The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-11
STOCK MARKET
WILD OVER [. & n.
Jumped to 100 and Aroused
Unpleasant Memories
SELLING ROUTED BUYERS
Action of L. & NJ. Indicated That Short
interests Were Distressed to
Maintain Its Position.
Bonds Yielding.

New York, April 1o.-There was very
wild market for Louisville and Nashville
today and the ominous jumps made by
the price in its conclusive advance to
100 this morning, aroused unpleasant
memories of May last year when North
ern Pacific was cornered precipitating the
severest panic in the history OF the STOCK
exchange. Many of the active operators
In Louisville and Nashville on the rise
have fostered the supposition that dis
tressed short interest was aimed at by
the campaign. The disposition to buy
stocks was suddenly cooled and a pre-
ference for the selling side developed.
The disposition to sell was increased by
another furry in the money market dur
ing the afternoon and the selling move
ment spread through the list, carrying
prices Of the active stocks very general
ly between 1 and points under last
nights close. Stocks that, have been con-
spicuous for strength, notably Southern
Railway and Missouri Pacific, did not es-
cape damage to this extent. In some
cases the losses considerably exceeded
these limits. Louisville and Nashville
alone of the prominent stocks continued
to show feverish strength, rebounding
from each successive reaction. There
was some covering by professional shorts
before the close, but the selling was ac-
lively renewed and the closing was irreg-
ular and not far from the lowest. The
action of Louisville and Nashville SEEM
ed to indicate that short interest in the
stock was feeling considerable distress to
maintain its position. The Wall street
supposition is plausible that the DISPOSE
tion of the 100000 new stock authorized
involved a short position in the market
technically necessitating the borrowing
of the stock sold until the stock exchange
authorities admit the new stock to the
list.
Reports of buying for control by COM
peting companies or of consultations
have all met with official denials. Dur
Ing the first hour today over one-quarter
of the capital stock of the company
changed hands and dealings for the day
amounted to over half the capitalization.
Within three days the number of shares
sold has been many thousands in excess
of the total capitalization of the COM
pany. The highly speculative character
of the movement is therefore clear. The
dealings in Southern railroad continued
very large today in accordance with the
hypothesis of the contract for control be-
tween the two companies, but 1t made no
great progress upward and shared in the
late reaction. The rise in Missouri Pa
cific was ascribed to pool operations bas-
ed on the evident working out of ex-
tensions for the Gould system. The sensi-
tive condition of the money market was
emphasized by today's announcement of
huge combination in the hardware
trade, the undertaking by American capt.
tai to finance the London traction i'm
provements and the purchase by New
York capitalists of the Choctaw, Okla
homa and Gulf railroad, all promising
syndicate requirements for credit For
eigh exchange declined further, indicat-
Ing further borrowing of foreign capital
and obviatfng the chance of further i'm
mediate gold exports. Probably some of
the late selling was due to a desire to
close up accounts in expectation of the
government crop report after the clos
ing.
The bond market yielded to realizing
in sympathy with stocks and became ir-
regular after notable strength in the
rarely active speculative issues. Total
sales par value $4975.O0O United States
5's advanced " per cent in the last call.
New York Stock Market,
BY Private Wire to Murphy Il On