The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-12
which, Like the First Statements, Is
Denied by Those in a Position
To Know the Truth.
SOUTHERN is NOT INTERESTED
THE LONDON RcTHSCHILDS HAVE
NOT SOLD THEIR HOLDINGS.
Price Movements and Activities in
other SecuritIes-Moneta Out
look Is n Little Better.

NEW YORK. April 1.-Louisville &
Nashville was the feature Of to-day's stock
market, as it was yesterday, but to-day the
rumOrs that a corner had been arranged
to squeeze shorts gave way to reports that
the stock was being bought in order to Sc
cure control Of the company. The corner
theory Tor the advance in the shares was
dissipated by a statement from President
Keppler, of the Stock Exchange. to the ef-
feet that "he had been assured that there
was no intention to corner the Louisville &
Nashville stock and that the stock would
be available TO borrowers
Nothing was apparent to-day beyond
heavy transactions in the stock to indicate
that any one was buying for control, and
nothing could be learned as to the identity
of the supposed purchasers, except that
the speculative world connected the move
ments Of the stock within the last two or
three days with the announcement made on
Monday by the Louisville & Nashville di-
rectors that the company had acquired a
majority interest in the Atlanta, Knox
Vile Northern Railroad, which, when
completed, will extend from Knoxville to
Jellico. The statement was made at that
road into competition with the Southern
Railway between Cincinnati. Knoxville and
Atlanta The Southern is property with
which J. z. Morgan & Co. are connected,
ana to-day 1t was reported that Southern
interests desired a controlling interest i'm
the Louisville. These reports, however,
were denied by Samuel Spencer, president
OF the Southern, who said ne knew nothing
OF such Intention on the part of his road.
Late in the day ]. S. Basche & Co. made
public brief photographic correspondence
which they had with the ROthschilds, of
London. They announced that they sent
the following cablegram to the Rothschilds:
We hear control OF Louisville secured by
Morgan, who bought your holdings at lis.
Can you confirm or deny?"
The reply Of the ROthschiIds was as fol-
lows: we have received your cablegram.
We know absolutely nothing about re-
ported negotiations between Morgan and
The trading in the stock all day was very
active: 1t opened at lis, yesterdays close,
sold down to 1l6h and then advanced to
1221s, after which it receded again to I2O3s
In the afternoon the stock sold back to
11Sss, rose to 12O24, reacted TO 1881 and closed
at I91s. The sales for the day were 150. 900
snaTes' exclusive OF $1,000 shares Of new
stock authorized on Monday, which has
not been listed. The total issue is $4,000
shares.
Though there was better feeling. specu-
IauVe sentiment showed itself sensitive
10 the movements I'm Louisville & Nash
vile. Thus, when very large buying ap-
peared in other parts of the market, and
when Louisville q Nashville ran off to ia
under last night. there was a prompt rally
elsewhere In the market. This see-saw
process was more or less conspicuous all
day, especially at periods when Louisville
was particularly active. The market for
that stock continued very feverish on an
enormous volume of dealings, but the fiuc-
tuatlonS were by no means so wild as yes
terday. There were indications that the
money powers back OF the movement were
disposed TO handle II more tenderly out of
consideration for the effect on the rest of
the market The stock touched 1221k at the
top and closed with a net gain of 11k
Southern Railway fell back TO a position
uniform with a number of other active
stocks in the market and moved narrowly
The strength which the market showed as
a whole was by no means universal or
evenly distributed. The government crop
report caused some depression here and
there among the grangers, which was over
come. Amalgamated Copper was consist
emily strong and rose nearly points at
the last. The return to the city of one of
the principal stockholders and directors
was imputed as the cause OF the movement
Chicago, Indianapolis & Louisville ran Off
sharply points on the declaration of only
hopes of more liberal distribution. The
stock made a feverish recovery Of part of
it's decline The United States Steel stocks
were heavy on rather free selling attrib-
uted 10 dissatisfaction with the bond issue
and the large proportion of cash to be
realized which will go TO the bankers as
II. report
that the purchase OF the Choctaw, Okla
homa & Gulf was I'm the interest of Rock
Island was followed by a 2z-pOint rise in
that stock. but the dealings were merely
nominal and the gain was wiped out Amer
! lean Cotton Oil, International Power, North
/ American. Michigan Central and Westing-
/ house Electric made gains of nearly
/ points or upwards. Some of the buying OF
\ the day was based or the prospect that
/ the bank statement tomorrow will show
\ an improved condition by the clearing house
! institutions. The loss TO the subtreasury is
\ $4,000. which is over a million dollars
\ less than the payments to that institution
\ for the gold exported. The receipts on bal
/ ance from the interior have exceeded the
/ loss to the subtreasury by a small margin
i The expectation is general that the banks
\ will show contraction of loans as loans
/ in the stock market have been called dur
Il ing the week. These have been shifted
partly TO the trust companies, and foreign
\ loans also have gone TO supply the week s
/ demand Some recuperation in the surplus
/ of the banks, therefore, seems probable. IL
\ is supposed that the enactment of the New
\ York law extending the list Of bonds avail
4 able for savings bank investment will re-
suit in some release of funds which have
| been employed in holding these bonds pend
/ ing the enactment OF the law. The action
! of the Treasury Department in increasing
/ deposits with national banks by upwards OF
/ 100000. with the assurance of further
monthly increases in proportion, had a IA
/ vOrable effect on sentiment, although there
/ was no immediate result apparent The
/ peace rumOrs from London were practically
/ ignored.
/ There was great activity and strength in
\ the Central OF Georgia income bonds and
/ the Mexican Central income bonds. other
4 wise the bond market was somewhat IT.
| regular. Total sales at par value were s.
| EOS coo United States twos advanced 4 per
/ cent on the last call.
Following are the days share sales and
/ the recorded price changes:
/ High Low closin.
/ Stocks. sales. est. eat. Bid
| Atchison ................ 1850 7S& 77z 7S5
Il AtchisOu pref ..-..-.-.- 800 slA Siis S7A
L Baltimore & Ohio...-.. $500 l0sfs 10b& 106.
K h. & .. pref............. 70 Sn S6la 90
/ Canadian Pacific 1890 1850 llsE Has 1leh
1 Canada Southern -.-..-- 49, Sl1 Slts So
i Chesapeake & Ohio. 900 461s IS as
/ chi x AltOn...........- L5e9 81 35A 3sr
! g. A A. pref ........... TO rex Is 7sI
I Chi. Ind & Louis. z. 500 s. 5I1s CO
! c., l. & l. pref. 200 IS IA. III
\ Chi. & East Illinois. 500 lssle 159 1894