The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-21
MARKET MADE UP
OF M|LL|ONA|RES
Big Ones Deal in Concert or
In Pools
UNION PACIFIC FAVORlTE
Under Cover of Sustaining Influences
There Was a Broad and Active
=. Active Speculation In All
Parts of the List.

New York, April 19.-The policy which
has been consistently followed during the
present speculative campaign of large
buying and bidding up of some prominent
stocks as effective leaders of the whole
market, was maintained today with
Union Pacific as the favored stock. NO
new consideration was advanced as a
reason for the buying which carried the
price up to 1O71k where 1t closed at a net
gain of 2ss points Under cover OF this
sustaining influence there was a broad
and active speculation in all parts OF the
list. The movement was accordingly ir-
regular as the taking of profits went on
side by side with new buying In a way
characteristic of an active speculation
Many special stocks were under manipu-
lation by separate pools and some OF the
industrial specialties made sensational
movements. International Power touch
led 1853 and fiuctuated very feverishly
Chicago, Indianapolis and Louisville was
'arratic over a range of more than points
-alow last night. Canadian Pacific was
strong and there was notable adj
e in United States reduction. Cen
electric was depressed by the strike
lie company's works, and Sugar show
he effect of the vote in the House OF
,resentatives to rescind the differential
ty on refined Sugar. Amalgamated
.oper found some support, but was
eerish. American Snuff. Kansas CITY
buthern preferred and Minneapolis and
Z. Louis made unexplained advances.
The loan contraction by the banks shows
lat the resources for the weeks specu-
ltion have been secured from other
burces, presumably the trust companies
nd the foreign money markets
THE important developments this week
IN the stock market have caused great
Elimination and feverish tone. The actual
Accomplishments have given rise to the
usual flood of surmises of other projects
information far advanced towards frui-
Elton, and the group of western million
aires, whose operations started the pres
ent movement and have maintained an
/ aggressive leadership of the market. The
result has been progressive CROWN IN
speculative following and a broadening
of the field of activity. The example OF the
successful lifting of prices by the leaders
has encouraged friends of many other
stocks to take them in hand and work up
a ready market for them which has af-
forded a growing opportunity for opera
tions of professional operators. Judged by
the expressed opinion of commission
houses the growth of interest on the part
of Wall street calls the general public,
meaning the widely scattered element
which deals on small scale through the
medium of the mails and the telegraph,
end whose dealings in the aggregate made
the phenomenal market of last year, has
been moderate. The present market seems
to be one of millianaires who deal in lines
of hundreds of shares.
The party which leads the market is
undoubtedly made up>of millionaires who
deal in concert or in a pool. There seems
to be ample ground for the supposition
that the passage of control of the Louis
vile and Nashville which was the feat
ure of the week was an incident rather
than the object of these speculative op-
erations. The passage of control of
great railroad system in the open market
against the desire of a centralized inter-
est which has dominated the property Is
calculated to create degree of confusion
and disturbance and uncertainty that
would serve to upset the market and
check the upward progress of prices else
where For one thing there is the mass
of contracts for delivery which have been
yentured in the attractive uprush of
prices for the stock has been borrowed
and certificates can be secured for de-
finite closing of contract.
1t is clear that the contestant in Louis
vile and Nashville was induced to relin-
quish his claim to control and consent to
us lOuBtHleul Will Morgan 60.
Just what the inducement for this action
was is puzzle to the speculative public
and has given rise to much surmise and
feverish speculation based on this or that
assumption of what the quid pro quo
may be.
The unprecedented dealings in Southern
railroad on Tuesday, breaking all stock
exchange records for the days dealings
in a single stock were based on the sup
position of a merger or an agreement for
an exchange of interest In the two roads
with the new interest In Louisville and
Nashville Bonds were more or less af-
fected by stock fluctuations United
States Is advanced Il and SIS register
ed and old As coupon u per cent over
the closing call of last week.
New York Stock Market.