The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-10
INFLUENCED BY RUMORS
HEAVY TRANSACTIONS on THE NEW
YORK STOCK EXCHANGE.
UncOn6rmed Reports Of New Combina-
tiOns Induced Buying-Wild Adj
vances and Sudden sIumps.

NEW YORK April 9.-There
notable speculative movement in the stock
market to-day which is universally at
tributed 10 the operations OF an important
combination of wealthy Western men, who
were factors in the constituent companies
going 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 enormous buying which
caused it. but the fact was patent that
the buyers were possessed of practically
unlimited resources to transact business
on such scale. and also that the faith
in them was strong that they were get
ting their moneys worth
While there was no actual news accom-
panying the movement, there was abund-
ance Of rumor, which centered mostly
about Louisville & Nashville which was
again the leader of the market in point
OF activity and sustained strength. The
minors reached the stage of an alleged
formation of a community of interest prof.
ect for the whole Southern field, which
would supposedly take in the Southern
Railway. Illinois Central, and possibly
minor competing systems. There were
announced policy on the part of Louisville
to extend into new territory, which in
volved the absorption of connecting lines
into Chicago. None of these rumors coulc
obtain any official countenance. There
was some credence for suggestion that
the marketing of the new stock just an
nOunced had involved the creation of a
large short interest IN the market, for the
relief of which stock will not be
available as a delivery until the formali-
ties Of listing on the Stock Exchange have
-geL 1T IL ion,
would not apply to the notable broadening
of the speculative movement to-day into
other quarters of the market. Louisville
itself. while occasionally reaCting forged
up to the top level 10 5 points over last
night in the final dealings. and closed
within shade of that. The southern Rail
way stocks were also lifted forcibly 20 the
top level at the last.
The rest OF the market showed the effect
of realizing at the last. and some i'm
pOrtatnt stocks closed with net losses, not
ably New York Central, Manhattan. Chi
cago & Northwestern stocks and Rock
Island. Some of the minor railroad stocks.
which have recently advanced, were also
sufferers. While a large number of i'm
portant stocks were included in the adj
vance, 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 move
ments in high-priced industrials, which
are closely held by concentrated interests
he NltClIlCdl SlOChS anu ANtN lOAh All
brake made wild advances and almsot
equally sensational relapses. The rise of
61z in New York 4 New Haven was I'M
explained. American Snuffs 7-pOint gain
was practically all of 1t made on one sale.
The strength of Duluth, South Shore &
Atlantic and in Keokuk & Des MOines had
no news 10 explain it.
The late furry in the call money mar
ket was a reminder of the narrow re-
sources OF the present money market for
supplying any extensive speculative move
A.rN fW a. NO. 1afar afraarl
buying of the central element in the spec
ulation. The easier tone of exchange was
attributed 10 renewed borrowing from for
eigners. induced by the present profitable
level OF interest rates here. show of
strength in the grain markets was equally
without effect in discouraging the buying
of stocks.
Some of the active speculative bonds
were affected by realizing. and the market
generally was irregular Total sales, at
par value IS, 535,O 900. United States fves
advanced y. and the threes. coupon, de-
clined II per cent. on the last call.
Following are the days share sales and
the recorded price changes: