The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-13
|, 4 NJ REMAINS
KEE.NEST FACTOR
Specialties of Second Interest
During the Day
81
TRADE FEVERISH ALL WEEK
Strength In the Market Was Not Gen.
eral and After the Bank State
ment Was Issued ReaIiz-
q Ing Set In.
TRADE FEVERISH ALL WEEK

-
New York. April 12,-The situation how
erihg. aAcpta Louisville and Nashville was
the subject of keenest interest TO-DAY as
hazbee1f the case for several days. Every
thing was neglected more or less for this
feature. Jumps of over 10 points In chi
oako and Eastern Illinois and the rise IN
Evansville and Tarre Haute revived ru-
nlcrss Of projected outlets Of other ROADS
enterdhg Iodigpilie and concerning the
cS1nfnlnitS oofSinterests. There was a re-
newaf of the: activity and strength in Col
orado) Southern which was attributed TO
the working out Of plans. for the extern
ribn of the Rock Island connections, indi-
Gated by the purchase of the Choctaw'
Oklahoma and Gulf Otherwise the prin-
cipal strength was in, specialties. Inc
broyant rise OF Canadian Facinc TO lzo
with, 4 relapse Of q point was not ex-
planned The strength of the various rub
Der stocks was due to reports OF proposed
mergers. as was the case in virginia
CaYolinagchemioal cotton oil. The strength
of. the market was not general, and the
advance after the bank statement was
met by realizing SO that the closing was
irregular. - ~sft
The cash changes in the bank statement
conformed closely to the estimates. The
loan decrease was larger even than hoped
for, but the knowledge that large loans
were transferred to the trust companies
and to foreign lenders left the outlook for
money, by no means clear.
There was a remarkably fevertsh ana
erratie stock market this week, which Is
attributed lii Wall street to the specu-
lative operations of group of wealthy
men VINO have realized great fortunes In
the iron and steel trade, and who were
controlling factors n the constituent com
panies of the United States Steel Corpor-
alton before the formation of that con-
Germ The upward course of prices which
was established last week was interrupt
ed on, Monday by the fears OF money
Btringency. The large exports of gold for
Tuesdays steamer threatened a total wip-
Ing out OF the surplus reserve in banks,
which sold down two-thirds as result OF
the transactions of last week. The rise
In the money rate shut off further gold
export and made it profitable for foreign
bankers to negotiate heavy loans In for
efgn money markets to place here.
The trust companies were also large
lenders at the higher level as they are not
subject to the same legal restrictions
as to the maintenance of cash reserve
and are thus able to leave their cash
on Deposit at the banks to figure in their
cash reserves while taking up the banks
loans. This feature of the local credit
situation has been the subject of some
comm ent and criticism, The money mar
ket has been nevertheless unsettled all
week and subject to occasional f1urries.
The leaders of the speculation seem to
he unaffected. by these flurries and it is
believed they are protected by heavy
loans on time. It was suspected that the
early -aufsettlement of money was due
partly to the taking out of large time
loans in this interest. The center of
speculation shifted. from st. Paul and
the. Western group.t to the Southern rail-
road field, The movement in Louisville
ana Nashville became. so sensational that
the fear arose that circumstances of the
Northern Pacific corner of last May might
be repeated. The determined reticence of
all'the parties in interest as to the actual
conditions existing. in the stock added to
the uncertainty. The plausible theory
advanced was that advantage had been
taken of the strength of the stock to
market the newly authorized increase of
$60Oo,00O of stock. The formally of appli-
cation and listing of a new stock issue
on the stock exchange requires about
months time. Meantime the new stock
Is not a good delivery against sales made
on the stock exchange. 1t was suppos-
ed that the speculative pool in the stock
list recovered this technical short interest
in the market and by forcing up the
price was compelling the delivery of
stock held for control, thus threatening
the absorption of the control. The an
bounced purpose to apply a portion of the
new stock issue to the purchase of the
ATLANTA, Knoxville and Northern revealed
an incursion into the territory of the
Southern Railroad Company. There were
eonjectures that control of road into
Chicago trimming north of the Ohio river,
was also sought.
United States rs and old As registered
bonds advanced and the SIS l per cent.
The SIS coupon declined H per cent COM
pared with the closing call price last
week.