The Washington times., 1902-04-13
new DEVELOPMENTS LOCKED FOR
Market Responds to Favor
able Bank Statement,
Closing Firm.
GENERAL DEALINGS ACTIVE
International Power Up for Five Points
Gains by United States Rubber, West
inghouse, Electric, and Virginia
Carolina Chemical

NEW YORK. April 12.-Notwithstand-
ing the circulation of a variety Of re-
ports. all OF them conflicting. the latest
Wall Street problem-the cause of the
remarkable rise and enormous trading In
Louisville and Nashyille-remained un-
solved at the close of business today.
The consensus of opinion in usually
well informed circles in Wall Street is
that an operator who is regarded by many
persons as chief representative of the So
called Western clique has, in reality,
been playing only a subordinate and COM
paratively minor part in the spectacular
movement In Louisville and Nashville
stock The latest rumors on the subject
attribute the rise to heavy purchases for
control of the property in the interests of
either the Pennsylvania Railroad OF the
Rock Island.
Road in Strong Hands.
Persons whose opinions are well en-
titled to respect. express the belief that
control Of the Louisville and Nashville, or
an interest sufficiently large to enable the
purchasers virtually to dictate the policy
OF the management, has passed into
strong hands, and that the solidifcation
of important interests In the South has
in consequence been assured.
Louisville and Nashville fell consider
ably below the average dealings of the
last few days. but displayed Intermittent
strength. Ths stock opened a slight frac
tion below yesterdays final figure, de-
clined a point, ami after fiuctuating with
IN, of ont 1aff nT
fractionally higher than yesterday and
about midway between the highest and
the lowest figures of this morning. Yes
terday's extreme high price was not quite
reached. but for the week the stock
shows an improvement of nearly IL points.
Tone of Market Strong.
The aggregate dealings in stocks were
on about yesterdays scale of activity
and in railway and ether bonds were
above the recent average. Aside from
Louisville and Nashville the transactions
were fairly well distributed and the tone
of the market was generally strong.
Higher prices for American railway
shares in London, almost uniformly en-
couraging statistics in relation TO rail-
road earnings and general trade and in
dustry, more reassuring news regarding
the coal labor situation. and a favorable
bank statement contributed toward the
improvement
The statement OF averages of the as
sociated banks bore out the indications
furnished by the preliminary figures of
the known movements Of money, and the
belief that the banks had strengthened
their position by reducing their loans.
The loan account for the week shows a
decrease of nearly $1,000. 600, while cash
holdings increased sos 900. The result
was an increase in the surplus reserve of
nearly 81 900 600. bringing the total of that
item to s4,571.75O as compared with a sur
plus year ago of S7,s3S.2o0.
Activity in Railways.
moderate degree of activity was dis
played in Atchison common, Canadian Pa
cifc. Colorado and Southern common,
Missouri Pacific, Southern Railway.
Southern Pacific. Union Pacific, and Read
ing common. and the stocks mentioned
closed at net gains. extending from frac-
tions to 29s per cent in the first named.
On light trading substantial improve
ments occurred in Chicago and Eastern
Illinois, which rose nearly ten points in
Colorado and Southern second preferred.
Evansville and Terre Haute and Mime
apOllS, 81 Iaul anu odulN ole mari
common.
In the common industrial list American
Locomotive was unusually active and
gained rs points on rumors of the i'm
pending declaration of a dividend.
international Power Up.
Amalgamated Copper. on nominal trans
actions. sustained net decline Of IL per
cent International Power established a
further improvement of over five points,
Westinghouse Electric and Manufactur
ing advancing IL. United States Rubber
shares were quiet, but enjoyed gains OF
2k and IL per cent. respectively, for the
preferred and common. American Cotton
Oil was fairly active and improved near
ly a point. Virginia Carolina Chemical.
on moderate dealings rose / per cent. and
closed at about the highest price of the
day. The advance was attributed to the
excellent showing OF earnings by its COM
panion concern, the American Cotton Oil
Company.
In the Bond Market.
In the railway bond market Central
Railroad OF Georgia. first, second. and
third incomes continued particularly
strong features. and scored material
gains Mexican Central first and second
incomes were also conspicuous
In the outside market business was
quiet. but the tone generally firm.
The stock market responded in the late
trading TO the favorable bank statement
and closed strong.