The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-11
STOCKS IN A FURRY
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WILD TRADING IN LOUISVILLE &
NASHVILLE SHARES LOOKS
OMNIBUS
OTHER SECURITIES DROP
Even Southern Railway and MIS-
souri, Pacific Suffer Losses in
Selling Movement Due to
Weak Money Market.
OTHER SECURITIES DRo
DROP

NEW YORK, April 10.-There was a
wild market for Louisville & Nashville
today and the ominous jumps made by
the Price in its convulsive advance to 120
this morning aroused unpleasant memoir
les Of May last year, during the North
ern Pacific furry, which precipitated the
severest panic in the history of the stock
exchange. Many active operators in
Louisville & Nashville on the rise have
fcStered the Supposition that distressed
short interest was aimed at by the cam
paign.
The disposition to buy stocks was sud
denly cooled and q preference for the sell
ling side developed. The disposition to
sell was increased by another furry in
the money market during the afternoon
and the selling movement spread
throughout the list, carrying prices OF
the active stocks very generally be-
tween one and two points under last
night Stocks which had been conspicu-
Gus for strength notably Southern rail-
way and Missouri Pacific did not es-
cape damage. In some cases the losses
considerably exceeded these limits.
Louisville alone of the prominent stocks
continued to show feveTish strength, re-
bounding from each successive reaction.
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 low
est.
Short Interest Is Distressed.
The action of Louisville seemed to
indicate that short interest of the
stock was feeling considerable distress
to maintain its position. The Wall street
supposition is plausible that the DISPOSE
ton of the S5GU0,c0J 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 companies or of intended
consultations have all met with official
denials.
iLciting speculation elsewhere in the
market, the wild movement in Louisville
is demOnstrably q failure. During the
first hour today over 0ne-quarter of the
total capital stock Of the company chang
ed hands and dealings for the day
amounted to over half the capitaliza-
ton. Within three days the number of.
shares sold has been many thousand in
excess of the total capitalization of the
company. The speculative character of
the movement is therefore clear.
The dealings in Southern railway con.
tinued very large today, in accordance
troll between the two companies but it
made no great progress upwards and
shared in the late reaction.
Money Market Is Sensitive.
The rise in Missouri Pacific was ascrib-
ed to poolOperations based on the evident
working out of extensions for the Gould
system. Tne sensitive condition of the
money market was emphasized by to-
days announcement of a huge ccmbna-
ton i'll the hardware trade, the under
taking by American capital to finance
the London traction Improvement and
the purchase by New York capitalists of
the Choctaw, Oklahoma & Gulf railway
all promising syndicate requirements for
credit.
Foreign exchange declined further, in
dicating further borrowing of foreign
capital ana obviating the chance Of fur
ther immediate gold. export. Probably
some of the late selling was due to
desire to close M accounts in expecta-
ton Of TIE government crop report aft
er the closing.
The bond market yielded to realizing in
sympathy with stocks ad became irregu-
lar after notable strength in the recently
active speculative issues. Total sales,
par value S4 975, 900. United States IS adj
vaEced u per cent in the last call
Stocks.