The age-herald., 1902-04-26
SEE-SAW FASHION
 WAS PERSISTENT Heavy Liquidation and Violent
 Breaks in Morning CHANGERS WERE LEADERS There Was Great Variety of Move y, nents Among the SpeclaIties.
 Sugar Was Weak-Bonds
 Were Firmly Held.
CHANGERS WERE LEADERS

New York, April 25-There was per- sistent tendency today among the stocks of grain-carrying railroads to move in a see-saw fashion with the price of grain. The heavy liquidation and a violent break in prices In this mornings grain market sent prices of the grangers up with a rush, Union Pacific leading with an ex- treme advance of PA The movement spent It's force when 1t was seen that good buying had developed in the grain market at the decline and that prices were rallying there from the slump caused by reports of last nights rains with the forecast of fair weather for tomorrow. The whole market felt the lack of the early aggressive leadership of Union Pa clfic and during the final hour there was a ragged recession which wiped out many early gains and carried prices of import ant stocks amongst the grangers. coal CTS, New York public utilities and high priced industrials below last night. There was late advance in the Southern group marked by very large buying of Southern railroad at an extreme advance of 15as. Louisville and Nashville rose SIS over last night after cratic fluctuations. This movement seemed designed to check the decline elsewhere in the stock market and when 1t was seen to be without effect the Southern stocks reacted. There was some bidding up of the grangers again at the close which was active and steady. There was large buying of the United States steel stocks during the morning by brokers usually employed by the snydi- cate. This buying seemed to be in con- nection with the issue of the bond cir culation. This stock reacted and became dull with the rest of the market.
 The circular disclosed that S35. 900 of the proceeds of the bond issue Is designed to capitalize expenditures already made for Improvements, and for properties pur- chased. The executive committee esti- mates that the expenditures of $25000, GOO for proposed improvements will add from 900 to $15,000 900 to the yearly profits. The s5O00O,000 proceeds of the sale of bonds for, cash are thus accounted for. Provision for the s1O,O000OO allowed the underwriting syndicates and it's man. agers, J. P. Morgan & Co.,, at the rate of per cent of the $25o, 1000, 900 bond is- sue is not made clear. The American ice stocks also moved vigorously upwards in face Of the passage of the dividend on the common and a proposition to issue debenture bonds ahead of the stocks. There was great variety of movements among the specialties. Amalgamated Copper advanced on the conjecture that the consolidation of the Heinze inter ests was preliminary to their absorption. The stock lost its gain Sugar was weak on the proposed investigation of the com panys Cuban holdings by a Senate com mittee. The preliminary figures of the weeks cash movement indicate receipts on lbalance from the interior by the banks of upward of $2,0O0000, to which Is to be added the gain of $937. 900 on Eub-treasury operations It Is expected that the early liquidat1ve borrowing has been renewed ard large syndicate trans actions may have been in progress.
 The activity of the stock market di- verted interest in the bond market but prices were firmly held Total sales par value, $5530,000 United States bonds were all unchanged on the last call.
 New York Stock Market.
 By Private Wire to Murphy d Cm