The Savannah morning news., 1902-04-10
STOCKS AND BONDS.

sNhsH
New York, April 9.-There was not
able speculative movement in the
stock market to-day which is univers-
ally attributed to the operations of an
Western men who were important fac
tors in the constituent companies go
ing to make up the United States Steel
Corporation, before it was organized.
In the ordinary acceptance of the
term, there was no news to explain
the movement of stocks or the enor-
nous buying which caused 1t, but the
fact was patent that the buyers were
possessed of practically unlimited re-
sources to transact business on such a
scale and also that the faith in them
was strong that they were getting their
moneys worth. While there was no
actual news accompanying the move>
ment, there was abundance of rumor,
which conferred mostly about Louis
vile and Nashville, which was again
the 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
interest project for the whole South
ern field, which would supposedly take
in the Southern Railway, Illinois Gen.
trail and possibly minor competing sys-
TENS. There were minor explanations
growing out of the announced policy
on the part of Louisville to extend into
new territory, which involved the alb
sorption of connecting lines into Chi
cago. None of these rumors could OBJ
tain any official countenance. There
was some credence for a suggestion
that the marketing of the new stock
just announced had involved the crea-
ton of a large short interest in the
market for the relief of which new
stock will not be available as a de-
livery until the formalities of listing
on the Stock Exchange have been COM
piled with. This explanation would
not apply to the notable broadening of
the speculative movement to-day into
other quarters of the market
Louisville itself, 1while occasionally
reactingi forged UP to the top level
to points over lasf 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 mar
ket showed the effect Of realizing at
the last, and some important stocks
closed With net losses, notably New
York Central, Manhattan, Chicago and
Northwestern stocks, and Rock Island.
Some of the minor railroad stocks
NAiSt hoNN .AINVhAAS f1hdANEo NNAN
also sufferers.
While large number of important
stocks were included in the advance,
the movement was by no means uni
versal, and many prominent stocks
were neglected and sluggish, United
States Steel stocks still conspicuously
so. There was also the usual assort-
ment of violent movements in high
priced industrials which are closely
I11I1 10 rTNl.a
electrical stocks and New York Air
Brake made wild advances and almost
equally sensational relapses. The rise
of 6h in New York and New Haven
was unexplained. American Snuff's T.
point gain was practically all of it
made on one sale. The late furry in
the call money market was re-
minder of the narrow resources of the
present money market for supplying
any extensive speculative movement
but it did not affect, the determined
buying of the central element in the
speculation.
Some of the active speculative bonds
were affected by realizing, and the
money market generally was irregular
Total sales, par value, $685., 900. United
States 5s advanced u, and the IS cou-
pom declined * per cent. on the last
call.
Total sales of the day were. 992, 200
shares, including the following: Atchi-
son, $4,000; Canadian Pacific, $500;
Chesapeake and Ohio, $780, Chicago
and Great Western, 1880; Erie, 400;
Louisville and Nashville, 1853, 700; Man
haitian, 1900; Missouri Pacific, 2s,2OO;
Norfolk and Western, IL, 200; Ontario
and Western, 800: Pennsylvania, TO-
500; Reading. $4,000; Reading second
preferred, $4,000; st. Louis Southwest
ern preferred. 1890; st. Paul. 1880;
Southern Pacific, 1920; Southern Rail-
way. 139, ZOO; Southern Railway pre-
ferred, 1900; Union Pacific, 14,5O0;
Amalgamated Copper. 23,SOO; Wabash
preferred, 43,700; Consolidated Gas, g.
900; North American, $500; American
Sugar, 1890; American Locomotive,
II, 400.