The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-17
NEARLY BACK TO NORMAL
STOCK MARKET SUBSIDIES FROM
TUESDAYS FURIOUS ACTIVITY.
Continuous Heavy Realizing in south
ern-MinOr Roads MARKED up
S-harpIy-CIose Is Irregular.

NEW YORK, April 1.-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 yesterday,
still overshadowed the market and were on
a scale beyond precedent, with a very few
exceptions. Heavy proft-taking was in
evidence all day long, which kept the
price almost constantly below last nights
level. The stocks net loss was Is. There
was some selling induced by the emphatic
disclaimers on the part OF the Southern
Railway interests of any participation in
the Louisville & Nashville purchases, pres
ent or prospective. But the distinction
drawn between ]. z. Morgan & Co. as
bankers and the same firm as the control
ling influence in Southern Railway seemed
somewhat strained. The extensive power
over the affairs of Louisville & Nashville
allotted TO the firm seemed sufficient Sc
curity for its operation in harmony with
Southern Railway. The brokers most ac-
tive in the selling of that stock to-day
were those that were. heaviest buyers yes
terday and who have operated conspicuous
~ for the so-called Gates element in all
the recent large transactions in the market.
Ihey were sellers of other stocks which
nave recently been bought up TO a ma
terlal higher level. But they were also
large buyers at new points in the market,
having a large part In the advance OF the
cOalerS, both hard and soft. The buying
Oh Chesapeake a. Ohio, Norfolk & Western
and Baltimore & Ohio seemed to be based
on the that they should enjoy
the same advantages as those of Southern
Railway in similar and neighbOring terri
tory. The Western and Pacific stocks. as a
RUE, We're subjected to realizing. but there
were a number of smaller railroads whose
stocks were sharply advanced with an APP
peaTance OF absorption for control, which
readily induced a speculative following
among the professionals because Of the
prevalent feeling in Wall street that a
railroad cannot be left out over night with
out being snapped up by some syndicate.
Oh one or the coalers. Wisconsin Central
was the most conspicuous instance of this
class, both its stocks rising more than 3
points and closing strong In contrast with
a r~eactiOnary tendency in some parts of
the market. There were a large number of
minor stocks which showed gains OF a point
or more at one time during the day, but
the cases are rare where the full advance
was maintained. Sugar became strong for
a time on the decision to limit the period
LOT 1eoate on the cuban reciprocity bill.
Amalsamated Copper was sold on account
or the reduction In the Anaconda dividend
and on fears that similar action would be
taken tomorrow in the case of the Anal
Samated dividend. international Power
made an extraordinary upward movement
of 1885 points, closing with a net gain of
I9s- Rumors were current OF some COM
blnation with American Locomotive. The
gains were not well maintained in any case
and there were not a few declines during
the day among important stocks. The
market closed active and Irregular.
There was continued heavy realizing i'm
the Central, OF Georgia, incomes. The bond
market generally was irregular. Total
sales, at par value. were S43. 1896. 600. United
States bonds were all unchanged on the
last call.
-
Following are the days share sales and
the recorded price changes: