Omaha daily bee., 1902-04-11
NEW YORK STOCKS AND BONDS.
FURRY In Money Market AEitates
Disposition to Sell stocks.

NEW YORK. April 1O.-There was a very
wild market for Louisville & Nashville to-
price in its convulsive advance to 100 this
morning aroused unpleasant memories of
Was Sor lnsr year priec Tpen nSrt the se Tsftnf
panic in the history of the Stock exchange.
Many of the active operators in Louisville
superstition that a distressed short interest
was aimed at by the campaign, This dis
position to buy stocks was suddenly cooled
and a preference for the selling sid de-
veloped.
The disposition to sell was increased by
another furry in the money market dur
ing the afternoon and the selling movement
spread throughout the list, carrying prices
! sn n s , poinft soG nnd very ysss eng niishhff, oe stoeSEs
which had been conspicuous for strength,
notably Southern Railway and Missouri Pa
In some cases the losses considerably ex-
ceeded the limits. Louisville alone of the
prominent stocks continued to show fever
ish strength, rebounding from each success
sive 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
lowest.
The action of Louisville seemed to indi-
cate that a short interest in the stocks was
feeling considerable distress to maintain Its
position. The Wall street supposition Is
plausible that the disposition of the $1,000, 900
new stock authorized involved a short posi-
ton in the market technically necessitating
the borrowing of the stock sold until the
OAONh - oaAAAAN az nv
stock to the list. Reports of buying for
control by competing companies or OF in
tended consultations have all met with
official denials. AS a tactical speculative
measure for melting speculation elsewhere
In the market, the wild movement In Louis
vile Is demonstratably a failure. During
the first hour today over one-quarter OF
the total capital stock of the mi my
changed hands and dealings for the day
amounted to over half the capitalization
Within three days the number of shares
sold has been many thousand in excess of
the total capitalization of the company.
The highly speculative character of the
movement is therefore clear.
The dealings in Southern railway con-
tinued very large today, in accordance with
the hypothesis of q contest for control be-
tween the two companies, but 1t made no
great progress upward and shared in the
late reaction.
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 today's
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,
Oklahoma & Gulf railway, all promising
syndicate requirements for credits. For
eign exchange declined further, indicating
further borrowing OF foreign capital, and
obviating the choice of further Immediate
gold exports. Probably some of the late
selling was due to a desire to close up
accounts In expectation of the government
crop report. after the closing.
The pond market yielded to realizing In
sympathy with stocks and became irregular
after notable strength in the recently ac-
tive speculative dealings. Total sales, par
value, S4,975, 900. United States 5s advanced
" per cent on the last call.
The following are the closing prices or
the New York Stock exchange;