The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-04-17
STOCK MARKET REVERTS TO
MORE NORMAL CONDITIONS.
SOUTHERN RAILWAY STILL
OVERSHADOWS OTHERS.
Transactions in the Stock Yester-
day Only One-Fourth as Many
as Tuesdays.

New York. April 1.-the stock market re-
verted to a more normal condition to-day
after yesterdays extraordinary movement
In Southern Railway. The transactions in
that stock, although scarcely more than
o~ne-quarter of those of yesterday, still over
Swallowed the market and were on a scale
beyond precedent, with a very few excep-
tons.
Heavy profit,taking was in evidence all
stantly below last nights level. The stocks
net loss was 4. There was some selling in
duced by. the emphatic disclaimers on the
any participation In the L. & N. purchases,
present or prospective. But the distinction
drawn between ]. p. Morgan & Co.. as
bankers, and the same firm as the control
ling influences in Southern Railway, seemed
somewhat strained.
The extensive power over the affairs Of
L. & n. allotted to the firm seemed suffi-
Gent security for its operation in harmony
with Southern Railway. The brokers most
active in the selling of the stock to-day
were those that were heaviest buyers yes
terday and who have operated conspicu-
ously for the so-called Gates element in all
the recent large transactions in the market.
They were sellers of other stocks which
higher level. But they were also large buy
ers at new points in the market. having a
large part in the advance of the coalers,
both hard and soft.
Indications of Other Absorptfons.
The buying of Chesapeake and Ohio, Nor
folk and Western and Baltimore and Ohio
seemed to be based on the assumption that
they should enjoy the same advantages as
those of Southern Railway in similar and
neighboring territory. The Western and Pa
cific stocks, as a rule, were subjected TO
realizing. but there were a number or
smaller railroads whose stocks were sharp
1y advanced with an appearance of abSorp-
ton for control which readily induced a
speculative following among the profession.
ais because of the prevalent feeling in Wall
street that "a railroad cannot be left out
over night without being snapped up by
some syndicate" in the expressive phrase
of the president of one of the coalers.
,rs MaSS9ns Sf the Ten tIsis was vas, th tie st eoIsp' Using
more than 3 points and closing strong IN
contrast with a reactionary tendency in
some parts of the market.
There was a large number of minor stocks
which showed gains of a point or more az
one time during the day. but the cases are
rare where the full advance. was main
tanned Sugar became strong for a time on
the decision to limit the period for debate
on the Cuban reciprocity BILL
Amalgamated Copper was sold on account
OF the reduction In the Anaconda division
and on fears that similar action would pc
taken tomorrow in the case of the Anal
gamated dividend.
International Power made an extraordi-
nary upward movement of 1885 points. clos
ing with a net gain of IT'S. Rumors were
current OF some combination with American
Locomotive.
The gains were not well maintained in
any case and there were not a few de-
clines during the day among, important
stocks. but the evidence that the financial
powers which nave been leading the specu-
lation were still active. kept the interest in
the market awake.
The money market showed no disturbance
and there was no advance In the ex-
change market. despite the large sales
of stock for London account and
the prospective demand for exchange
on account of American subscriptions
to the new British consol loan, the
day.