The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-24
WATCH THE WEATHERMAP
WALL-STREET TRADERS SENSITIVE
TO THE GRAIN SITUATION.
Continued Liquidation Results in
Generally Lower Prices-Pres-
sure on the Money Market.

NEW YORK, April 23-To-day's transfers
Of stock again reached an aggregate of over
100000 shares, but the animation Of the
speculation is decidedly deteriorated from
the nearly two million share business of
Monday. There was great variety in the
dealings. but the undertone of the market
was decidedly heavy all day and the adj
vances in some parts Of the list were in
sufficient to clear up the tone. The weather
news from the Western grain regions was
the central topic Of discussion Prices were
successfully turned upwards during the
dealings. the grain carriers sharing fully in
the advance. In the case of Atchison the
opening rise was IA but half an hour later,
when trading began in the grain markets.
with prices strongly advancing these
stocks gave way. The government weather
map was sufficient evidence that yester-
days hopeful estimates of sufficient rain
to undo any damage already done were not
we'll founded. The strong rise in the corn
market also helped to depress stocks, not
withstanding the unlikelihood of any ac-
curate knowledge at this time CT the
chances OF the corn crop. But the evidence
at hand from day 10 day Of the far-reaching
effects Of last years corn shortage is so
impressive that the speculative mind will
be very sensitive to the prospects of the
coming crop of that staple. There was
renewal of the recent active demand for
the coalers, the Readings again taking the
lead on the supposition that the settlement
of the wage dispute is imminent. When,
however, it was perceived that the strength
Of this part of the market had little effect
in checking the dribbling liquidation OF
Western railroad stocks, the movement OF
the coalers ceased and prices reacted there.
Efforts were made on behalf of the large
speculative leaders to convey the impress
sion that the sharp reaction in prices had
been connived at and furthered by manipu-
lation with the purpose of shaking off weak
speculative followers in preparation for
renewed and stronger upward movement.
The market, in fact, showed the stronger
technical position resulting from the liQui-
dation of the weaker class of lightly mar
gined accounts The pressure to sell was
much less urgent and the fall in prices not
so violent, but the selling was no less per-
sistent and the downward tendency no less
constant. The strength or the sterling ex-
change market called renewed attention 10
the possibility of gold exports and revived
discussion of the present heavily-eXpanded
condition of credits. The provision to be
made for the great steamship merger, the
coming stock conversion by the United
States Steel Corporation, the provision for
the purchase OF the Louisville & Nashville
and the subscription to the Pennsylvania
bond issue for SO, co., 900 indicate some of the
heavy requirements on the present mar
rowed resources of the money market. An
incident of the day was sharp rally in
Sugar of IA on the expressions OF conf
dence from Washington that an agreement
would be reached on the Cuban reciprocity
ga. Amalgamated Copper, Tennessee Coal,
the Cotton Oil and Notwithstanding Chem
ical stocks, international Silver preferred
ae es We're srOng There %as
also among number OF minor
railroad stocks the ground of
their strategic position. The Wisconsin
Central stocks, the Toledo, st. Louis &
Western stocks and the Detroit Southern
stocks were in this class. The market
closed heavy.
Consolidated Tobacco fours were strong
and active. Otherwise the bond market
was irregular. Total sales at par value
were $4.7g0000. United States bonds were
all unchanged on the last call.
Following are the days share sales and
the recorded price changes: