The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-04-20
OPERATION OF POOLS IN
WALL STREET CONTINUES.
GENERAL PUBLIC FAILS TO
ENINCE DEEP INTEREST.
Events of the Last Week Strongl,
Reminiscent of the Northern
Pacific Corner.

Pacific Corner.
New York. April 1.-THE policy which
has been consistently followed during the
present speculative campaign of large buy
ing and bidding up Of some one prominen;
stock as an effective leader of the whole
market was maintained to-day. with Union
Pacific as the favored stock. No new con-
sidcration was advanced as Il reason for the
buying. which carried the price up 70 lOliz.
where 1t closed at a net gain of 25s. Under
cover of this sustaining influence there was
a broad active speculation in all parts OF
the list. The movement was accordingly
irregular, as the taking of profits went on
id by side with new buying in a way char
acteTistic of an active speculation. Many
special stocks We're under manipulation by
separate pools and some OF the more In
dustrial specialties made sensational move
ments International Power touched los and
iluctuated very feverishly. Chicago, In
dianapolIs and Louisville was erratic oYe-
4 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 de
pressed by the strike in the CompanyS
works. and Sugar showed the effect of The
vote In the House of Representatives to
rescind the differential duty on refined
sugar.
AmaIEamnted Copper Feverish.-
-nhidAeuiiidAtt SVHptA louAAu sSALI ilN =
but was feverish. American Snuff, Kansas
City Southern preferred and Minneapolis
md ST. Louis made unexplained advances.
, The loan contraction by the banks shows
that the resources for the weeks specula-
ton have been secured from other sources,
presumably from the trust companies and
the foreign money markets. The develop
ments In the stock market this week have
caused great animation and a feverish tone.
The large actual accomplishments have
given rise TO the usual flood Of surmises OF
other projects in formation or far advanced
towards %fruition. and the group of Western
milliOnaires, whose operations started the
present movement have maintained an az
gressive leadership of the market, The re-
suit has been a progressive growth III spec
ulative following. and a broadening of the
field of activity. The example of the sue
cessfGl lifting of prices by the leaders has
take them in hand and work up a ready
market for them. which has afforded a
growing opportunity for the operations of
professional operators.
General Public Stays Out.
Judged by the expressed opinions of
cOmmission-houses. the growth of interest
on the part of what Wall street calls the
general ~public-meaning the widely scat
tered element which deals on a small scale
through the medium of the mails and the
telegraph, and whose dealings in the aggre-
sate made the phenomenal market last
year-has been moderate. The present mar
ket seems TO be one of mIllionaires, who
deal in lines of hundreds Of thousands of
shares. The party which leads the market
is undoubtedly made up of milliOnaires, who
deal in concert. or In a pool. There seems
to be ample ground for the superstition that
the passing of control of the Louisville and
Nashville. which was the feature of the
week, was an incident, rather than the OBJ
tect. of these speculative operations. The
passing of control of a great railroad ays-
TEN in the open market. against the desire
Of a centralized interest which has Gomi-
mated the property. is calculated to create a
degree of confusion and disturbance and un-
certainty that would serve to upset the
market and check the upward progress of
prices elsewhere. For one thing. there is
the mass of contracts for delivery which
have been attracted in the uprush of
prices, for which stock has been borrowed
or certificates secured for a definite closing
ability of sellers TO make delivery. the eX-
listing control in the property will naturally
refuse to amt the contestants claim 10
control and will buy in the market TO de-
feat the claim.
Recalls Northern Pacific Corner.
In the Northern Pacific contest last year
it was this process that swept the markets
bare of the stock and precipitated a corner.
On Monday of this week the same state
of affairs was Immediately threatened in
Louisville and Nashville. It is clear that
the contestant was induced to relinquish
his claim to control and consent 10 its lodg-
ment with ]. p. Morgan & Co. Just what
the inducement for this action was is n
puzzle to the speculative public. and has
given rise to much surmise and feverlsh
speculation based on this or that assIup-
ton of what the quid pro quo may be. The
unprecedented dealings in Southern Rail-
way on Tuesday. breaking all Stock En-
change records for a days dealings in a
single stock. were based on the suppOsition
of a merger, or an agreement for an ex-
change of interest in the TWO roads. with
the new interest in Louisville ard Nash |
vile. Another supposition was that the
relinauishment of the newly acquired con-
troll OF L. d n. was prompted by the danger !
threatened of an upset in the general mar
ket. in which the same interest was largely |
committed. The renewal of the large specu-
l1fiNa nnarnffnna uaC nfrr1hrTTan I N tho I
same connection to the REIMBURSEMENT Of
speculative resources which resulted from
the settlement OF the Louisville matter.
That the controlling influence in the South
ern Railway field has been centralized as "A
result of the episode goes without saying. |
and 1t is accepted as a demonstration OF the
sweeping tendency of the times toward that !
end. |
General Conditions Ignored.
General conditions have been almost to-
tally ignored during the week. The con-
market has been an important factor in
fostering the strength of the stock mar
ket-, The interior has sent money to New
York this week and the subtreasury drain
on the market has been suspended, owing
to the large pension payments. The money
ate has remained sufficiently high TO in
vite further lending here by foreign houses,
In spite OF the demand upon foreign mar
kets; incident to the issue of the new
that loan is evidence of the abundance of
capital seeking investment. and the fact
OF a large American participation in the
subscriptions 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 fol-, 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
help from the crop prospects,, regarding
which the grain markets have refecteS
misgivings. The long-dreaded reduction in
the Amalgamated dividend passed almost
unnoted in the general animation of The
market. Az
The bond market showed some decline in
activity. as the stock market gained, and
there were some sharp reactions in Some os
the highly speculative issues. United Sto+es
2s advanced Is and the Is, registered and
old IS coupon u Per cent over the closine
call of last week. e