The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-18
Southern Railway Falls Into
Background but After
ward Rallies
MORGAN IS REASSURING
Louisville & Nashville Shares Also
Bound Up After He Issues State
ment Regarding Holding Com
troll of the Company.

NEW YORK, April 17.-Southern Rail-
way fell comparatively into the back
ground today, taking place Wei down
in the list of active stocks. The stock
was under pressure of realizing all day,
although it made some recovery after the
CfhCfaI statement late in the day, of tha
absolute control exercised over Louis
vile & Nashville by j. p. Morgan. The
somewhat equivoeal terms in which the
insoI nation has been given to the prE-
lie regarding the settlement of tie Louis
vile dispute and the emphatic disclaimers
by Southern railway officials Of any in
terest on the part of that road in the
settlement, had left room for all sorts
of rumors Of possible further complica-
tionS which it was thought desirable
apparently, to check
Louisville & Nashville stock also
rallied strongly to 39s over last night aft
er the statement appeared. 1t was re-
garded as a striking demonstration of
the secure hold of the speculative sftua-
ton which has been obtained by the
group of Western millionaires, now the
leaders of the markets, that they should
have been able to keep up the show Of
strength in the market in the face of re-
dictionary tendency in Southern Railway
and a number Of other unfavorabIe fac
tors.
CoaIers Are Notably Strong.
AS ma tier of fact, extreme ANNA
ton and a broadening of strength were
the features of the mark t, barring eve
resemblance to previous great bun mar
helS. he regularity que TO active pfOnC
taking going on side by side with new
buying was also in evidence, marking
the diversion of speculative profits from
one group of stocks into another. The
strong stocks today, led by Reading,
which was dealt in on an enormous
scale, even after allowing for the reck-
oning In half shares, of the par value
secret agreement had been reached,
averting the possibility of coal miners
strike. Heavy buying orders for the
Readings and Fries came from London,
and the impression was conveyed that
these were due to Mr.. Morgan's presence
there.
Atchison Leads the Market.
The coaIers all suffered from profit
taking towards the last and the leader.
ship of the market was shifted to Atchi-
son, which rose suddenly to 81, followed
by Colorado Fuel and Louisville. The
explanation of the buying of Atchison
was not forthcoming. but the stock had
not shared in the recent advances among
the grangers and Southwestern, which
were all somewhat affected by railizing
today. Intertwined with these dominant
movements were many cross-currents
among minor stocks some declining but
all due to some individual causes or to
operations by speculative pools. The
rather decided action of the grain mar
ket reflection misgivings over the
weather conditions for the crops was
quite ignored in the trading.
The reduction of the AmaIgamated
Copper dividend, which has been looked
forward to with apprehension for a long
time. was totally ignored and that stock
itself was run up after the announce
ment of the dividend to nearly point
above last night after having fallen ~
The stock closed with a fractional net
loss
Steel Stocks Also Move Up.
United States Steel stocks were moved
up point after long dormant period.
Evidences of recuperation in the local
money market were a conserving inflU-
ence on the speculation. The sIbtreas-
ury has contributed something to the To-
cal money market by reason of large
pension payments, and considerable ship
ments of gold from San Francisco are
coming in. The movement of currency
from the interior is in favor of New
York and the steadiness of the sterling
market shows that provision for Amer
lean subscriptions to the British consol
issue do not threaten immediate further
gold exports. The market closed active
and irregular
Bonds We're active and irregular Total
sales, par value, So $4,000
United States old As. coupon, advanced
q per cent, and the IS, coupon, declined
a per cent on the last call.
Stocks