The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-16
STOCKS AND BONDS.

New YORK, April l0.-1He ullueHSiohH
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
outstanding is 100000. The dealings
recorded in the stock today were to the
number of 1884, 500 shares. On April "a,
1901. Union Pacific was dealt in to the
extent of 662, 800 shares during the
struggle of the Morgan and Hartman in
terests in the rans-continental field.
That figure was far in excess of any
previous days dealings in a single stock
until today. The tremendous volume of
these dealings dwarfed the rest of the
market, and yet there were a number
of other stocks in which the dealings were
on a scale only 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 four points over last
night awakened some momentary scepti-
cism of the overnight reports of set
Element of the dispute for control of
Louisville and Nashville. But the part
les interested were already in consulta-
tion when the stock market opened,
and there was a scurrying of brokers
from the neighborhood of the consulta-
ton rooms. Immediately buying orders
appeared in Southern Railway for SEEM
ingly unlimited amounts of the stocks.
The movement in the stock did not be-
come wild at any time, in spite of the
extreme advance of Ga points to 401a
The reactionary tendency of Louisville
and Nashville was also a convincing
demonstration 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 stages of 1851. The last
price. however, left it at 127, net loss
fered at the last from the profit taking
on the part of the preferential element,
which bought the stock recklessly, but
were apparently not disposed to remain
in it over night in face of the many pos
sible contingencies still open in the
situation. The reaction carried South
ern Railway back to 37%, and it closed
only Is higher at a net gain of 35s. The
preferred stock gained 3A. The extent
of the public information when the stock
market closed was contained in the
formal statement by the Gates element
that they had bought control of Louis
vile and Nashville, and that they pro-
posed to leave the settlement of the
dispute to j. P. Morgan & Company as
arbitrators. This was accepted as con-
elusive evidence that Southern Railway
would be benefited by the settlement.
The heavy buying of that stock was by
brokers usually employed by the inside
interests. But the volume of the deal
ings was sufficient indication that every
body who could get orders executed
shared in the buying. The movements in
Illinois Central and Chicago, Indian
apolis and Louisville were directly in
sympathy with that in Southern Rail-
way. 1t is supposed that Illinois Cen
trail 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 a
renewal of the campaign for rise by
the element which bought Louisville.
There was some strength in the other
Changers and Pacifics and in Pennsyl-
vania and Baltimore and Ohio. Anal
gamated Copper advanced at one time
over a point but did not hold it, There
were notable advances in specialties
here and there, International Power ris-
ing nearly II points. But there were
also points of weakness and outside of
the congested centers of activity, there
was not notable demand 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 should
develop a stringency. The easer of the
exchange market indicated that borrow
ing in foreign markets was being freely
resorted to. General consideration re-
ceived little attention. The market
closed irregular under realizing.
The bond market was Irregular. Total
sales par value $4,990,00
United States bonds were all un-
changed on the last call.
Total sales of the stock today were
1,759,700 shares, including Atchison A.
200; Baltimore and Ohio 10000; Canadian
Pacific 1900; Chicago, Indianapolis and