The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-04-16
STOCKS AND BONDS.

New York. april I5.-The dimensions OF
/ the trading IN Southern railway stocks to-
| eay ecapsed any ever before seen OF the
| sew YORK E1cna1ge- The total outstand-
I !ng capital OF the common shares num-
Ars 9.zo0O09- The dealings recorded IN
/ the stock today were 70 the number OF
( $500 shares On-Aprn u 1901 Union
/ Pacific was dealt IN TO the extent OF e52 sos
| shares, during the struggle between the
! Morgan and Hartman interests IL the
transcontlne entail field That figure was
I Tar N excess Of any previous days deal
ilgs IN d single stock until today. The
/ tremendous volume Of these dealings
oWaTTed the rest OF the market and yet
there were a number Of other stocks in
mich the dealings were on q scale only
seen during periods OF great speculative
ACTIVITY me opening II Southern rail-
way was quiet enough and the opening
] pulge IN LOUISVILLE and Nashville to near
5 j. four points over last night awakened
some Uomeutary SCepticism OF the over
night reports OF q settlement Of the dis
pute for control OF Louisville and Nash
VIE But the parties II interest were
already consultation when the stock mar
kent opened and there was a scurrying Of
/ brokers' from the neighbOrhOOd Of the
consultation rooms. Immediately buying
orders appeared in Southern railway for
seemingly unlimited amounts OF the
STOCK me movement IN the stock did
not become wild at any time. in spite %
the extreme advance Of 81 points 10 40is.
The reactionary tendency OF Louisville
and Nashville was also 2 convincing dem
onstration that the struggle for that
stock had terminated and the scramble
TO get out by the smaller operators who
had followed by the deal carried II down
by successive stages 70 125l2. The last
price. however left Il a II. a net loss OF
only point Southern railway suffered
al the last from the profit taking on the
part OF the professional element which
bought the stock recklessly, but were ap-
parently not disposed TO remain in il over
night IN lace Of the many possible cont.n-
gencles still open IN the sitautiOn. The
reaction carried Southern railway back
70 39ex and Il closed only Ia higher at a
net gain OF 37s- The preferred stock
gained 81. The extent OF the public in
formation when the stock market closed
was contained IL the formal statement
by the Gates element that they had
bought control OF Louisville and Nashville
and that they proposed to leave the set
uement OF the dispte 70 J. P. Morgan &
Co. as arbitratOrs- This was accepted as
conclusive evidence that Southern Rail-
way would be benefited by the settle
ment- The heavy buying Of that stock
as 0y brokers' usually employed by the
inside interests But the volume Of the
CealngS was SUFFICIENT indication that
veryb0dy who could get orders executed
shared in the buying. The movement IN
Illinois Central and in Chicago, Indianap-
oils and Louisville were directly in sym
pathy with that in Southern railway. It
is supposed that Illinois Central viii be
allowed TO share in the benefit OF the
Louisville absorption and that Chicago.
form a connecting link 70 Chicago The
very large buying OF St. Paul was sup
posed 10 be due a renewal OF the cam
paign for a rise by the element which
bought Louisville. There was some
strength IN the other grangers and Pa
cifics and in Pennsylvania and Baltimore
and Ohio. Amalgamsted Copper advanc-
ed at one time over a point but did not
hold il. There were notable advances in
specialties here and there, International
Power rising nearly Z points But there
were also points OF weakness and. out
side Of the cougested centers Of activity
there was not q notable demand for
stocks There was some stifening Of the
money rate again. but the continued
cal uness Of the money market through I
the day relieved the apprehension that /
was felt lest the enormous speculation (
should develop stringency- The easing /
OF the exchange market indicate that I
borrowing in foreign markets was being /
freely resorted 10. General considera- 4
ton received little attention The market I
closed irregular under realization
The bond market was irregular. Total 4
sales par value. 8. se0 000.
United States bonds were al unchanged /
IN the last call.