The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-12
MARKET IS FIRMER
WALL STREETS FEAR OF CORNER
IN LOUISVILLE & NASH
WILLIE ABATED
TRADING Is STILL SENSITIVE
Much of the Buying Is Based on the
Belief That the Bank Statement
Will Show an Improved
Condition.

NEW YORK, April 1.-THE fears of a
corner in Louisville & Nashville were
somewhat abated today, which seemed to
be the principal factor in the tendency
towards recovery in the market. Spec
ulatiVe sentiment showed itself sensitive,
however, to the movements in Louisville
& Nashville. Thus, when very large buy
ing appeared in other parts Of the market
and when Louisville & Nashville ran off
to ia under last night, there was
prompt rally elsewhere IN the market.
This see-saw process was more or less
conspicuous all day, especially at periods
when Louisville was practically active.
The market for that stock continued very
feveriSh or an enormous volume OF deal
ings, but the fluctuations were by no
means so wild as yesterday. There Were
indications that the money powers back
of the movement were disposed to han
die it more tenderly, out Of consideration
for the effect upon the rest of the mar
ket The stock touched 12212 at the top
and closed with a net gain of Is:
AS for Southern Railway, 1t fell back
to a position uniform with NUMBER OF
other active stocks in the market and
moved narrowly. The strength which
the market showed as whole was by
no means universal or evenly distributed.
The government crop report caused some
depression here and there against the
grangers, which was overcome.
Steel Stocks Are Heavy.
Anna lgamated Copper was consistently
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 move
ment
Chicago. Indianapolis &, Louisville ran
off sharply points\on the declaration of
only g 1-point dividend, and there had
been hopes Of a 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, attributed
6iSSafiSfa PtiOn with the bond issue
and the large proportion of cash to be
realized which will go to the bankers
as commission. The generally credited
report that the purchase of the Choc-
-taw Oklahoma Il Gulf was in the in
terest of Rock Island was followed by
21a rcint rise in that stock, but the deal
ings were merely nominal. and the gain
was wiped out.
American Cotton Oil, International Pow
err, North American, Michigan Central
and Westinghouse Electric made gains
of nearly 8 points or upwards.
Some of the buying of the day was
based on the prospect that the bank
statement tomorrow will show, an improV-
ed condition by the clearing mousse lnsu-
tutionS. The loss to the Subtreasury Is
81 $50 0G0, which is over 81. 100000 less than
their payments to that institution for the
gold exported The receipts of balance
from the interior have exceeded the loss
to the subtreasury by a small margin.
Loans Being Called In.
The expectation IS Seuerdl lIdI Tie
banks will show a contraction OF loans,
as loans in the stock market have been
called during the week. These have been
shifted partly to the trust companies and
foreign loans have also gone to supply
the week s demand. Some recuperation
in the surplus of the banks, therefore,
seems probable. 1t is supposed that the
enactment Of the New York law, extend
ing the list of bonds available for saw
ingS bank investment will result in some
release of funds which have been employ
ed in holding these bonds pending the en-
actnent of the law. The action of the
treasury department in increasing depos-
its with national banks upwards Of 5000
900 with the assurance of further month
ly increases in proportion had a favorable
effect upon sentiment, although there was
no immediate result apparent.
The peace rumors from London were
practically ignored. The British budget
statement of next week is awaited Tor
clear light on the situation in the Lon
don market.
There was great activity and strength
in the Central of Georgia income bonds
and the Mexican Central income bonds.
Otherwise the market was somewhat IT.
regular. Total sales, par value, $o,lO5,-
600
United States Is advanced a per cent
on the last call. -