The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-22
SPECULATION WAS
ACTIVE AND VARIED
Campaign for the Advance Gets
a Severe Shock
REALIZING WAS ATTEMPTED
TIE Days Operations In the Market
Showed the Importance of the
Crop ituation-shower
Helped the Late Rally.

New York, April H.-There was another
day of very active and varied speculation
In stocks today, but the campaign for the
advance received rather severe check.
The day started of with indications of
repetition of the successful tactics adopt
ed last week of heavy buying at some
new points to Offset realizing at others.
1t SO happened. however, that the stocks
in which realizing was attempted, name
ly, the Western and Pacific stocks, were
acutely depressed by the threat of harm
to the crops and by the leave granted to
the state of Washington to file suit
In the Supreme Court against the North
ern Securities Company. The leaders of
the campaign of the advance recovered
their position to some extent late in the
day by vigorous buying movement in
Southern Pacific up to 69A and In Read
ing and Manhattan which were lifted re-
spectively AZ and SN over Saturday.
This induced a general covering move
ment in the whole market and in sub
stantial rallies which materially reduced
the losses, but still left prices generally
below Saturday. The buying came in the
face of promising auspices for the adj
vance. The Louisville incident seemed
to have convinced some of the large
Eastern banking interests that the time
was ripe for an adjustment. The steam
ship merger was accepted as an addition
al indication of the pooling strength.
The result of the days operations In the
market showed the Importance Of the
crop situation. The reports of hot winds
In the winter wheat belt did not seem to
~ - L.. IL - .1~s.xx
owing to the large long interest in that
market, but the simple recital of the
temperature touching at points In Nebras-
ka, Missouri and Kansas was sufficient
to cause a reflection of anxity In the
stocks of the roads running through that
region.
The weekly statistics of railroad traffic
showed a decline in the merchandise
movement to the southwest. Scattered
reports Of showers may have to do with
the late rally in the market The leave
granted to the state of Washington to
1le suit against the Northern Securities
Company is what was refused to the
state in the previous attempt. The ques-
lion of the legality of the company Is
now felt to be started towards a definite
Judicial decision. There is enough doubt
over the outcome of the suit to serve
as an unsettling influence the more so
In view of the additional projects now
known to be on foot and dependent upon
the settlement of this question. An Incl
dent of the day was the decentralization
In the silver market which carried silver
tained their allotments. The premium
with the previous low record of 51K on
September l, 1897, when Japan adopted the
gold standard. The slump is said to be
due to selling by China as a necessary
incident to the payment of the indemnity
to the powers. The strength of Read
Ing and Manhattan was due to buying by
the same brokers who were heavy SELL
ers of Union Pacific and st. Paul. There
were rumors of absorption of Reading in
Pennsylvania interests. The movement
was foreshadowed by the circulation of
arguments on the intrinsic value of prop
erty The market closed active and about
steady. New York air brake international
power, the electric stocks. Keolsuk and
Des Moines and Nashville. Chattanooga
and st Louis made sensational unex-
planned advances. The heavy selling of
Union Pacific convertible bonds was the
feature of the bond market
Total sales par value Sc. 5S5 900. United
States bonds were all unchanged on the
last call.
New York Stock Market
BY Private Wire TO Murphy Co