The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-16
SOUTHERN ROADS
TOOK THE MARKET
Dealing in Southern Railway
Amounted to864,500Shares
BROKE ALL RECENT RECORDS
At the Opening L. & N. Showed a
Bulge Of Nearly Points Over
the Previous Nisht-Profit-
Taking Set In at Close.
BROKE ALL RECENT RECORDS

New York, April 15.-The dimensions of
the trading In Southern Railway stocks
today eclipsed any ever before seen on
the New York Stock Exchange; the total
number of shares of common stock out
standing is 100000 The dealings recorded
in the stock today were to the number
of S64500 shares. On April "a, 1901, Union
Pacific was dealt in to the extent of &c.,
500 shares, during the struggle between
the Morgan and Marriman interests in
that trans-continental field. That figure
was far in excess of any previous days
dealings in fingle stock until today
The tremendous volume of these deal
ings dwarfed the rest of the market and
yet there was a number of other stocks
in which the dealings occasionally were
seen during periods of great speculative
activity.
The opening in Southern Railway was
quiet enough and the opening bulge In
Louisville and Nashville to nearly
points over last night, awakened some
momentary sceptcism of the overnight
reports of a settlement of the dispute for
the control of Louisville and Nashville.
But the parties in interest were already
in consultation when the stock market
opened and there was scurrying of
brokers from the neighborhood of the
consultation rooms. Immediately buying
orders appeared in Southern Railway or
seemingly unlimited amounts of the stock.
The movement in the stock did not be-
come wild at any time in spite of the
extreme advance of 81 points to 40h. The
reactionary tendency of Louisville and
Nashville was also a convincing demon
stration that the struggle for that stock
had terminated and the scramble to get
out by the smaller operators who had
followed the deal carried it down by
successive stai es to 1851. The last price,
however, left 1t at 127, a net loss of only
point
Southern Railway suffered at the last
from the profit taking on the part OF
the professional element which bought
the stock recklessly, but were apparently
not disposed to remain in 1t over night,
in face of the many possible contin-
gencies still open in the situation.
The reaction carried Southern railway
back to 37s4 and it closed only 11s higher
at a net gain of 35s. The preferred stock
gained 81. The extent of the public In
formation when the stock market closed
was confined in the formal statement by
the Gates element that they had bought
control of Louisville and Nashville and
that they proposed to leave the settle
Co.. as arbitrators. This was accepted as
conclusive and that the Southern railway
would be benefited by the settlem emit
The heavy buying of that stock was by
brokers employed by the inside interests
But the volume of the dealings was suf-
f1cieut indication that everybody who
could get orders executed shared in the
buying. The movement in Illinois Central
and Chicago, Indianapolis and Louisville
n n
Southern railway. 1t is supposed that
Illinois Central will be allowed to share
in the benefit of the Louisville absorption
and that Chicago, Indianapolis and Louis
VILE will possibly form a connecting link
to Chicago. The very large buying of
st. Paul was supposed to be due to
renewal of the rise by the element who
bought Louisville There was strength in
the other grangers in Pennsylvania and
Baltimore and Ohio. Amalgamated Cop
per advanced at one time over point
but did not hold 1t. There were notable
advances in specialties here and there. in
ternational power rising nearly IL points
But there were also points of weakness
and congested centers of activity, this
was not a notable day for stocks There
was some stiffening of the money rate
again but the continued calmness of the
money market through the day relieved
the apprehension that was felt lest the
enormous speculation movement should
develop stringency. The easness of the
exchange market indicated that borrow
ing in foreign m arkets was being freely
resorted to. General considerations re-
ceived little attention. The market closed
irregular.
The bond market was irregular. Total
sales par value $4,990o00. United States
bonds were all unchanged on the last
call.
New York Stock Market