The Montgomery advertiser., 1902-04-11
WALL STREET REVIEW
A WILD MARKET FOR LOUIS
 ILLEE & NASHVILLE.
Southern Railway, Which Has Been Among the Stocks Conspicuous for Strength, Was a Suffer
 er-Bonds Irregular.

NEW YORK. April io-There was . very wild market for Louisville and Nashville to- day and the ominous jumps made by the price in its conclusive advance to 20 this morning aroused unpleasant memories of May last year, when Northern Pacific was cornered pre- of the Stock Exchange Many of the active operators in Louisville and Nashville on the rise have fostered the supposition that 2 ais tressed short interest was aimed at py the campaign. The disposition to buy stocks was suddenly cooled and preference for the selling side developed. The disposition to sell was increased by another furry in the money mar ket during the afternoon and the selling move ment spread through the list. carrsinE prices ss 1 and 2 points under last nights stocks which had been conspicuous for strength. not ably Southern Railway and Missouri Pacinc. did not escape damage to. this extent. In some cases the losses considerably exceeded these limits. Louisville alone of the promi- nent stocks continued to show feverish strength. reboundng from each successive re action. There was some covering py proies- was actively renewed and the closing was IT, regular and not far from the lowest. The ac- tion of Louisville seemed to indicate that 8 short inteerst in the stock was feeling con siderable distress to maintain it's position. The Wall Street supposltion is plausible that the disposition of the S5, 900 900 nev stock authorized involved a short position in the market technically necessitating the borrow ing of the stock sold until the Stock Exchange authorities admit the new stock to the list Reports of buying for control by competing companies or of big consultations have all
 
 ulative measure for melting speculation else where in the markeA the wild movement in Louisville Is demonstfaby failure. During the first hour today over one-uarter or the total capital stock of the company changed hands and dealings for the day amounted to over half the capitalization. Within three days the number of shares sold has been many thousands in excess of the total capitalization of the company. The highly speculative char acter of the movement is therefore clear. The dealings in Southern Railway continued very large today in accordance with the hypothesis of the contract for control between the two companies. but it made no great progress pp- wards and shared in the late reaction. The rise in Missouri Pacific ascribed to pool operations based on the evident working out of extensions for the Gould system. The sitive condition of the money market was ern- phasized by today's announcement of huge combination in the hardware trade, the un- dertaking by Americap capital to finance the London traction improvements and the rur- chase by New York capitalists of the Choctaw, Oklahoma and Gulf Railway all promising syndicate requireemnts for credit. Foreign ex- change declined further indicating further borrowing of foreign capital and obviatng the chance of further immediate gold exports,
 The bond market yielded to realizing in sym pathy with stocks and became irregular after notable strength in the recently active specu- lative issues. Total sales tpar valueD, S4.975. 900. United States 5's advanced 12 per cent. on the last call.