The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1902-04-18
THE MARKETS
Wall Street Review.

New York, April 1T.--Southcrn Railway fell
comparatively into the background today taking
a place well o In the list Of active stocks.
The stock was under pressure Of realizing all day,
although 1t snadc some recovery aItcr the Official
statement late in the day OF the absolute con.
tlol Of Louisville and Nashville Ivy j. r. Nor.
gan. The somewhat cluiyocal terms In which
the information has been given TO the public re.
earding the settlement of the Louisville dispute
and the emphatic disclaimers by Southern Rail.
way officials Of any interest on the part Of that
road In the settlement had left room for all sorts
OF itimors' OF possible further complications which
! was thought desirable. apparently. to check.
Louisville and Nashville stock also rallied strong.
~ to SB over last nights closing after the state.
rnent appeared. 1t was regarded as a striking
demonstration Of the secure hold Of the specula.
tive situation which has been obtained by the
OF the market that they should have been able 10
keep up the show Of strength in the market in
face of .reaetionary tendency In Southern rail.
way and n number OF othci unfavorablc fnctors.
AS a matter Of fact extreme animation and
broadening show Of strength were the features Of
INC market, bearing every resemblance to pre-.
,icus aeiat bull markets. The irrcgularitty due
to active proiit.taking going on side by side with
new buying was also In evidence, marking the d.
version of speculative profits from one group Of
stocks into another. The coalers were the most
conspieuously strong stocks today led by Reading
which was dealt in on an enormous scale even
after allowing for the reckoning i'll half shares
or the par value of $50. Reports were circulated
that a secret agreement had been reached avert
ing the possibility Of a 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. The Coalers all suffered from proft.tak.
ing towards the last and the leadership Of the
market was shifted to Atchison, which rose sud.
denly to 81, followed by Colorado Fuel and Louis
vile. The explanation of the buying Of Atchison
was not forthcoming but the stock has not shared
in the recent advances among the Changers and
Southwcstcrns. which were all somewhat affected
by realizing today. lntertwined with these dom.
inant movements were many cross currents among
minor stocks, some declining but all due to sam
individual causes or to operations by speculative
pools. The rather decided action of the grain
market rejecting misgivings over the weather con
ditions for the crops was quite ignored in the
trading. The reduction Of the Amalgamatcd Cop. |
per dividend which has been looked forward to
with apprehension for u long time. was totally |
ignored and that stock itself was run up after
the announcement of the dividend to nearly. a |
point above last night after having fallen IN.
The stock closed with a fractional net loss.
United States Steel stocks were moved up u point
after a long dormant period. The market closed
active and irregular. Total sales today, 1.4OS,OOo
shares. Bonds were quite active and irregular.
Total sales. par value. S5.3s0,OOO United States
old As coupon advanced "a per cent. and the
3s coupon declined 4 per cent. on the last call.