The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-17
PROFIT TAKING
WAS IN EVIDENCE
Stock Market Reverted to a
Normal Condition.
BONDS WERE IRREGULAR
Relations Between Morgan & Co. as
Bankers and as Controlling the
Southern Railway Seemed
Somewhat Strained.
BONDS WERE IRREGULAR

New York, April 16.-The stock market
reverted to a more normal condition to-
day after yesterdays extraordinary move
ment in Southern Railway. The transac-
tons in that stock, although scarcely
more than one-quarter of those of yes
terday, still overshadowed the market
and were on a scale beyond precedent,
with very few exceptions. Heavy proht
taking was in evidence all day long which
kept the price almost constantly below
last nights level. The stocks net loss
was X. There was some selling induced
by the emphatic disclaimers on the part
of Southern Railway interests Of any
participation in the Louisville and Nash
vile purchase, present or prospective.
But the relations drawn between Morgan
& Co. as bankers and the same firm as
the controlling influence in Southern
Railroad seemed somewhat strained. The
extensive power over the affairs of the
Louisville and Nashville allotted to the
firm seemed sufficient security for its
operation In harmony with Southern Rail
road. The brokers most active in the
buying of that stock yesterday were the
heaviest sellers today as were those who
have operated conspicuously for the So
called Gates element in all the recent
large transactions in the market They
were sellers of other stocks which have
recently been brought up to materially
higher level. But they were also large
buyers at new points in the market, hav-
ing a large part in the advance of the
coalers, both hard and soft The buying
of Chesapeake and Ohio, Norfolk and
Western and Baltimore and Ohio seemed
to be based on the assumption that they
should enjoy the same advantage as
those of Southern Railway in similar and
neighboring territory. The western ana
Pacific stocks as a rule were subjected
to realizing, but there were a number or
smaller railroads whose stocks were
sharply adv d with the appearance
of absorption Tar CONTROL which readily
induced a speculative following among
the professionals because of the prevalent
feeling in Wall street that railroad can
not be left out over night without pelng
Snapped up by some syndicate, Is the
expressive phrase of one of the coalers.
Wisconsin Central was the most con-
spicuous instance of this class, both us
stocks rising more than three points ana
closing in contrast with a reactonary ten
dency in some parts of the market lhere
was a large number OF minor stochs
which showed gains OF q point OF hiore e''
one time during the day, but the cases
are rare where the full advance was
! attained Sugar became strong Tor
ttnae on the decision to limit the period
for debate on the Cuban reciprocity Dill.
Amalgamated copper was sold on account
of the reduction in the Anaconda dividend
and on fears that similar action would
be taken tomorrow in the case of the
Amalgamated divideL International
Power made an extraordinary upward
movem ent of 1875 points, closing with
net gain of 171A. Rumors were current
of some combination with American loco
motive. The gains were not well main
tanned in any case and there were not
a few declines during the day among i'm
portant stocks, but the evidence that the
financial powers, which have been lead
ing the speculation were still active,
kept the interest in the market awake.
The money market showed no disturbance
and there was no advance in the exchange
market despite large sales of stock for
London account and the prospective de-
mand for exchange on account of Ameri-
can subscriptions to the new British
consol loan, the times of issue of which
were announced today. The market closed
active and irregular.
There was continued heavy realizing in
the Central of Georgia incomes The
bond market was irregular. Total sales
par value 81, 1896, 900. United States bonds
were all unchanged on the last call.
New York Stock Market.
Nv Private Wire to Murphy & Gu