Omaha daily bee., 1902-04-26
NEW YORK STOCKS AND BONDS.
Grain Liquidation Causes squirt in
at Opening.

NEW YORK, April &.-There was a 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 granger up with a
rush. Union Pacific leading with an ad-
vance of Pa. The movement spent its force
when II was seen that good buying had de-
veloped in the grain market at Se decline
and that prices were rallying there from
the slump caused by reports of last nights
rains and a forecast for fair weather to-
morrow.
The whole market felt the lack of early
aggressive leadership of Union Pacific, and
during the final hour there was a ragged
recession, which wiped out many early
gains and carried prices of important stocks
public utilities and high-priced industrials
below last night.
There was a late advance in the southern
group marked by very large buying Of
Southern Railway at an extreme advance
Of ~ Louisville was lifted at the same
tire rs and Chicago, indianapolis & Louis
lille Sb over last night after erratic huc-
tuations. This movement seems designed
to check the decline elsewhere in the mar
ket, and when II was seen to be without
effect the southern stock reacted. There
was some bidding up of the grangers again
There was large buying of the United
States Steel stock later in the morning
by brokers employed by the syndicstes.
This buying seemed to be in connection
with the issue of the bond circular. The
stocks reacted and became dull with the
ISSN VI II HlhEhets Inc circular disclosed
that SS5,0OO,00 0 of the proceeds of the bond
issue is designed to capitalize expenditures
already made for improvements and for
properties purchased. The executive COM
mlttee that the expenditures of
$29,OO,VO for proposed improvements will
add from 100000 to $15.OOO,0 600 to the yearly
profits. The 100000 proceeds of the sale
OF the bonds for cash are thus accounted
for. The provision for the SIC, 900 al
lowed the underwriting syndicate and its
managers, j. p. Morgan & Co, at the rate
OF Z per cent of the S25o, OOO,Oo0 bond ISSUE,
is not made clear.
The American Ice stocks also moved Wig
orously. upward in face of the passage Of
the dividend on the common and a PROPOSE
ton to issue debenture bonds based ahead
of the stocks.
There was a great variety of movements
among the spectalties. Amalgamated Cop
per advanced on the conjecture that the
consolidation of the Heinz interests was
preliminary, to their absorption. The stock
lost its gain.
Sugar was weak on the proposed investi-
CATION of the company's Cuba holdings by
a senate committee.
The preliminary figures of the weeks
cash movement indicate receipts on balance
from the interior by the banks of upward
OF S2'OoO,00L TO which is to be added the
gain of 1897, 600 on subtreasury operations
1t is expected that the early iiquidation
In the stock market may have contracted
bank loans, although speculative borrow
ing mas been renewed and large syndicate
transactions may have been in progress.
The activity of the stock market di-
verted interest from the bond market, but
par value, $5,305 900. United States bonds
were all unchanged on the last call.
The following are the closing prices on
the New York Stock exchange: