The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-17
MARKET is NORMAL
Trading on Wall Street Has
Reverted to More Natural
Conditions.
PROFIT TAKING THE RULE
After a Day of Notable Activity in
Southern Railway the Net Loss
on Price of Shares Is
rs Cents.
PROFIT TAKING THE RULE

NEW YORK, April 1.-THE stock mar
ket reverted 10 a more normal condition
today, after yesterdays extraordinary
movement in Southern Railway. The
transactions in that stock, although
scarcely more than one-quarter of those
of yesterday, still -overshadowed the mar
ket and were on scale beyond prece-
dent, with a very few exceptions. Heavy
profit taking was in evidence all day
long, which kept the price almost Goa
stantly below last nights level The
stocks net loss was 7s.
There was some selling induced by the
emphatic disclaimers on the part of the
Southern Railway interests Of any par
dcipation in the Louisville & Nashville
purchases present or prospective. But
the distinction drawn between ]. P. Nor
gan & Co. as bankers, and the same
firm as the controlling influence in South
ern Railway, seemed somewhat strained.
The extensive power over the affairs CT
Louisville q Nashville allotted to the
firm seemed sufficient security for its op-
GRAFTON in harmony with Southern Rail
way.
The brokers most active in the selling
of that stock today We're those that were
heaviest buyers yesterday, and who have
operated cOnspicuously for the so-called
Gates element in all tire recent large
transactions in the market.
Small Stocks Sharply Advance.
They were sellers of other stocks
which have recently been bought UP to
also buyers at new points in the market.
having large part in the advance of
the coalers bought hard and soft.
The buying of Chesapeake & Ohio Nor
folk &, Western and Baltimore & Ohio
seemed to be based on the assumption
THAT they should enjoy the same advan-
taEcS as those Of the Southern Railway
in similar and neighboring @rritory. The
Pacific stocks as a rule were subjected
to realizing but there were a number of
smaller railroads whose stocks were
sharply advanced with an appearance OF
absorption for control. which readily in
duced a speculative following among the
professionals because of the prevalent
feeling in Wall street that "a railroad
cannot be left out over night without
being snapped up by some syndicate"
in the expressive phrase of the president
of the one of the coalers. Wisconsin
Central was the most conspicuous in
stance of this class. both its stocks rising
more than 3 points and closing strong
in contrast with a reactionary tendency
in some parts Of the market A largS
number of minor stocks showed gains
or point or more at one time during
the day, but the cases were. rare where
the full advance was maintained
Sugar became strong for time on the
decision to limit the period for debate
on the Cuban reciprocity bill.
Amalgamated Copper Lower.
Amalgamated Copper was sold on ac-
count of the reduction in the Anaconda
might be taken tomorrow in the Anal
gamated dividend. International Power
made an extraordinary upward movement
of 1875 points, closing with net gain OF
TIC.
Rumors were current of some combina-
ton with American Locomotive. The
gains We're not well maintained in any
case, and there were not few declines
during the day among important stocks,
but the evidence that the financial pow
ers which have been leading the specula-
ton were still active Kept the interest
in the market awake The money mar
ket showed no disturbance, and there
was no advance in the echange market
despite large sales Of stocks for London
account and the prospective demand for
exchange on account of the American
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 generally was irregular. Total
sales. par value. 4595,0 00
United States bonds were all unchang-
ed on the last call
Stocks.