The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-26

GRAIN STATUSREFLECTED
STOCK PRICES RISE As THOSE OF
THE CEREALS GO DOWN.
Fall Later with the Grain Recovery
Probable Gain of Cash by the
Banks-The Days Changes.

NEW YORK, April 25.-There was a per-
sistent tendency to-day among the stocks
of grain-carrying railroads to move in
seesaw fashion with the prices of grain.
The heavy liquidation and movement Of
prices in this mornings grain market sent
the grangers up with a rush, Union Pacific
leading with an extreme advance of Pa.
The movement spent its force when it was
seen that good buying had developed in
the grain market at the decline and that
the prices were rallying from the slump
caused by reports of last nights rains with
the forecast of fair weather for to-mor-
row. The whole market felt the early lack
of aggressive leadership of Union Pacific.
and during the final hour there was a rag
geo recession which wiped out many early
gains and carried prices of important
stocks among the grangers, coalers, New
York public utilities and high-priced indus
trials below last night There was late
advance in the Southern group, marked by
very large buying of Southern Railway at
an extreme advance of rs. Louisville was
lifted at the same time 22s, and Chicago.
indianapolis * Louisville rose 3s over last
night after cratic fluctuations This move
ment was designed to check the decline
elsewhere in the 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 ususally
employed by the syndicate. This buying
seemed to be in connection with the issue
of the bond circular. The stocks reacted
and became dull with the rest of the mar
ket. The circular disclosed that $35OOO.OOO
OF the bond issue is designed to capitalize
expenditures already made for improve
ments and for properties purchased. The
executive committee estimates that the
penditure Of 81, 100000 for proposed inn
prOvements will add from $l0O00.0o0 TO $l5,-
OOOOO0 TO the yearly profits. The $JOOVO,UUO
proceeds from the sale of bonds for cash
Is thus accounted for. The provision IOr
the $4,000 600 allowed the underwriting syn
dictate and its managers. j. r. Morgan x
Co., at the rate of per cent. of the $780,
The American Ice stocks also moved
vigorously upwards in face OF the
passing of the dividend on the
common and a proposition to issue deben-
ture bonds ahead OF the stocks. There was
a great variety OF movements among the
specialties. Amalgamated Copper advanced
on the conjecture that the consolidation OF
the HeinZe interests was preliminary 10
their absorption. The stock lost its gain.
Sugar was weak on the proposed lnVestlSa-
ton OF the company's Cuban holdings by
a Senate committee. The preliminary hg-
ures of the weeks cash movement indi-
cate receipts on balance from the interior
by the banks of upwards of 100000, to
which is to be added the gain of $4,000 on
subtreasury operations. 1t is expected that
the early liquidation in the stock market
may have contracted bank loans, although
speculative borrowing has been renewed
and large syndicate transactions may have
been in progress.
The activity of the stock market diverted
interest from the bond market, but prices
there were firmly held. Total sales at par
value were So, 235, 900. United States bonds
were all unchanged on the last call.
Following are the days share sales and
the recorded bid prices: