The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-09
MONDAYS FURRY
WAS D|SSIPATED
Leadership Still in Hands of
Western Contingent
l.. & N. CENTRAL FIGURE
The Whole Market Gave Way On
Profit taking Developing in the
Last Hour and All Stocks
Slipped Back.
l., & N. CENTRAL FIGURE

New York, April S.-The effect Of yester-
lays furry In the money market was dis
sipated today and an aggressive leader
ship was developed on the recovery. The
leadership seemed to remain with the
western men, who took hold Of the market
late last week. There was some evidence
that their forces had been recruited from
other sources, while their position was
stronger by reason OF the shaking off Of
weak following by yesterdays reac-
ton. The extension Of the short interest
during yesterdays decline was also a
technical factor of strength in todays
market. The reinsurance of the specula-
tive element was not immediate and there
was considerable wavering and uncertain
ty in tho early movement of prices, In
fact there was not much in the market
up to noon outside of the persistent abb
sorption of Louisville and Nashville and
the sharp advance in Amalgs=aated Cop
per, apparently a continuation of yester-
days movement, Louisville and Nash.
Vile proved the central figures of the mar
ket and its aggressive advance was the
dominating factor in the broadening de-
nand for stocks. The dealings in the
stock were on an enormous scale, and
there was indications that the western
contingent of spectators was reinforced
on the buying side by a wel-known OPP
orator who only recently returned from
long trip to recuperate his health. The
explanations offered for the rise were
mostly in the nature of a surmise on the
part OF speakers. The reported acquisition
OF the Atlanta, Knoxville and Northern
Railroad was believed to be preliminary
to active incursion into new territory.
Ihe belief was professed that the new
issue or 100000 of stock for the purpose
of this purchase has already been mar
keted, thus freeing the market from the
future offerings of 1t. The aggressive
policy undertaken by the company gave
rise to conjectures as to the possibilities
of the establishment of a community of
interests in the territory concerned. Illi-
nois Central and Southern Railway pre-
TERED were benefited by sympath The
movement spread into the Southwestern
stocks and St Paul, but Union Pacific,
Southern Pacific and Atchison were lit
tie affected by the movement. There
was a general movement among the
minor stocks to betterment. The list of
minor industrials affected was also as
large as has recently been the rule. The
Westinghouse electric stocks made SEN
sational advances of 1412 for the common
and Is for the first preferred on the
strength of an analogy with the history
of General Electric. The whole market
gave way on the profit taking which
developed in the last hour and the prn-
cipal active stocks were carried back
from l to points. The market closed
easy. The sSate for call loans today
held firm at to per cent. 1t was be-
heved that this rate would call further
shipments of gold and this assurance was
a considerable relief to sentiment The
calling of loans yesterday seemed to have
strengthened the situation of the banks
30 far that the feeling in the money mar
ket today was much quieter. The Gen.
trail of Georgia income bonds was the
feature of the bond market at advances
of to 3h per cent The Green Bay and
Western BIS were also strong and active.
Otherwise the bond market was rather
quiet but firm. Total sales, par value, 49,
10000. United States bonds were all
unchanged on the last call.
view York Stock Market
By Private Wire to Murphy q Cm