Omaha daily bee., 1902-04-06
LAST WEEK IN WALL STREET
Moderate Growth of Speculative Interest
Noted in Stocks,
BIG CAPITALISTS OUT OF THE MARKET
Point 60 Desire TO Con-
ciIiatc Public Before UnloosInE
Large Blocks of Securities
on the street.

NEW YORK. April 6.-The passing CT
the April settlements on Wall street have
resulted in only a moderate growth Of the
efforts Of speculative interest In stocks.
in spite OF the efforts Of professional OPP
orators to attract an outside following by
manipulation Of prices. The most con-
spicuous price movements OF the week
have been attributed almost entirely TO
such manipulation. The sudden squirt after
the middle OF the week In the Changers
and Pacihcs gave rise to some coniectures
Of important developments under cover,
but nothing came to the public knowledge
to explain II. The supposition is general
that the element most active in the mar
ket is made up Of western men, who are
conducting parallel operations In the grain
market. There was evidence OF a shift
during the week by spectators from the
long to the short side in grain and from
the short to the long side in stocks. There
have been operations also by professional
pools in many of the minor railroads, ap-
parently on the general assumption that
the minor systems will ultimately be sought
for absorption by the great systems. or
for consolidation into new competing sys-
TENS. Obscure Industrial stocks have con-
tinued to spring into sudden activity from
time to time without special explanation,
or on reports which fail Of confirmation.
Relapses in prices as sudden as the ad-
vances thereupon follow.
Big Capitalists Hold AIoof.
These various symptoms go to show that
the great banking and financial interests
Of the country. whose operations formed
the backbone OF last years great markets,
are still holding aloof. These interests
are supposed to hold vast amounts OF Sc
c%urities, the product Of last years COM
bination projects, which are destined for
ultimate distribution to the public. Their
abstention from the stock market opera
lions is supposedly due to their convic-
ton that the present attitude OF investors
towards securities is not favorable to their
distribution.
Attention Of the speculative public has
reverted TO the situation in the north
western and trsnseOntineutai railroad field
by reason Of the testimony elected from
the principals in the great contest of last
year In q lawsuit. The willingness Of
these principals to tell all they we're asked
to in a railway suit Of minor importance
itself, made an impression on the financial
WOTlus lut u6uuCllOu lIOm II u ludl d
policy Of cancellation Of public opinion is
considered desirable by capitalists. The
same impression in the governments suits
for injunctions against secret cut rates
and the cutting rates. The acceptance Of
injunctions without demur and the protes-
tation by railroad ~ofhcials Of their willing
ness to have published rates enforced are
taken as evidence of the desire to have a
legal status fixed for the existing order
Of things as against the contingency of new
measures Of coercion ana regulation.
Worries the Railroads.
There is evident sollcitude in railroad
circles over the p-ronouncement of one Of
the Interstate Commerce commissioners
that you cannot have competition and you
must put something In the place OF II"
All Of the testimony of the principals in
the Northern Securities company was d.
rected to convey the assurance that COM
petition is not interfered with in that or
ganization. 1t is perceptible that these
assurances have created some apprehension
In the financial world that the unity Of
control and Of purpose in transcontinental
railroad affairs was, in fact, not SO far
perfected by last years huge projects, as
was at first supposed In the speculative
excitement then prevailing. No treaty re-
vision is revealed, which will guard against
the competition OF extension by other lines
in the transcontinental territory, In accord
ance with their manifest destiny. The capt.
tai increase by Rock Island and the passage
Of control Of minor railroad systems in the
territory concerned are looked upon as
evidence OF such projects of extension.
which necessarily will be followed by other
systems. In the eastern territory, the in
tention Of the Gould system to secure an
eastern outlet Is accepted as a fact, and
the alleged friendly acquiescence Of the
rival trunk lines Is not believed by the
Wall Street public. This represents a very
different state of affairs from the sup
posed comprehensive community Of interest
among railroad owners which was commonly
credited during The 1000. 900 shares daily
transactions on the Stock exchange during
the boom last year.
Failure OF Money Market.
The future of the money market seems to
depend largely on the future requirements
Of foreign money markets, for the satisfac-
ton of British loans and other government
operations, for which 1t is expected gold
will have to be sent from New York. The
questions OF the crops and OF important
labor settlements emain to be settled, and
must be looked to as important influences
upon the stock market.
There has been an increased demand for
bonds and prices have generally improved.
United States IS coupon have advanced 3-s,
as compared with last weeks call price.
The New York Financier, this week SAYS
The statement OF the New York Asso-
ciated banks last week showed a loss OF
"a 49, 500 I'm cash, OF which A,l2S,5O con-
sisted OF specie. The estimates of the cash