The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-30
NEW HAVEN is DOWN
Violent Drop in the Stock
Because Of Disclaimers
Of Two Big Lines
WHOLE LIST IRREGULAR
Miners Dispute Having a Oppressive
Effect-Western Roads Benefited
by Crop RepOrts-LOndOn Gold
for South America.
WHOLE LIST IRREGULAR

NEW YORK, April 29.-The movement
OF prices was confused and irregular all
OF today, and there was evidence Of a
diminishing speculative interest. rne wide
movements in nigh priced stocks continue
ed feature, but the influence of the adj
v9nces was impaired by some equally not
able relapses in stocks where attempts
were made to take profits. A case in pOlnt
was that of New York, New Haven &,
Hartford, which fell violently nine points
on n attempt to market a small amount
of the stock because Of the emphatic dis
clalmerS from both Pennsylvania and
New York Central authorities of the ru-
mors OF purchase of control. There was
a late rally of several points in the stock.
New York Central and Pennsylvania
also quieted down from their recent ac-
tlVlty and strength. In fact there was
very little show of strength throughout
the Eastern railroad field.
Effect of Miners Dispute.
The session of the Joint committee of
operators and miners to discuss disputed
points in the anthracite field was a re-
pressive influence on all coalers. The de-
crease reported in Reading surplus earn
1ngS for March was an unfavOrable in
huence. The very heavy decrease in net
earnings of the Southern railway for
March was certainly not stimulating in
1uence, although it was accounted for
largely by the notable increase in operat-
ing expenses. The Western railroads on
the other hand were benefited by the crop
news and by the weekly crop bulletin OF
ed very favorable, not only regarding the
condition of winter wheat but as to the
progress made in seeding corn and spring
wheat The grain carrying railroads were
also helped by the special strength Of the
Northwestern stocks, which rose lG12 ana
5% respectively. Rock Island gained an
extreme 59s but lost over of it.
Due to Syndicate RumOrs.
The strength of the Wabash stocks and
of the Wheeling & Lake Erie stocks We're
evidently due to the apparent certalntty
that the bid of the syndicate represent
ing the Gould interest for the western
Maryland will be accepted.
The industrials were marked by quite
as great irregularity as the railroads, and
changes there were constant ana variable.
A further advance in the foreign Elk.
change market and drop IN the rate OF
sterling at Paris both contrfouteda 70 MAJ ~
row the margin Stlll remaining A4OIh Ii40
gold export point -,
The money market. however was sun
md ST. rb cd Mich ate on W. s attract
ed by action of the clearing house au-
thorities requiring that institutions Whlcn
shall be admitted hereafter to the PRIV
ilege of clearing through members must
be first established for year ana must
maintain in their own vaults the Same
percentage of cash reserve as required
of the members themselves. They VIII
be required also to furnish weekly state
mentS of averages for publicauoS. rms
action is calculated to put restraint
panies. 1t is carefully explained that
the requirements are not retroactive,
which is to say that they do not at
all apply to the condition of the trust
companies which at present enjoy the
privileges Of the clearing house, although
that condition has been the subject OF
much criticism and comment recently
owing to the freedom of the trust COM
panies from any requirement of pub
licity as to their loans and reserves.
The bond market maintained firm
tone today. Total sales were of par
value. of $3,770,00o.
United States bonds we're all unchanged
on the last call.
London Slack and Dull.
The Commercial Advertisers London
financial cabIegram today says: Stocks
were slack and dull The markets looked
tired in waiting for peace in South Africa
and the holiday on Tuesday was not
without influence American shares were
quiet, hardened slightly early and adj
Vanced more rapidly on New York'S sup
port of St Paul, Atchison and Union
Pacific accompanied by good crop news.
Grand Trunks were strong on the ex-
ceHent revenue statement Canadian Pa
cific hung back on its statement. which
was regarded as disappointing. Gold to
the amount of $4,000 has gone out to
South America. Silver is fiat at 231ad
per ounce on American pressure to sell;
with no eastern support. Paris exchange
is 2517; Berlin, 20.48. England is begin
is not an acquisition of British shipping
but only a pool with exchange share in
teIests
Stocks