The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-10
BULLS DAY AGAIN
NOTABLE SPECULATIVE MOVEMENT
IN THE STOCK MARKET ON
WALL STREET
BUYERS FUNDS ARE AMPLE
No News Public That Jusfifies Mag
nitude of the Trading, but Ru-
mOrs Continue to Fly
Thick and Fast.
BUYERS FUNDS ARE AMPLE

NEW YORK, April 9.-There was a not
able speculative movement in the stock
market today which is universally at
tflbuted TO the operations of an import
ant combination OF wealthy Western men
who were important factors in the con-
stltuent companies going TO make up the
United States Steel corporation before it
was organized. In the ordinary accept
ance OF the term, there was no news to
explain the movement of stock or the
enormous buying which caused it. but tt e
TACT was patent that the buyers were
possessed of practically unlimited re-
sources to transact business on such d
scale and also that the faith in them
was strong that they were getting their
moneys worth.
While there was no actual news &C
companying the movement there was
abundance of rumor, which centered
mostly about Louisville & Nashvilla
which was again the leader of the mar
ket in point of activity and sustaine
strength. The rumOrs reached the stage
of an alleged formation Of a community
of interest project for the whole Southern
field which would supposedly take in the
Southern Railway, Illinois Central and
possibly minor competing systems.
There were minor explanations growing
out of the announced policy on the part
of Louisville to extend into new territory
which involved the absorption of con-
Meeting lines into Chicago. None of these
rumorS could obtain any official cOunte
nance. There was some credence for a
suggestion that the marketing of the rev
stock just announced had involved the
creation of a large short interest in the
market for the relief of which new stock
will not be available as a delivery until
the fOrmalities of listing on the stock
exchange has been compiled with.
Minor stock Are Sufferers.
This explanation would not apply to the
notable broadening of the Specula tive
movement today into other quarters Of
the market. Louisville itself, while Oc-
caSIonai1y TeacdnS forged up to the top
level to 3 points over last night in the
final dealings and closed within a shade
of that The Southern Railway stocks
were also lifted forcibly to the top level
at the last.
The rest Of the market showed the eff
feet of realizing at the last and some
important stocks closed with net losses,
notably New York Central, Manhattan,
Chicago & North Western stocks, and
Rock Island. Some Of the minor railroad
stocks which have recently advanced
were also sufferers. While large num-
Der of important stocks were included in
the advance, the movement was by 70
means universal and many prominent
stocks were neglected and sluggish.
United States Steel stocks still conspicu-
OuSly so. There was also the usual as
sortment of violent movements in high
priced industrial stocks and New York
Air Brake made wild advances and al
most equally senSatiOnally relapSeS.
The raise Of in New York and New
Haven was unexplained. American Sufts
seven point gain was practically all Of
it made on one sale.
Market Is Irregular.
The strength Of Duluth, South Shore &
Atlantic and in keOkuk & Des MOines
had no news to explain it.
The late furry in the call money mar
ket was a reminder of the narrow Ie-
sources of the present money mar
ket for supplying any extensive specu-
lative movement, but it did not affect
the determined buying of the central ele-
ment in the speculation. The freed move
ment of exchange was attributed to re-
newed borrowing of foreigners, induced
by the profitable level of interest rates
here.
A show of strength in the grain mar
kets was equally without effect in DIG
couraging ne buying Of stocks.
Some of the active speculative bonds
were affected by realizing and the market
generally was Irregular. Total sales, par
value, $5,535,000.
United States SIS advanced p and the
IS coupon declined Is per cent on the
last call.