The Washington times., 1902-04-11
Stock Reaches High Mark
OF i2O on New York
Exchange.
MARKET SHOWS ERRATIC TONE
Furry Causes Many Brokers
to Recall to Mind
May 9.
CLOSES IN FEVERISH STATE
Advance of Five Points on Enormous
Dealings Early in the Day-Many Ru-
mors as to Meaning of Present Move
ment-Money Ruled Close.

NEW YORK, April 1O.-May Q is a date
very firmly established in Wall Street $
memory. and its anniversary is sufficient
1y near al hand TO have caused in today $
stock market an acute spasm of uBeasi-
ness. when Louisville and Nashville shot
up nearly points further on top Of its
extraordinary advance of yesterday and
the day before.
There seemed TO be no doubt whatever
that the extreme advance in the stock to-
day resulted from the covering of short
contracts by traders committed 10 that
side Of the account, and when the buying
sold off abruptly.
Gain Over Five Points.
Its advance of over points was. how
ever, scored on enormous dealings which
took place in the first hour of business
alone. and coincidental with the move
ment in Louisville and Nashville the gen
eral market became extremely unsettled
declines of ! per cent and over in the
common and other active stocks.
Expressions of uneasincss were every
where to be heard that there might be a
more or less similar market occurrence
TO that which took place in Northern Pa
cific last May. Even the possibility of
such an event caused many traders to
throw over their holdings precipitately
Their apprehensions were naturally rem
dered more acute By the general recogni-
tion of the more OF less artificial char
acter of the market at the present time
Rumors of a Clique
AS regards the short interest in Louis
Vile and Nashville, the loan market for
the stock has furnished no indication that
1t was unduly extended and it is not be-
lieved that the stock exchange authorities
would stand upon formality in listing
the 5000 shares of stock recently issued
by the company should any clique of
spectators attempt to take advantage of
the position of the pending syndicate
The market showed general tendency
aad continued exceedingly feyerish Ii
was plainly evident that the speculation
which has shown appearances of becoming
indiscriminating was brought 10 a realiz-
ing sense Of the present general facts
III the case. The maintained closeness Of
the money market was another factor
which restricted active trading, firm 6
per cent rate being maintained during the
morning, while higher figures were que. .ed
in the afternoon. The bulk of the borrow
ing on call was. however, arranged for
between and 61z per cent.
No Agricultural Change
No material change in the agricultural
outlook was noted and interest in this
regard was naturally directed toward the
Government crop report setting forth the
conditions prevailing on the first of this
month.
The dealings for foreign account were
on a more active scale than for a number
of days and resulted in balance In the
sale OF upward OF 10000 shares of stocks
Outside interest in the market was nat
urally restricted by reason of the unset
tlemSnt which followed upon the incident
in Louisville and Nashville, and the mar
ket was poorly supported apart from the
few stocks in which bullish manipulation