The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-14
|. & n. REMAINS
KEENEST FACTOR
SpeCialtieS of Second Interest
During the Day
TRADE FEVERISH ALL WEEK
Strength In the Market Was Not Gen.
eraI and After the Bank State
ment Was Issued Reailz-
ing Set In.
TRADE FEVERISH ALL WEEK

New York, April 12-The situation nov
ering about Louisville and Nashville was
the subject of keenest interest today as
has been the case for several days. Every
thing was neglected more or less for this
feature. Jumps of over 10 points III Chi-
oago and Eastern Illinois and the rise IN
Evansville and Terre Haute revived ru-
mors of projected outlets of other roaos
entering Louisville and concerning the
community of interests. There was re-
newal of the activity and strength In Col
orudo Southern which was attributed 10
the working out Of plans for the extern
sion of the Rock Island connections, indl-
Gated by the purchase of the Choctaw,
Oklahoma and Gulf. Otherwise the prin-
cipal strength was in specialties. The
buoyant rise OF Canadian Pacific to 12o
with n relapse of point was not ex-
planned. The strength OF the various rup-
Der stocks was due to reports of proposed
mergers, as was the case In Virginia
Carolina chemical cotton oil. The strength
of the market was not general, and the
advance after the bank statement was
met by realizing, SO that the closing was
irregular.
The cash changes in the bank statement
confornled closely to the estimates. The
loan decrease was larger even than hoped
for, but the knowledge that large loans
were transferred to the trust companies
and to foreign lenders left the outlook for
money by no means clear.
There was a remarkably fevertsh ana
erratic stock market this week, which is
attributed Iii Wall street to the specu-
lative operations of a group of wealthy
men VINO have realized great fortunes In
the iron and steel trade, and who were
controlling factors N the constituent COM
panies of the United States Steel Corpor-
alton before the formation of that con-
Germ. The upward course of prices which
was established last week was interrupt
ed on Monday by the feais of money
stringency. The large exports of gold for
Tuesdays steamer threatened total Wlp-
Ing out OF the surplus reserve in banks
which sold down tWo-thirds as result OF
the transactions of last week. The rise
In the money rate shut off further gold
export and made it profitable for foreign
bankers to negotiate heavy loans in Tor
sign money markets to place here.
The trust companies were also large
lenders at the higher level as they are not
subject to the same legal restrictions
as to the maintenance of cash reserve
and are thus able to leave their cash
on deposit at the banks to figure in their
loans. This feature of the local credit
situation has been the subject of some
comm ent and criticism The money mar
ket has been nevertheless unsettled all
week and subject to occasional fiurries.
The leaders of the speculation seem to
be unaffected by these furries and 1t is
believed they are protected by heavy
loans on time. 1t was suspected that the
early unsettlement of money was due
rf1x 70 hn fob ino n1tt of la
loans in this interest The center of
speculation shifted from st. Paul and
the Western group to the Southern rail-
road field The movement In Louisville
and Nashville became so sensational that
the fear arose that circumstances of the
Northern Pacific corner of last May might
be repeated The determined reticence of
all the parties in interest as to the actual
conditions existing in the stock added to
the uncertainty. The plausible theory
advanced was that advantage had been
taken of the strength of the stock to
market the newly authorized increase of
$4,000, 900 of stock. The formality of appli-
cation and listing of a new stock issue
on the stock exchange requires about
months time. Meantime the new stock
is not a good delivery against sales made
on the stock exchange. 1t was suppos-
ed that the speculative pool in the stock
list recovered this technical short interest
in the market and by forcing up the
price was compelling the delivery of
stock held for control, thus threatening
the absorption of the control. The an
nounced purpose to apply portion of the
new stock issue to the purchase of the
Atlanta, Knoxville and Northern revealed
an incursion into the territory of the
Southern Railroad Company. There were
conjectures that control of a road into
Chicago running north of the Ohio river
was also sought
United States 2's and old As registered
bonds advanced and the SIS 1 per cent.
The SIS coupon declined * per cent COM
pared with the closing call price last
week.
New York Stock Market.