Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-04-10
FINANCE AND TRADE
Louisville and nashville
Again the Feature.
IT ONCE REACHED 100
HEAVY SELLING FAILED TO
BREAK IT BADLY.
Market Reacted at the Close and
Prices Generally Slumped
IT ONCE REACHED 100
D The Evening Star.

Special Dispatch 10 The Evening star.
NEW YORK, April 1a-Trading in to-
days stock market was variously influenced
by special movements in a few issues.
During the first half hour Lou sville and
Nashville was bought in a most excited
manner. an advance of 5ta per cent from
last nights closing level and loss OF one
half the gain being recorded during that
period.
Rumors of a contest for control brought
out such a speculative demand that COM
parsons with the episode of eleven months
ago today occurred to all conservative
minds. Fears of corner may have been.
and probably were, wholly unwarrantod
but that they existed was manifested by
the determined effort TO break the price
From 120ls the price receded over "a
on a few transactions and later the excite
ment subsidized sufficiently to force fur
Their setback One OF the causes contribut-
ing to the sharp advance in Nashville was
the mistaken execution of an order which
forced the repurchase OF the stock at the
best rate. The zeal in regaining the stock
was mistaken for a more substantial ef-
fort, hence the confusion OF the opening
hour.
Rumors of the purchase OF the road by
Southern were elaborated to the extent
that Chesapeake and Ohio was to share in
the control Southern issues opened at sharp
advances and were dealt in upon a large
scale. but they subsequently subsidized with
the general market.
Liquidation Of long stocks was a feature
OF certain parts of the market, the selling
of ST. Paul and Union Pacific being
pecially of this character. Round amounts
or these issues were sold as the market
would take them, and there were indica-
lions that loans were being lightened in GER
tain directions. Southern Pacific reacted
over 1 per cent from it's list price and
nearly all of the pooled stock reflected sell
ing movements of more or less consequence.
PENNSYLVANIA was strong during the first
half OF the day and nearly all of the coal
stocks were favorably Influenced but later
in the day the pressure to sell affected them
all. New York Central and all the local
traction shares reacted later in the day
ana the street was unanimously of the
opinion that the Nashville episode had hurt
the entire market.
The banks are not in position to encour-
age an advancing market. and any attempt
to stampede the public into an emotional
demand will meet with rebuke from the
lenders of money.
Here and there special movements are
likely because OF special conditions. and
for such purposes the street thinks there In
abundant money.
The government crop report. expected af-
ter the close OF business today, is reported
to show a less favorable condition than had
been hoped for, and some Of the selling
was easily traceable to fears of this char
acter Nearly all of the roads in the SOUTH
west felt the influences of these reports.
Missouri Pacific was somewhat of an ex-
ception to the general movement, mas
much as buying of an exceptionally good
character was reported in that property.
Good judges OF the demand reported some-
thing better than speculative buying as the
motive behind the early activity.
Steel stocks were heavy under constant
selling OF long stock Sugar. copper and
nearly all of the industrials reflected liqui-
dations. All things considered, Nashville
was the most ably handled stock in the
market. and was kept well above yester-
days level In spite of the heavy selling
Money was firm all day and there Is little
prospect for an immediate recession in
rates.