The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-04-11
STOCKS AND BONDS.

New York, April 10.-Thsre was a very
wild market for Louisville and Nashville
today, and the ominous jumps made by
the price II its cOnvulsive advance 70
Sl-39 this morning aroused unpleasant
memories OF May 9 last year. when the
NOrther Pacific was cornered, precipitat-
ing the SeVereSt panic IN the history or
the stock exchange. Many Of the active
operators in Louisville and Nashville on
the rise have fOstered the sUpp0siti0n that
I q distressed short interest was aimed at
by the campaign. The disposition 10 buy
stocks was suddenly cooled and q prefer
erce for the selling side developed. The
( disposition to sell was increased BY an
other furry in the money market during
the afternoon and the selling movement
spread throughout the list. carrying prices
OF the active stocks very geenrally be-
tween I and points under last night
Stocks which had been conspicuous for
strength, notably Southern railway and
Missouri Pacific, did not escape damage
70 this extent. In some cases the losses
considerably exceeded these limits Lou
isviile alone OF the prominent stocks con
t.nued 10 show fevcrish strength. rebound
ing from each successive reaction. There
was some covering by professional shorts
before the close, but the selling was &C
lively renewed and the closing was If
regular and not far from the lowest. The
action Of Louisville seemed 10 indicate
that q short interest in the stock was
feeling considerable distress to maintain
its position. The Wall street suppOsition
il plausible that the disposition of the
8 10000 new stock authorized involved a
neceSsitating the borrowing OF the stock
sold until the stock exchange authorl-
ties admit the new stock 10 the list. Re
ports or puylng Tor control by competing
COmpa MES Of intended consultations have
all met with official denials- AS tacti-
cal speculative elsewhere IN the market,
the void movement IN Louisville is deD&
onstrated failure Durinng the nr
hour today over One-quarter Of the total
capital stock of the company changed
hands and dealings for the day amount
90 over half the capitalization within
three days the number of shares sold has
been many thousand in excess OF the to
tai capitalization of the company. The
highly speculative character OF the move
ment is therefore clear The dealings n
Southern railway continued very large
today, in accordance with IN hypothesis OF
contest for control between the two
companies, but il made no great progress
upward and shared in the late reaction
The rise in Missouri Pacific was aScrlbed
TO pool operations based on the evident
working out OF extensions for the Gould
system. The sensitive condition Of the
money market was emphasized by today
announcements of a huge combination IN
the hardware trade. the undertaking by
traction Improvement and the purchase
by New York capitalists Of the Choctaw.
Oklahoma 4 Gulf railway. all promising
syndicate requirements for credits For
eign exchange declined further. tndicaL-
ing further borrowing OF foreign capital
and obviating the choice Of further imme-
date gold exports. Probably some Of
the late selling was due TO a desire 10
close up accounts in expectation OF the
government crop report after closing.
The bond market yielded 20 realization
in sympathy with stocks and became
irregular after notable strength in the re-
Gently active speculative issues.
Total sales. par value. &,9l5.ooo-
GIL