The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-04-17
STOCKS AND BONDS.

New York, April 16.-The stock mar
ket reverted to more normal condi-
ton to-day after yesterdays extraord-
mary movement in Southern Railway.
The transactions in. that stock, al
thought scarcely more than one-quar-
ter of those of yesterday, still over
swallowed the market and were on a
scale beyond precedent, with very
few exceptions. Heavy profit taking
was in evidence all day long, which
kept the price almost constantly be-
low last nights level.
The stocks net loss was "a. There
was some selling induced by the en-
phatic disclaimers on the part of
Southern Railway interests of any
participation in the Louisville and
Nashville purchases present or pros
pective. But the distinction drawn be-
tween j. p. Morgan & Co. as bankers
and the same firm as the controlling
influence in Southern Railway seemed
somewhat strained. The extensive
power over the affairs of Louisville
and Nashville allotted to the firm
seemed sufficient security for it's oper-
alton in harmony with Southern Rail-
way. The brokers most active in the
selling of that stock to-day were those
that were heaviest buyers yesterday,
and who have operated conspicuously
for the so-called Gates element in all
the recent large transactions in the
market. 70 Z1sAs e9s- WI
They were sellers of other stocks
which have recently been bought UP to
a material higher level. But they were
also large buyers at new points in the
market, having large part in the ad-
vance of the Coalers, both hard and
soft. The buying of Chesapeake and
Ohio, Norfolk and Western and Balti-
more and Ohio seemed to be based on
the assumption that they should enjoy
the same advantages of those of South
ern Railway in similar and neighbor-
ing territory. The Western and Pa
cific stocks as a rule We're subjected
to realizing, but there We're a number
of smaller railroads whose stocks were
sharply advanced with an appearance
of absorption for control, which read
lily induced speculative following
among the professionals because of the
prevalent feeling in Wall street that
"a railroad cannot be left out over
night without being snapped up by
some syndicate" i'm the expressive
phrase of the president of one of the
Coalers. Wisconsin Central was the
most conspicuous instance of this class
both its stocks rising more than three
with a greactionary tendency in some
parts of the market. There was
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 pc
riod for debate on the Cuban reciproc-
ity bill. Amalgamated Copper was
sold on account of the reduction in the
Anaconda dividend and on fears that
similar action would be taken to-
morrow in the case of Amalgamated
dividend. International Power made
and extraordinary upward movement
of 1881 points, closing with a net gain
of 171s. Rumors were current of some
combination with American Locomo-
tive.
The gains were not we'll maintained
in any case and there were not a few
declarations during the day among
important stocks, but the evidence
that the financial powers which have
been leading the speculation were still
active kept the interest in the market
away. The money market showed no
disturbance and there was no advance
in the exchange market. despite large
sales of stocks for London account
and the prospective demand for ex-
change on account of American sub
scriptions to the new British consol
loan, the terms of the issue of which
were announced to-day. The market
closed active and irregular.
There was cSS-inued heavy realizing
in the Central of Georgia incomes The
bond market generally was irregular
Total sales, par value. $4.395.00O United