The age-herald., 1902-04-07
STOCKS REFLECT { RECENT ACTIVITY Speculative Element Brought About the Late Revival MONEY RATES HARDENING Louisville and Nashville Was the only Important Stock to Make
 Notable Headway on the
 Final Rally.
MONEY RATES HARDENING

New York, April 5.-Today's stock market continued to reflect the actlviV of the speculative element which mas caused the revival In the market during the latter part of the week, but their operations had to meet heavy realizing sales after the opening. The market had turned upward again when the dis- closure of the present shrinkage Tn the surplus reserve of the banks renewed the selling and sent prices generally below last nights level. Louisville and Nash vile was the only important stock to make notable headway on the final rally, and the market closed irregular. There was some reversion to the obscurer class of stocks as shown by the A-point rise in Burlington, Cedar Rapids and North ern, in United States Express, and 3A in Nashville, Chattanooga and St. Louis. Hooking Valley made renewed ad- vance. Sugar and Colorado Fuel were under pressure but rallied effectively. The banks failed to show the expected effect to the draw into the sub-treasury by any gain in the interior movement of currency. Apparently losses were in- cured on this account as well as on sub-treasury operations. There seems to have been special transfers of specie to Philadelphia during the week which is attributed to requirements growing out of the labor situations in the coal fields. The disbursement of government inter- est during the week has made no inn pression upon the sub-treasury absorp- tions which has been aggravated by large deposits of lawful money for ac- count of national banks which are re- tiring their circulation.
 The activity In the stock market gave warning of a probable increase in the loan account of the banks. The net re- suit Is a cutting down of the surplus by two-thirds. Gold exports are considered probable next week.
 The passing of the April settlements has resulted in only a moderate growth of speculative interest in stocks, in spite of the efforts of professional operators to attract an outside following by ma nipulation of prices. The most conspicu- ous price movements of the week have been attributed almost entirely to such manipulation. The sudden squirt a1ter the middle of the week in the grangers and Pacifics gave rise to some conJec- lures of important developments under cover, but nothing came to the pubic knowledge to explain it. The supposition is general that the element which has been active in the market is made up of Western men who are conducting paral- Tel operations in the grain market. Inere was evidence of shift during the week by speculators of long to the short side In grain and from the short to the long side in stocks. There have been opera lions also by professional pools in many of the minor railroads apparently on the general assumption that the minor sys- tems will ultimately be sought for ap- sorption by the great systems or TOT con solidation into competing systems, Op- seure industrial stocks have continued to spring into sudden activity from time 10 lime without special explanation or on yeports which fail of confirmation. These various systems go to show that the great banking and financial interests Of The country, whose operations formed the backbone of last years great markets are still holding aioof. These interests are supposed to hold vast amounts Of se- rurities, the product of last years comoi- nation projects which are destined TOT ,,ltimate distribution to the public. Theif abstention from stock market operations Ia supposed to be due to their conviction that the present attitude of investors to- wards securities is not favorable-
 There has been some demand TOT ponos and prices remain unchanged. Unitea states coupons advanced ss as compared with last weeks call price.
 New York Stock Market.
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