The age-herald., 1902-04-06
STOCKS REFLECT
 RECENT ACTIVITY Speculative Element Brought About the Late Revival MONEY RATES HARDENING Louisville and Nashville Was the Only Important Stock to Make
 Notable Headway on the
 Final Rally.

New York, April 5.-Today's stock market continued to reflect the activity of the speculative element which has caused the revival in the market during the latter part of the week, but their operations had to meet heavy realizing sales after the opening. The market had turned upward again when the dis closure of the present shrinkage in the surplus reserve of the banks renewed the selling and sent prices generally below last nights level. Louisville and Nash vile was the only important stock to make notable headway on the final rally, and the market closed irregular. There was some reversion to the obscurer class of stocks as shown by the 20-point rise in Burlington, Cedar Rapids and North ern, in United States Express, and 3A in Nashville, Chattanooga and St. Louis. Hooking Valley made a renewed ad- vance. Sugar and Colorado Fuel were under pressure but rallied effectively. The banks failed to show the expected effect to the draw into the sub-treasury by any gain in the interior movement of currency. Apparently losses were in- cured on this account as well as on sub-treasury operations. There seems to have been. special transfers of specie to Philadelphia during the week which is attributed to requirements growing out of the labor situations In the coal fields. The disbursement of government inter- est during the week has made no im- pression upon the sub-treasury absorp- tions which has been aggravated by large deposits of lawful money for ac- count of national banks which are re- tiring their circulation.
 The activity in the stock market gave warning of a probable increase in the loan account of the banks The net re- suit is a cutting down of the surplus by two-thirds. Gold exports are considered probable next week.
 The passing of the April settlements has resulted in only moderate growth of speculative interest in stocks, in spite of the efforts of professional operators to attract an outside following by ma nipulation of prices. The most conspicu- ous price movements of the week have been attributed almost entirely to such manipulation. The sudden spurt after the middle of the week in the grangers and Pacifics gave rise to some con1ec- lures of important developments under cover but nothing came to the public knowledge to explain it. The supposltloh is general that the element which has been acIlNe III lIe Ih6I lS iiiapS NP OA Western men who are conducting paral- Tel operations in the grain market There was evidence of a shift during the week by speculators of long to the short side in grain and from the short to the long side in stocks. There have been opera tions also by professional pools in many of the minor railroads, apparently on the general assumption that the minor sys- tems will ultimately be sought for ab- sorption by the great systems or for con solidatfon into competing systems. op- scure industrial stocks have continued to spring into sudden activity from time to time without special explanation or on reports which fail of confirmation These various systems go to show that the pr, at banking and financial interests or the country, whose operations formed the backbone of last years great markets are still holding aloof. These interests are supposed to hold vast amounts or SC curities, the product of last years combl- nation projects, which are destined TOT ultimate distribution to the public. Thelr abstention from stock market operations is supposed to be due to their conVlctloh fhat the present attitude of investors to- wards securities is not favorable.
 There has been some demand for ponds and prices remain unchanged. Umteo states coupons advanced ss as compared with last weeks call price.
 New York Stock Market
 sy Private Wire 10 Murphy & C"-