdays
market, was resumed with considerable
vigor today. Just at the close a price OF
10 was recorded for it.
This price is considerably above the top
level reached at the time OF the original
deal. Now that a new interest has de-
veloped, the street is flooded with rumors
of consultations In the middle
The street is delayed with more or less
plausible rumors affecting all the leading
properties and conservatism is trampled
under foot in the wild scramble to buy.
The most remarkable feature of this I'M
precedented market is that the financial
situation remains comparatively healthy
in the presence of the speculative conta-
gion. Leading bankers have never waiv-
cred in their confidence that no money
stringency was threatening. Yesterdays
2,Oo0.O00 shares in five hours was fol-
lowed by todays record of $4,000 shares in
one hour, and not one doubts the ability OF
the banks to finance these operations on
Monday.
There will be profits In many of the
shares represented in this remarkable vol
ume of business by that time, however.
and some time between the first and the
middle of the week heavy realizing may be
expected. Following recent precedent,
however, one group of stocks may be used
to cover up the selling elsewhere, and the
change from one stock to another may be
accomplished without concern.
The frequent use of such eXpedients Will
go long way toward preventing a serious
reimbursement Of values. Prices are in nu-
merous instances too high and the forced
recognition of value is inevitable. The
street has it I'm its power to conduct the
transition from selling price to value with
out disturbance, if it begins before ac-
cident happens.
Accidents are the dread OF those in
charge of the present market. For this
reason proft-taking would not be unweI-
coined. Taking profits never hurt a mar
ket nor an individual-the selling after
profits disappear is the real evil.
The bank statement was better than had
been expected.
The gain in lawful money has been &c.
461 800. largely In specie. Loans are smaller
by $S,SSS, 700. and the deposits show a fall
ing OF Of So, 0Ss O00 The reserve is in
creased S. So. 800. or to a total of $14.822-
100 This reserve is within $4,000 OF the
amount held at this date last year.