The Washington times., 1902-04-18
Wall Streets Financial
Leader Announces His
Control of the Stock.
MONEY KINGS POWER IS ABSOLUTE
Only One to Be Reckoned
With in Management of
Roads Affairs.
LABOR SITUATION CLEARS
On This Substantial Gains are Shown in
Railway Lists-Large Volume of Bus
ress Rolled Up in the Day Market
Winter Wheat Belt Suffers.


Winter Wheat Belt Suffer
NEW YORK. April 1.-THE stock mar
ket opened strong and active, showing
continuation of the general tendencies of
the week With the course of the morn
ing, however, it DEVELOPED a good deal
of irregularity.
The first check 10 confidence was admin
istered by rather less encouraging intel
ligence from the West respecting the out
look for the winter wheat crop, and as
the reports TO this effect were accom-
panied by sharp advence in wheat and
corn they were accepted as trustworthy.
Wheat Belt Suffers
The facts seem to be that the winter
wheat belt is still suffering from the in
adequate precipitation of moisture for the
past eight months, and that for this rea-
son the crop continues in a delicate con-
dition
Unseasonably cold weather seems to be
also retarding the growth and develop
ment of the Writer wheat crop. which, on
Apart from this intelligence the dealings
were governed largely by simple technical
considerations.
In the early dealings the fairly heavy
buying in this market for foreign account
was factor of influence, the arbitrage
houses taking up over $4,000 shares of
stock on balance
London Shows Up Strong
With the exception of the readily under
stood depression in consols, the London
market was exceedingly strong. sentiment
there being euthused by the pronounced
success of the new government loan.
The London market was not essentially
altered, and the Bank of England's week
ly statement made highly satisfactory
showing. Today's money market showed
quite decided evidences Of relaxation. The
easier tendencies were mainly owing to
steady, although still small, returns of
currency from the interior, and notably
the South.
Banks Make Gains.
The banks have also gained in their
operations with the subtreasury this week
by reason of the heavy Government dis
bursement on account, and gold is being
received at this point from San Francisco.
BY reason of the weeks striking develop
ments in the railway situation it is more
than ordinarily difficult TO forecast the
probable changes in the loan account
in The bank statement. So far as the rates
for money furnish any indications, that
item of the statement ought not to show
any material expansion.
large volume of bushes was rolled
up in the days market, but the railway
list furnished a smaller proportion OF
the total than it has done recently.
Railway Activity Shifts.
In the railway list activity shifted to
new quarters the anthracite coal stocks
and the Reading issues in particular forg-
ing to the front in respect of activity.
There was no positive information OBJ
taiuable respecting the labor situation in
the anthracite coal regions, but it is now
the common opinion that an adjustment
of the points at issue will be affected be-
fore the termination of the truce ten days
hence.
On this belief substantial gains were
scored in the Reading and Erie shares,
while Delaware and Hudson also rose
smartly Louisville and Nashville was de-
cidedly more active than yesterday, and
the stock developed aggressive strength
and advanced well above the closing fig
ures of yesterday.
Morgan in Control
Positive and unequivocal assurances
were given today that the control of the
Louisville and Nashville stock now re-
poses absolutely in the hands OF Mr.. j.
Pierpont Morgan. For the time being, at
all events, this is all the information that
nd To wi is
titled.
There can now be no question as TO the
manner in which the property will be op-
Grated and as to the ways and means
through which this desirable elimination
of the episode has been brought about,
that is a matter of concern only to the
parties in interest.
The Wall Street community has been
skating over some very thin ice this past
week or so. and with the course of time
IL may learn of something Of the extreme
Iy delicate position of affairs as they
s;ocd a week ago today. But inasmuch
as the incident is definitely closed, il
would be to no purpose at this time TO
dwell upon dangers which are past. Other
firr, features Of the railway list were the
Atchison shares, Canadian Pacific. Nor
folk and Western, and the Wabash securi-
ties.
West Shows an Advance.
Among the railway specialties mate
rial advances were scored in Denver and
Rio Grande, Iowa Central, Chicago, In
dianapolis. and Louisville and the Chi
cago Terminal stocks Both st. Paul and
Chicago and Northwestern reflected the
pressure of scattering liquidation.
The local transportation stocks were
npafn neglected. Outside of the rail-
way list. the most conspicuous features of
,be dealings were the United States Steel
ISSUES International Power, American
iocouotive, Colorado Fuel and Iron, and
Amalgamated Copper.
The directors of the Amalgamated Cop
per Company met today. as had been ex-
Dected, and declared dividend OF n of l
per cent, or SO per cent of the rate which
was declared in December last. The stock
had been sharply depressed in the early
dealings but rallied upon the announce
ment of the dividend.
Stronger in Tone.
The United States Steel issues showed
n much stronger tone than they had for
long time past. The revival OF interest
in the United States steel issues was
simultaneous with the announcement OF
n call for a stockholders meeting on May
1s to ratify the proposed conversion OF