The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-20
TRADING IS ACTIVE
Union Pacific Becomes the
FavOrite of Wall Street
Investors
SPECULATION IS BROAD
Market Tone Is Feverish and Among
the Unexplained Advances Is
Bulge in Minneapolis & ST.
Louis Shares
SPECULATION IS BROAD

Louis Shares.
NEW YORK, April 19-The policy
which has been consistently followed
during the present speculative campaign
Of large buying and bidding up OF some
one prominent stock as a leader of the
whole market was maintained today with
Union Pacific as the favored stock. No
new consideration was advanced as a
reason for the buying, which carried the
price up to 10712, where it closed at net
gain OF 27s. Under cover of this sustain
ing influence there was a broad and ac-
tive speculation in all parts Of the list.
The movement was accordingly 1rreg-
ular, as the taking of profits went on
side by side with new buying IN way
characteristic of an active speculation.
Many special stocks were under manipu-
lation by separate pools and some of the
movements. International Power touch
ed 16S and f1Uctuated very feverishly.
Chicago, Indianapolis & Louisville was
erratic over a range of more than three
points below last night
Canadian Pacific was very strong and
there was a notable advance in United
States reduction. General Electric was
depressed by the strike in the company's
works and Sugar showed the effect of
the vote in the house Of representatives
to rescind the Gifferential duty on refined
sugar
Markets Tone Is Feverish.
Amalgamated Copper found some sup
port, but was feverish American Snuff,
Kansas City Southern preferred and Min
neapolis & st. Louis made unexplained
advances. The loan contraction by the
banks shows that the resources of the
week 5 speculation have been secured
from other sources, presumably the trust
companies and the foreign money mar
ketS.
The important developments this week
in the stock market have caused great
animation and a feVerjsh tone. The ac-
tual accomplishments have given rise to
the usual flood Of surInises OF other prof.
ectS in formation or far advanced
towards fruition and the group Of West
ern millionaires, whose operations start
ed the present movement, have remained
an aggressive leadership of the market.
The result has been a progressive growth
in speculative following and a broaden
ing of the field OF activity.
The example of the successful lifting Of
prices by the leaders has encouraged
friends Of many other stocks to take
them, which has afforded a growing OPP
pOrtunity for the operations of profess
SIGNAL operators. Judged by the express
ed opinions of commission houses, the
growth of interest on the part Of what
Wan street calls the general public
meaning the widely scattered element
which deals on a small scale through the
medium of the mails and the telegraph
and whose dealings in the aggregate
made the phenomenal market of last
year, has been moderate.
MiIIiOnaires Rule the Trading
millionaires, who deal in lines of hum
dreds of thousands of shares. The par
" Which leads the market is vNdoubt-
edly made up of millionaires who deal in
ample ground for the supposition that
the passing of control of the Louisville
Nashville, which was the feature of
the week, was an incident rather than
tons. The passing of control of a great
railway system in the open marker
against the desire of centralized interest
which has dominated the property is cal
culated to create degree of confusion
and disturbance and uncertainty that
would serve to upset the market and
check the upward progress of prices else
where. For one thing there is the mass
of contracts for delivery which have
been ventured in the attractive up-rush
OF prices, for which stock has been Dor
IoWed until certificates can be secured
Tor deflnlt1Ve closing Of the contract
Ii there is any doubt of ability Of SELL
ers to make delivery, the existing con-
troll in the property will naturally refuse
TO admit the contestants claim to con-
troll, and will cut in the market to defeat
that claim. In the Northern Pacific con-
test last year it was this process that
swept the markets bare of the stock and
preclpitated a corner. Monday Of this
week the same state of affairs was I'M
mediately threatened in Louisville &.
Nashville.
1t is clear that the contestant was in
duced to relinquish his claim to conCrol
and consent to it's lodgment with J. P
Morgan & Co.
Spectators still Puzzled.
Just what the inducement for tais ac-
was is puzzle to the speculative public
ana has given rise to much Surmise and
feverish speculation based On this or that
assumption of what the quid pro quo may
Southern railway on Tuesday, breaking
all stock exchange records for d days
dealings in single stock. were based on
the suppositicn of a merger. or an agree
ment for an exchange of interests in the
two roads with the new interest in Louis
vile
= Another supposition was that the re-
linquiShment of the newly acquired con-
troll OF Louisville was prompted by the
danger threatened of an upset in the gen
eral market in which the same interest
was largely committed. The renewal of
the large speculative operations was at
tributed in the same connection tC the
repleniShment of speculative resources
Which resulted from the settlement of
the Louisville matter.
That the controlling influence in the
Southern railway field has been central
lied as a result of the episode goes with
out saying, and 1t is accepted as
demonstration of the sweeping tendency
of the times towards that end. General
conditions have been almost totally ig-
nored during the week. The conServa-
ton of the steadiness of the money mar
ket has been an independent factor in
fostering the strength of the stock mar
ket.
The interior has sent money to New
York this week and the subtreasury drain
upon the market has been suspended,
owing to the large pension payments.
Misgiving in Grain Pit.
The money rate mas remained sufficient
ly high to invite further lending here by
foreign houses, in spite OF the demand
upon foreign money markets incident to
the issue of the new British loan. The
large oversubscrption of that loan is
evidence of the abundance of capital
seeking investment, and the fact of
large American participation in the sub
scriptions without adversely affecting
the foreign exchange market, at a time
when commercial bills of exchange are
scarce, and when there is large selling
here of securities for foreign account,
must be accepted as striking evidence of
the large remaining credit resources of
this center IN foreign markets.
The market has had no nelp from the
crop prospects. regarding which the
grain markets have reflected misgivings.
The long dreaded reduction in the ANAL
gamated dividend passed almost unno-
ticed in the animation of the market.
The bond market showed some decline
and there were sharp reactions IN some
Of the highly speculative issues
United States Is advanced X and the
IS registered and old As coupon u Der
cent over tn closing call of last week.
Stocks.
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