The daily morning journal and courier., 1902-04-11
 4 HE iSIOCI6 IH fl Rh EI.
Very Wild Transactions i'm Louisville and NashvtIle-Omim Jumps Fol- lowed by Il General Fall.

|
 New York, April 10.-There was a
 very wild market for Louisville and Nashville to-day and the ominous | jumps made by the price in it's convul-
 sive advance to 120 this morning arous-
 ed unpleasant memories of May last year when Northern Pacific was corner- ! ed, precpitating the severest panic in l the history of the stock exchange. Many
 of the active operators in Louisville and | Nashville on the rise have fostered the suppostion that a distressed short in terest was aimed at by the campaign This disposition to buy stocks was sud denly cooled and a preference for the
 selling side developed. The disposition
 to sell was increased by another furry
 in the money market during the after
 noon and the selling movement spread
 throughout the list carrying prices of the native stocks very generally be- tween 1 and points under last night.
 Stocks which had been conspicuous for
 strength, notably Southern Railway and Missouri Pacific. did not escape
 damage to this extent. In some cases
 the losses considerably exceeded these
 limits. Louisville continued to show
 feverish strength. There was some
 covering by professional shorts before
 the close, but the selling was actively
 renewed and the closing was irregular
 and not far from the lowest. The ac-
 tion of Louisville seemed to indicate
 clearly that short interest in the
 stock was feeling considerable distress
 to maintain its position. The Wall
 street supposition is plausible that the
 disposition of the $50G0,000 new stock authorized involved a short position in
 the market technically. necessitating
 the borrowing of the stock sold until the stock exchange authorities admit the new stock to the list. Reports of buying for control by competing com panies or of intended consultations have all met with official denials. AS tactical speculative measure for melting speculation elsewhere in the market the wild movement in Louisville is demonstrably failure. During the first hour to-day over one-quarter of the total capital stock of the company changed hands and dealings for the day amounted to over half the capitalZa- tion. Within three days the number of shares sold has been many thousand in excess of the total capitalization of the company. The highly speculative characte of the movement is therefore clear. The dealings in Southern Rail way continued very large to-day in ac- col dance with the hypothesist of con test for control between the two com pGiies. But it made no great progress upwards and shared in the late reac- ton. The rise in Missouri Pacific was ascribed 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 to-days announcements of a huge combination in the hardware trade the undertaking by American capital to finance the London traction improvement and the purchase by New York capitalists of the Choctaw, Okla hona and Gulf railway, all promising syndicate requirements for credits Foreign exchange declined further, in dicating further borrowing of foreign capital, and obviating the chance of further immediate gold exports. Prob ably some of the late selling was due to a desire to close up accounts in expec tation of the government crop report af ter the closing, to which much import ance is attached.
 The bond market yielded to realizing in sympathy with stocks and became irregular after notable strength in the recently active speculative issues. Total sales par value, S4975,000
 United States 5s advanced 1-2 per cent on the last call.