The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-10
UNLIMITED CASH
FROM THE WEST
Getting Their Moneys Worth
on Strong Faith.
SOME REALIZING DON {
louisville and Nashville Was Again
the Leader of the Market In
Point of Activity and sus-
tanned Strength.

New York. April 9.-There was a nota-
BILE speculative movement in the stock
market today which is universally at
tributed to the operations OF an import
ant combination of wealthy western men
who were important factors In the con-
stituent companies going to make up the
United States Steel Corporation BEFORE IL
was organized. In the ordinary accept
ance of the term, there was no news TO
explain the movements of the stocks nor
the enormous buying which caused it, but
the fact was patent that the buyers were
possessed of unlimited resources to trans
act business on such a scale and also that
the faith in them was so strong that
they were getting their moneys worth.
While there was no actual news accom-
panying the movement. there was abund-
ance of rumor, which centered mostly
about Louisville and Nashville, which
was again thes leader of the market IN
point of activity and sustained strength.
The rumors reached the stage OF an al
legged formation of a community of in
terest' project for the whole Southern
field, which would supposedly take in the
Southern Railroad, the Illinois Central
and possibly minor competing systems.
There were minor explanations growing
out of the announced policy on the part
of Louisville and Nashville to extend into
new territory which involved the absorb
ton of connecting lines into Chicago.
None of these rumors could obtain any
official countenance. There was some
credence for a suggestion that the mar
keting of the new stock just announced
had involved the creation of a large
short interest in the market, for the re-
lief of which new stock will not be avail
able as a delivery until the formahties
of listing on the Stock Exchange have
been complied with. This explanation
would not apply to the notable broaden
ing of the speculative movement To-Day
into all quarters of the market. Louisville
itself while occasionally reactionary,
forged up to the top level of points over
last night in the final dealings and closed
within a shade of that. The southern
Railroad stocks were also lifted forcloly
to the top level at the last.
The rest of the market showed the ef-
feet of realizing at the last and some
important stocks closed with net losses
notably New York Central Manhattan,
Chicago and Northwestern stocks ana
Rock Island Some of the minor railroad
stocks, which have recently advanced
were also sufferers. While large NUMBER
of important stocks were included In the
advance, the movement was by no means
universal, and many prominent stocks
were neglected and sluggish; United
States Steel stocks still conspicuously SO.
There was also the usual assortment OF
violent movements in high priced indus
trials, which are closely held by concen-
trated interests The electrical stocks and
New York Air. Brake made wild ad-
yances and almost equally sensational re-
lapses The rise of 61h In New York and
New Haven was unexplained. American
Snuff first points gain was practically
all of it made on sales. The strength OF
Duluth South Shore and Atlantic and
Keokuk and DesMoines had no news to
explain It, The late furry in the call
money market was a reminder of the mar
row resources of the present money mar
ket for supplying the extensive specula-
tive movement, but 1t did not affect the
determined buying of the central element
In the speculation. The easier tone of ex-
change was attributed to renewed Dor
rowing from foreigners, induced by the
present profitable level of interest rates
here. A show of strength in the grain
markets was equally without effect in
discourage the buying of stocks Some
of the active speculative bonds were af-
fected by realizing and the market gen.
orally was irregular. Total sales, par
value, IS, $4,000.
United States IS advanced Y, and the
Rs coupon declined Is per cent on the last
call.
New York Stock Market.
av Private Wire to Murphy q ca