The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-18
NEW POINTS OF ACTIVITY
STOCK MARKET BROAD AND ACTIVE
ALONG NEW LINES.
Southern Railway Falls Into the
BackgrOund-L. ~ ". ConspicuousIy
Strong-Better Money Markets.

NEW YORK, April 1L-Southern Rail-
way fell comparatively into the background
to-day, taking a place well down in the
list of active stocks. The stock was under
pressure of realizing all day, although it
made some recovery after the official state
ment late in the day of the absolute con-.
troll exercised over Louisville & Nashville
by ]. z. Morgan. The somewhat equiv
ocal terms in which the information has
been given TO the public regarding the set
tlement of the Louisville dispute and the
emphatic disclaimers by Southern Railway
officials of any interest on the part of that
road il the settlement had left room for
all sorts of rumors of possible further COM
plications, which it was thought desirable.
apparently, TO check. Louisville * Nash
Vile stock also rallied strongly to 35s over
last night after the statement appeared.
1t was regarded as 4 striking demonstra-
ton of the secure hold on the speculative
situation which has been obtained by the
group of Western m~illionaires now the
leaders of the market, that they should
have been able to keep up the show of
strength in the market in face of reac-
tionary tendency in Southern Railway and
a number Of other unfavorable factors.
AS a matter or 1act, extreme anlmatlOn
and a broadening show of strength were
the features of the market, bearing every
resemblance to previous great bull mar
kets. The irregularity due to active profit
taking going on side by side with new
buying was also i'm evidence, marking the
diversion of speculative profits from one
group of stocks into another. The coalers
were the most conspicuously strong stocks
to-day, led by Reading, which was dealt
in on an enormous scale, even after al
lowing for the reckoning in half shares of
the par value of $50. Reports were circu-
lated that a secret agreement had been
reached a~verting the possibility of a coal
miners strike. Heavy buying orders for
the Readings and Fries came from Lon
don, and the impression was conveyed that
these were due TO Mr. Morgan's presence
there. The coalers alf suffered from profit
taking towards the last, and the leader
ship Of the market was shifted to Atchi-
son. which rose suddenly to "a, followed by
Colorado Fuel and Louisville. The ex-
PLANTATION of the buying of Atchison was
not forthcoming, but the stock has not
shared in the recent advances among the
grangers and Southwesterns which were
all somewhat affected by realizing to-day.
Intertwined with these dominant move
ments were many cross-currents among
minor stocks. some declining, but all due
to some individual causes or to operations
by speculative pools. The rather decided
action Of the grain market rejecting mis-
givings over the weather conditions for
the crops, was quite ignored in the trad
ing. The reduction of the Amalgamated
Copper dividend, which has been looked
forward to with apprehension for a long
time, was totally ignored, and that stock
was run up after the announcement of the
dividend to nearly a point above last night
after having fallen Ia. The stock closed
with a fractional net loss. United States
Steel stocks were moved up a point after a
long dormant period. Evidences of re-
cuperatiOn in the local money market were
a conserving influence on the speculation.
The subtreasury has contributed some
thing to the local money market by reason
of the large pension payments and con-
siderable shipments of gold from San
Francisco are coming in. The movement
of currency from the interior is in favor
of New York and the steadiness of the
sterling market shows that provision for
American subscriptions to the British con-
sol issue do not threaten immediate fur
Their gold exports. The market closed ac-
tive and irregular.
Bonds were quite active and Irregular.
Total sales at par value were s., $50, 900.
United States old fours, coupon, advanced
Is per cent. and the threes, coupon, de-
clined Il per cent. on the last call.
Following are the days share sales and
the recorded price changes: