The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-20
MARKET MADE UP
OF M|LL|0NA|RES
Big Ones Deal In Concert or
In Pools
UNION PACIFIC FAV0RlTE
Under Cover Of Sustaining Influences
There Was Broad and Active
Active Speculation In All
Parts of the List.

New York, April 1s.--The policy which
has been consistently followed during the
present speculative campaign of large
buying and bidding UP of some prominent
stocks as effective leaders Of the whole
market, was maintained today win
Dnion Pacific as the favored Stock mo
new consideration was advanced as
reason for the buying which CARED tne
price up to 1071A where It closed at net
gain of 2ss points. Under cover OF TINS
sustaining influence there was broad
and active speculation In all parts OF tine
INST The movement was accordingly IT
regular as the taking of profits went. on
aide bv side with new buying in q way
characteristic of an active speculation
Many special stocks were under manipu-
lation by separate pools and some OF the
Industrial specialties made sensational
movements. International Power touch
I'd 1888 and fiuctuated very feverishly.
Chicago, Indianapolis and Louisville was
erratio over a range Of more than points
below last night Canadian Pacific was
very strong and there was notable adj
vance in United States reduction. Cen
eral electric was depressed by the strike
in the company's works, and Sugar show
ed the effect of the vote in the House OF
REPRESENTATIVES to rescird the differential
b. duty on refined Sugar Amalgamated
Copper found some support. but was
feverish. American SNUFF, Kansas City
Southern preferred and Minneapolis ana
st Louis made unexplained advances.
The loan contraction by the banks shows
that the resources for the weeks specu-
.lation have been secured from other
sources, presumably the trust companies
and the foreign money markets.
The important developments this week
IN the stock market have caused great
animation and feverish tone. The actual
accomplishments have given rise TO the
usual flood of surmises OF other proJects
Information far advanced towards 1rui-
ton, and the group of western million-
aires, whose operations started the pres
emit movement and have maintained an
aggressive leadership of the market. The
result has been a progressive growth In
speculative following and broadening
OF the field of activity. The example OF tho
successful lifting of prices by the leaders
has encouraged friends OF many other
stocks to take them in hand and work up
a ready market for them which has af-
forded growing opportunity for opera
tions of professional operators. Judged by
the expressed opinion of commission
houses the growth of interest on the part
of Wall street calls the general public,
meaning the widely scattered element
which deals on small scale through the
medium of the mails and the telegraph,
and whose dealings in the aggregate made
the phenomenal market of last year. has
been moderate. The present market seems
to be one of millianaireS who deal In lines
of hundreds of shares.
The party which leads the market 10
undoubtedly made up of millionalres who
deal in concert or in a pool, There seems
60. \ * A.
r that the passage Of control of the Louis
Is vile and Nashville which was the feat
ure of the,eweek was an incident rather
than the object of these speculative op-
erations. The passage of control of
great railroad system in the open market
against the desire of a centralized inter-
est which has dominated the property is
calculated to create a degree Of confusion
and disturbance and uncertainty that
would serve to- upset the market and
check the upward progress of prices else
where. For one thing there Is the mass
of contracts for delivery which have been
ventured in the attractive uprush Of
prices for the stock has been borrowed
and certificates can be secured for q de-
finite closing of contract.
1t is clear that the contestant in Louis
Vile and Nashville was induced to relin-
quish his claim to control and consent to
it's Judgement with J, p. Morgan & Co.
Just what the inducement for this action
was Is a puzzle to the speculative public
and has given rise to much surmise and
feverlsh speculation based on this or that
assumption of what the quid pro quo
may be.
The unprecedented dealings In Southern
railroad on Tuesday. breaking all stock
exchange records for the days dealings
In a single stock were based on the sup
position of merger or an agreement for
an exchange of interest in the two roads
with the new interest in Louisville and
Nashville. Bonds were more or less af-
fected by stock fluctuations. United
States rs advanced V and SIS register
ed and old As coupon X per cent over
the closing call OF last week.
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