The Montgomery advertiser., 1902-04-13
WALL STREET REVIEW
L & N. STILL THE CENTER OF
 INTEREST.
Throughout the. Entire Session the Market Was Feverish and Un- settled--Rumors of Fight
 for Control of L. C N.


 New York, April 12,--The situation cen tering about Louisville and Nashville was the subject of keen interest in Wall street today and kept the market fever ish and unsettled. The jumps of over ten points in Chicago and Eastern Illi- nois and the rise in Evansville and Terre
 taute revived rumors of projects for d Chicago outlet for Louisville, and the conferences in progress and known to the Street strengthened the impression of an impending parting control of Louisville: and Nashville itself.
 There was a renewal of the activity and strength in Colorado Southern which was attributed to the working out of plans for the extension of the Rock Island con- nections. indicated by the purchase of the Choctaw. Oklahoma and Gulf. Other wise the principal strength was in spec- idlties.
 The buoyant rise of Canadian Pacific to 120 with a relapse of a point was not explained. The strength of the various rubber stocks was due to reports of pro posed mergers, as were the movements in Virginia Carolina Chemical and Cotton Oil. The rise of over four points in In- ternational Power was due to the expec- tation of subscription rights. The strength of the market was not general and the advance after the bank statement was met by realizing so that the closing was irregular. The cash changes in the bank statement conformed closely to the esti- mates. The loan decrease was larger even than hoped for, out the knowledge that large loans were transferred to tn. trust companies and to foreign lenders left the outlook for money by no means clear. There was remarkably feverish and cratic stock market this week. which is attributed in Wall Street to the specula- tive operations of group of wealthy men who have realized great fortunes in the iron and steel trade and who were al gpa tn hn tn companies of the United States Steel Corporation before the formation of that concern. The upward course of prices which was established last week was in- terrupted Monday by the fears of money stringencv. The large exports of gold for Tuesdays steamer threatened a total wiping out of the surplus reserve of the banks which was cut down two-thirds. .
 The rise in the money rates shut on further gold exports. and made it profit able for foreign bankers to negotiate heavy loans in foreign markets to place here The trust companies were also large lenders at the high level, as they are not subject to the same legal re- reserve and are thus able to leave their cash on deposit with the banks to figure in their cash reserves! while taking uu the banks loan This feature or .rne. To- cal credit situation has been the sub- ject of some comment and criticism in connection with the active speculation which is fostered by the resources thus made available. The money market has nevertheless. been unsettled all week and subject to occasional flurries. The lead CTS of. the speculation seems to be unaf- fected by, these flurries and it Is believed they are protected 5by heavy loans on time. It was suspected that the early tunsettiement of money was due partly to the taking out of large time loans in this interest. sx .s., The center. of the speculation shifted from St. Pauiand the Western group to the Southern Railway field. The move ment in Louisville and Nashville became so sensational that the fear arose that the circumstances of the Northern Pa citic corner. of last May might be repeat ed The determined reticence of all the parties. in interest as to the actuaf condi- tions existing in the stock added to- the uncertainty. The plausible theory ad. vanced was that advantage had been ta- ken of the strength of the stock to mar 900 of stock. The formality of appli- cation and listing of new stock issue on the stock exchange requires about a months time. Meantime the new stock Is not good delivery against sales made on the stock exchange.
 It was supposed that the speculative pool in the stock list recovered this tech nical short interest in the market and by forcing up the price was compelling the delivery of stock held for control, thus threatening the absorption of the stock. The announced purpose to apply a portion of the new stock issue to the purchase of the Atlanta. Knoxville and Northern revealed an. incursion into the territory of the Southern Railway Com- pany. There were conjectures that con trol of road into Chicago running north of the Ohio River was also sought.
 Coupled with the enormous dealings in the stock, these facts and surmiSeS gave color to the supposition of contest for control and the activity and strength In Southern Railway. as though in sympa- thy. seemed a corroboration.
 The announcement of the purchase of the Choctaw. Oklahoma and Gulf and the supposition that it was in the inter- est of the Rock Island was additional incentive to credulity in the progress oi plans for extension of community of in- terest the strengthening of position hy existing railroad systems by control of outlets and extensions. The activity and strength of the Gould stocks was sup. posed to be due to the progress of plans for completing the systems outlet to the Atlantic coast.
 It is a matter of observation that prac' tically all of the railroad construction ot the present area of industrial activity is devoted to extension and strengthening of existing system rather than in the formation of new systems. It is argued that this tends to insure against rivalry and destructive competition.
 The postponement of the British budget statement de1ers the cledrlng up or the foreign money situation. The announce ment on good authority that Russia will seek no further loan in Europe this year removes an apprehension that the recent loan placed in Germany. Belgium anC | Holland was merely preliminary to a | large Russian loan to be floated fir France. The imminence of the govern, ment report on the April i crop condi tion kept that factor in the background | in the stock market. during the week | The disappointment indicated vesterda, l in the grain markets was only slightly reflected in the stock mapket.
 The speculation in stocks has been sup ! plementcd by an active buying of som, of the low grade speculative bonds or which interest payments are contingent at sharp advances in price.
 United States 2s and old As. registered advanced 1-4 and the IS per cent The Ss coupon declined Is per cent compar-