The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-11

100 this morning aroused unpleasant
memories of May 9th last year, when
Northern Pacific was cornered, precipi-
.ating the severest panic in the history
If the Stock Exchange. Many of the &C
i've operators in Louisville and Nash
lille on the rise have fostered the sup
position that distressed short interest
vas aimed at by the campaign. The
disposition to buy stock was suddenly
cooled and a preference for the selling
side developed. The disposition to sell
vas increased by another furry in the
money market during the afternoon and
he selling movement spread through
)ut the list, carrying prices of the &C
i've stocks very generally between one
md two points under last night. Stocks
which had been conspicuous for strength,
notably Southern Railway and Missouri
Pacific, did not escape damage to this
EXtent. In some cases the losses con-
iderably exceeded those limits. Louis
yille alone Of the prominent stocks, con-
inued to show feverish strength, re-
bounding from each successive reaction
there was some covering by professional
;hOrts before the close, but the selling
vas actively renewed and the closing was
Irregular and not far from the lowest.
The action of Louisville seemed to in
licate that a short interest in the stock
vas feeling considerable distress to
maintain its position. The Wall Street
opposition is plausible that the DISPOSE
ion of the 5000 900 new stock authorized
involved a short position in the market
echnically, necessitating the borrowing
Nv
hange authorities admit the new stock
the list Representatives of buying
or control by competing companies or
If intended consultations have all met
With official denials. AS a tactical specu-
alive measure for melting speculation
elsewhere in the market the wild move
nent in Louisville is demonstratedly a
allure. During the first hour today over
quarter of the total capital stock
If the company changed hands and deal
'ngs for the day amounted to over half
the capitalization. Within three days
the number of shares sold has been many
thousand in excess of the total capitali-
.ation of the company. The highly spec
llative character of the movement is,
therefore, clear. The dealings in South
,rn Railway continued very large to-
lay in accordance with the hypothesis of
contest for control between the two
companies, but it made no great prog
ress upwards and shared in the late
reaction. The rise in Missouri Pacific
vas ascribed to pool operations based
IN the evident working out of extensions
or the Gould system. The sensitive con-
iition of the money market was empha-
=, hxv fo1n Sc Of n
huge combination in the hardware trade,
he undertaking by American capital to
finance the London traction improve
ment and the purchase by New York
capitalists of the Choctaw, Oklahoma and
Gulf Railway, all promising syndicate
requirements for credits.
The bond market yielded to realizing
n sympathy with stocks and became ir-
regular after notable strength in the re-
Gently active speculative issues. Total
sales, par value, $4.975,000.
U. S. SIS advanced u PER cent on the
last call.
1 200, 400 shares, including Atchison 49,
100; Atchison, preferred, $500; Balti-
more and Ohio 12,200; Canadian Pacific
i5,10o; Chicago, Indianapolis and Louis
Vile $500; Erie $3.50; Louisville and
Nashville 2S6,20O; Manhattan 10000;
Missouri Pacific 100, 400; Norfolk and
Western 10000; Ontario and Western
1880; Pennsylvania 13,40O; Reading "a
500; st. Paul $4,000; Southern Railway
lS2, 200: Southern Railway, preferred,
$500; Texas and Pacific 10000; Union
Pacific $1,000; Wabash, preferred, 16,500;
Amalgamated Copper 10000; Colorado
Fuel and Iron $500: Consolidated Gas
5000; Sugar 1900; Tennessee Coal and
Iron 5000; United States Steel 20,S00;
United States Steel preferred, 21,700;
American Locomotive $780,