Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-04-14
Louisville and Nashville Still
the Feature.
WENT OVER 1875 TODAY.
CHICAGO AND NORTHWESTERN
ALSO HAS A FURRY.
The Operations of Western Clique Fills
Older Traders With
Wonder.


Special Dispatch 10 The Evening Star.
NEW YORK. April 1.-THE undertone Of
today's stock market was distinctly firm
during the opening hour. as the result Of
the favorable showing made by the banks
last week the peace prospects In South
Africa and the reports Of rain in the south
west Speculative interest seemed to have
broadened slightly and the various pools
gave support to their specialties.
Interest centered largely in Louisville and
Nashville. but there were no fears OF
disastrous corner in the shares OF that COM
pany. Rumors that the control had passed
were again in circulation. but the purchaser
was not fully disclosed. Mr.. Gates was
said to hold the balance OF power between
two buyers, and the contest settled down
to a competition for the Gates holdings
While this view was readily accepted as
describing the condition of the property
itself. the market predicament OF certain
interests short Of the stock was the cause
of some concern. The financial met hods
resulting in this condition have grown so
unpopular that brokers are not inclined to
lend stock in order to relieve the burdens
of the sellers. AS result of the failure TO
borrow stock. the demand in the market
became urgent and a further advance in
the price of Nashville to point II percent
above its previous high level was recorded.
During this rise the general market was
given good support, and IN a few instances
advances were recorded. although the ten
dency was toward irregularity.
Chicago and Northwestern was advanced
over 10 per cent from saturdays closing
level, and here again was said TO be seen
the piledriving methods Of the western op-
orators. Many conservative interests look
on with wonder at the achievements OF the
new leaders i'm the stock market. but there
= nj n M Aa.
II danger turks in the shadow OF the new
activity there is no excuse for the chain Of
financial institutions behind these men con-
tinuing to furnish the funds which make
the movements possible. There is some
basis for the belief that certain old-time
interests have merely been outgeneraled
and that value has been discovered in quar-
ters not indicated by prices.
Should the latter condition he found To
actually exist there can he small harm
from the sensational features OF the present
stock market. Nashville at l:@ suggests
something beyond the routine and If a
satisfactory explanation is a hand il would
serve the market well not To have the sus-
pense delayed.
ST. Paul was advanced by the Gates
party. and an effort was made to force an
advance in Union Pacific
The latter stock seems To lack the advan-
tages Of dra wing card for two reasons;
one is the aversion of the inside interests
TO such movement. and the other is the
fear of having the convertible bonds turned
into stock once the prices Of the two issues
cross each other The Southern Pa~ific
pool made an effort to force an advance In
that property. but could attract no consid-
cradle following.
Canadian Pacific was well bought and the
group of roads expected to profit by the flu
ture financial plans all developed strength
Amalgamated Copper was advanced I'M
der mixed buying, bUt the Industrial list as
a class was neglected. The volume of COM
mission business fell of during the late
trading as the result OF the erratic trad
ing in st. Paul and Nashville