The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-22
ssNANciAL eAlsD' oiOxxEscrAl.
'Tunspn,Aprn d

y+'e Tusspxy, April n.
The strength Of the secufity. parkst
to-day, While Immediately oatlsed by the
buying operations Of largo speculators.
was, nevertheless, directly tfaoeabls TO the
marked dfop'i In rates for the use Of money
for al periods. Call money was loaned
abundantly throughout the day at ~ and
8 per cent. and time funds were offered at
rates much lower than those which have
recently been seen. Tho occurrence OF
this event hiss long been .foreseen by oom-
peteut Judges Of" market and monetary
conditions. Nevertheless. when the fact
actually befell to-day speculative senti-
ment was naturally greatly infuenced'
An the various pools In the market began
bidding up their. favorite stocks, and bust
ness became very active and at times not q
little excited.i The tendency was, as II
always is on such occasions. to ignore oil
unfavorable factors or any considerations
making for prudence and restraint In specu-
lative ventures. A little hesitanoy was
caused In the early part Of the day by the
formal admission that the illness OF Mr.. II.
II. Rogers long known as the most active.
resolute and energetic Of the so-cAlled
Standard OIL capitalists, was OF grave char
acter. But tho powerful buying In many
OF the active issues, notably the Gould
stocks. continued, and prices In general,
after Q lttlestinne. advanced rapidly. Not
q little Of the strength was due, as well. TO
the feeling among the members OF the
Stock Exchange that. It, would be good
thing to herald, the opening OF the new
Stock Exchange, Building Tomorrow with
little market buoyancy. In the afternoon
quieter tone prevailed aud deftly con-
Quoted liquidation was visible In many
stocks that have recently been very promi-
the investigation Of the Interstate Com
merce Commission At the instance Of local
sensational newspaper into the business OF
the ooal-earying and the coal-producins
companies was UNDECIDED. Apart from the
decline In money ratea and . very sharp
fall In thu price Of wheat-said. however.
to be Of q purely speculative order-the day
was barren OF important developments,
The impression h. very general that .
higher range Of prices for the general list
OF securities than that which now exists
win be established before the end Of the
year, and perhaps before the end Of the
summer. There are good grounds for this
opinion and they have been frequently
and fully stated In tho financial columns
Of The Sur within the last two weeks.
Assuming that this event may BE- looked
upon a. acertainty. It does not ct al follow
that any such range OF prioes can b reached
at a bound. or. In other words, that tho
progress Of the market toward II will pro-
coed without any interruption, whatever;
and II IL possible that any. attempt on tho
part Of the reckless spectators to bring
about such an advance In headstrong
and rapid fashion might serve to prevent
any advance at all. Prices Of stocks on
the average have advanced over Is q share
from the low point touched last week, and
many stocks have risen In price from Is
to % Q share without any reaction. The
market has, In other words. proceeded
30 rapidly and such large paper profits
have accumulated for the fortunate pur-
chasers Of stocks few days ago, that
future buyers must beware Of the possibility
that q very sharp reaction in prices due to
profit taking may take place at any moment.
Tho best opinion IL, In fact. that the
market has gone ahead pretty fast, 1t
must be recalled. finally, by those who think
that q great bull movement can be easily
inaugurated at this time that there are
weak spots in the financial situation and
that many. people who would ordinarily
be greedy buyers Of stocks under present
circumstances viii Be prevented from buy
ing. and. indeed. win welcome an oppor-
tunity Of easing themselves Of burdens
which At one time they feared would crush
them. Wan Strest. perhaps, should pay
more attention than 1t has done to such
indicia, a tho rescue from collapse last
week Of q great Pennsylvania shipbuilding
concern. 100 g.