The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-12
STOCK SENTIMENT
WAS SENSITIVE
Fears of a Corner in |. & N.
Were Abated
CROP REPORT DEPRESSING
Some of the Days Buying Was Based
On the Prospect of a Good
Bank Statement-Bonds
Were Irregular.

New York, April 1.-THE fears of cor
ner in Louisville and Nashville were
somewhat abated today, which seemo u
be the principal factor in the tendency To-
ward recovery in the market Speculative
sentiment showed itself sensitive, however,
In the movments in Louisville ana Nash-
vile, thus when every large buying APP
peared in other parts Of the market anu
when Louisville and Nashville ran TO IA
under last night there was prompt rally
elsewhere in the market. This see-saW
process was more or less conspicuous all
day. and especially at periods when
Louisville and Nashville was particularly
active. The market for that STOCK con-
tinued very feverish on an enormous
volume of dealings, but the fluctuations
were nv no means so wild as yesterday.
There were indications that the money
powers back of the movement were as
posed to handle it more tenderly out Oh
consideration for the effect upon the rest
of the market The stock touched l221s
at the top and closed with net gain
of ia. AS for Southern Railroad 1t fell
back to a position uniform with num-
Der of the other active stocks in the mar
ket and moved narrowly. The strength
which the, market showed as whole was
by no means universal or evenly dlstrlp-
uted. The government crop report caused
some depression here and there amongst
the grangers which was overcome. Anal
gamated copper was consistently strong
and rose nearly points at the last The
return to the city of one of the principal
stockholders and directors was imputed
as the cause of the movement. Chicago,
INDIANAPOLIS and Louisville and Nashville
ran off sharply points in the declara-
ton of only l per cent dividend as
there had been reports of more liberal
distribution. The stock made feverish
recovery of parts of its decline. The Uni
ted States Steel stocks were heavy on
rather free selling attributed to, dssat-
isfaction with the bond issue ana the
large proportion of cash to be released
which will go to the bankers as commits
SION
The generally credited report that the
purchase of the Choctaw, Oklahoma and
Gulf was in the interest of Rock Island
and was followed by 2la point rise In
that stock, but the dealings were merely
nominal and the gain was wiped out
American cotton oil, international power
North American, Michigan Central and
Westinghouse electric made gains OF
-
the buying of the day was based on the
prospect that the bank statement to-
morrow will show an improved condition
by the clearing house institutions. The
loss to the sub-treasury is 81, 100000 which
is over a million dollars less than the
payments to that institution for the gold
exported. The receipts on balances from
the interior have exceeded the loss to
the sub treasury by small margin. the
l. hot fIa hoy will
show a contraction of loans, as loans in
the stock market have been called dur
Ing the week. These have been shifted
partly to the trust companies and for
eign loans have also gone to supply the
weeks demand. Some recuperation in the
surplus of the banks therefore seems
probable. 1t is supposed that the enact
ment of the New York law extending
the list of bonds available for savings
bank investment will result in some re-
lease of funds which have been employ
ed in holding these bonds pending the
enactment of the law. The action of the
treasury department in increasing de-
posits with national banks upwards of
s4OO0OOO with the assurance of further
monthly increase in proportion had IA
yorable effect upon sentiment although
there was no immediate result apparent
The peace rumors from London were
practically ignored. The British budget
statement of next week is awaited for
clearer light on the situation in the Lon
don market. There was great activity
and strength in the Central of Georgia
income bonds and the Mexican Central
income bonds. Otherwise the market was
som ewhat irregular.
Total sales par value s5.7O7,0 900.
United States 2's advanced 4 per cent
on the last call.
hJs,u vrrk Sfoek MarksH