The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-25
ALL EYES ON The PIT
Grain Prospect Is Main Infiu-
ence in Speculation on
Wall Street
ALL STOCKS PICKING UP
Lake Shore Report Helps All the
Railroad List, Adding to the Be
lief That Community of In
terest Is Planned.
ALL STOCKS PICKING UP

NEW YORK, April 24.-The important
influence of the grain cgop pIo pect on IN
! stock market was again demonstrated to-
day. After a strong opening, prices wa
vered and commenced to go back when
the weather map was published, showing
almost no rain precipitation east of the
Rocky mountains. but when the wheat
markets opened and revealed an active
| liquidation there at declining prices,
stocks promptly began to pick up again.
Inc persistent sagging of the price Of
wheat was accompanied by growing and
bT cadening strength in stocks with the
notable demand conferred on the grain
carrying railroads. Reports from the
grain market attributed the weakness
there entirely to realizing of profits on
oYerextended long accounts. as no news
was forthcoming to indicate a better con-
dition in the crop. Naturally the covering
demand from the short interest in stocks
which has accumulated on the weeks
decline also played considerable part
in the speculative movement. But the
days events are a striking evidence CT
the intimate association at present be-
market
The quick response between the two is
emphasized by the general conviction that
the present strong leadership in the stock
market IS held by persons of long expe-
Hence IN grain speculation and heavily
committed in the current grain dealings.
Lake Shore Report an Aid.
joined to help the recovery in stocks. The
annual report of tie Lake Shore railroad
was a palpable influence on all of the
Nanderbilts, and indirectly on the whole
railroad list on account of the enormous
earning power revealed and the prosper
Gus traffic conditions. The disclosure Of
the purchase by the Lake Shore of a
large block of Lehigh Valley stock and
admissions on the part Of the principal
banking house interested in the coalers
that purchases eff Reading We're being
made by Now York Central, PennSylVa-
mia and the GOulds was taken as cor
federation of the extensive community If
interest being established in the whole
coal transportation industry.
New York Central recovered strongly
"a from its recent depression Lake
Shore itself and Michigan Central, owing
to the small floating supply outside the
New York Central treasury, rose IS and
1872 respectively on a very light demand.
United States Steel stocks shared in the
in many weeks, rising ~ each on ac-
count OF the very active conditions in the
trade.
Attention was attracted today to the
enormous expansion of plant in progress
which, according to one authority, Will
add at least 5000 tons daily to the pig
iron product.
Money Market sdI Easy.
From one point of view, this is cited
as evidence of the confidence of coEtin-
ued prosperity in the trade, as these en-
fragments will not come into full pro-
duction for year or a year and a half.
But the point is also made that con-
siderable Part of the heavy tonnage now
crowding the market is for these same
improvements and extensions of iron
works themselves. which are designed to
swell the supply. A variety of specialties,
including the more important industrials,
all shared in the strength Of the mar
ket.
The money market coptnued easy, with
evidence of continued recuperation of the
banking reserves. Sterling exchange con-
tinues firm but is still short of the god
expert point. The easy condition in the
money market is a material factor in
fostering the speculation.
The bond market was quite active and
strong. Total sales par value, $5,S15,0 900.
United States bonds were all unchanged
on the last call.