The Montgomery advertiser., 1902-04-10
WALL STREET REVIEW
BUYERS OF UNLIMITED RE-
 SOURCES IN THE FIELD.
Operations of an Important combina- tion of Wealthy Western Men Cause Advances in Values.
 Bonds Irregular.

NEW YORK. April 9.-There was a notable speculative movement in the stock market to- day which is universally attributed to the operations of important combination of wealthy Western men who were important fac tors in the constituent companies going to make up the United States Steel Corporation before it was organized. In the ordinary &C., ceptance of the term, there was no news to explain the movement Of stocks or the enorm- ous buying which caused it. but the tact was patent that the buyers possessed of practically unlimited resources 10 transact business on such scale and also that the faith in them was strong that they were getting their moneys worth While there was there was abundance of rumor. which cen tered mostly about Louisville and Nashville. which was again the leader. of the market in point of activity and sustained strength. The runors reached the stage of an alleged forma- tion of community of interest project for the whole Southern field. which would supposedly take in the Southern Railway, Illinois Central and possibly minor competing systems There were minor explanations growing out of the announced policy on the part of Louisville to extend into new territory, which involved the absorption of connecting lines into Chicago. None of these rumors could obtain any official countenance. There was some credence for suggestion that. the marketing of the new stock just announced had involved the crea- tion of large short interest in the market for the relief of which new stock will not he available as delivery until the formalites of listing on the Stock Exchange. have been complied with. This explanation would not apply to the notable broadening of the specu- lative movement today into quarters of the
 
 reactionary, forged up to the top level to s points over last night in the final dealings and closed within a. shade of that. The South- ern Railway stocks were also lifted forcfbly to the top level at the last. The rest of the market showed the effect of realizing at the last and some important stocks closed with net losses. notably New York Central, Manhattan. Chicago and Northwestern stocks and Rock Island. Some of the minor railroad xtocks which have recently advanced were also sur ferers. While a large number of important stocks were included in the advances the movement was by means universal and many promnent stocks were neglected and spicuously There was also the usual as- sortment of violent movements in high priced ind,Istrials which closely held by concen- trated interests. The electric stocks and New York Air Brake made wild advances and al- most equally sensational reapses. The rise of 6Is in New York and New Haven was unex- paned. American snuff first 7-pJint gain was strength of Duluth. South Shore and Atlanta and in Keokuk and Des Moines had no news 10 explain 1t. The late furry in the call money market was reminder of the narrow resources of the present money market for supplying any extensive speculative movement. but it did not affect the determined buying of the Central element in the speculation. to renewed borrowing from foreigners. in- duced by the present profitable level of interest rates here. show of strength in the grain markets equally without effect in discour- aging the buying of stocks. .-..
 Some of the active speculative bonds were affected by realizing and the market generally was irregular. Total sales (par vaiuc), S5,.- the 3s coupoN declined l. per cent. on the call.