The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-27
QUIET DAY IN STOCKS
CONSIDERABLE STRENGTH SHOWN
IN SEVERAL IMPORTANT ISSUES.
Bank Statement Favorable, but Early
Exports of Gold Are Indicated
The Weekend Conditions.

NEW YORK, April 26.-To-day's stock
market was rather quiet and gave very
little evidence of the activity OF the large
speculative forces which have kept up the
animation of the market during the week.
The Pennsylvania and the New York Cen
trail were the only conspicuous stocks to
show sustained strength, with some sympa-
thetic influence on the stocks Of subsidiary
or allied companies. The twelve points rise
| in New York, New Haven & Hartford was
/ supposed 10 have some connection with
the strength of the two principal line stocks.
| There were sharp advances in number
of industrials and specialties which had
! no apparent connection and were not e&-
| planned by any new development. The bank
statement proved closely in accord with
yesterdays preliminary estimate and was
accepted as favorable. But the attempt
to make realizing sales in the expectation
that demand for stocks would be attracted
/ by the statement found a yielding market
and prices were carried downward IN many
important stocks TO below last nights level.
Yesterdays support for the United States
Steel stocks was lacking and these stocks
were heavy throughout. The grangcrs
seemed somewhat affected by the firmer
! tone or the grain markets. There was no
sequel to yesterdays late squirt in South
| ern Railway, and that stock sagged until
the close. The closing generally was active
and easy. The session of the committee
having in hand the attempted settlement
Of the anthracite miners demands was a
repressive influence on speculation, but the
! tone Of the market seemed chiefly due TO
the disposition of the operators to take
a whole holiday instead of half day. after
the considerable activity and excitement of
/ the week.
With the period of growth of the winter
! wheat crop and the approach of the seed
Ing period for corn and spring wheat, the
stock market this week has reflected the
| Importance attached to the crop prospect
as outlining the hope of continued pros
perity for the whole country. The remark
able hot weather early in the week and
the absence OF moisture turned the prices
or stocks downwards, and there was no
| appreciate rallying until the reaction in
wheat and reports OF rain in the Southwest
| gave hope or relief from the threatening
conditions. The leading speculative inter
est IN the stock market is very active also
! in the grain markets, and much manipula-
| ton was evident In both, and current
| mors were much given to exaggeraton.
| reports that the coming corn crop was
seriously threatened are scarcely warranted
when the seed is not even in the ground.
During the current year the corn short
| age has not materially affected the mer-
| chandise movement the corn region, as
the people there were in prosperous condi-
! ton Tor several good previous years. The
shortage in corn also led TO large market
| ing of live stock. But another poor corn
crop could materially affect the earning
power or the railroads. The winter wheat
| crop undoubtedly has Sun cred considerable
| deterioration during the past week. Not
withstanding the strong influence of the
| grain situation, ii is obvious that strong
| and aggressive speculative forces are still
active In the stock market and they have
been alert in shifting from one point 10 an
| other and developing strong spots. Conf
| dence in the general railroad situation
Is fostered by the generally high level of
| earnings reported and by such special ex-
| hibits as the annual report Of Lake Shore
| with its great surplus earnings over ex-
traordinary expenditures out of earnings
Tor DettermentS. The details of the great
international steamship merger are in evil
dence, owing to the rapid progress towards
| the strengthening and consolidation of the
| transportation facilities, both domestic and
| international, of the country. The working
out of the community of interests in the
! anthracite carriers is also in evidence and
| the weeks buying of the Readings has ad-
| mittedly been in the interest of the great
| trunk line systems in fOurtherance of the
| among them. Lake Shores report of the
acquisition of a large block of Lehigh Val
| ley is evidence of the same tendency.
On the other hand, there was a reminder
| of the legal obstacles which may be inter-
| posed for merger projects in the decision of
the Supreme Court to allow the State of
to the Northern Securities Company. The
force is seen Of the comment by one of the
principals that the consolidation of owner
ship in the Northwest is assured, whatever
| may be the decision of the Supreme Court
on the present plan of holding the proper
ties. But the fact remains that important
financial results depend on the success of
| the present plan of holding these COM
panies. and the question of its validity must
remain a weight on the securities market
! until 1t is settled. The activity and strength
of the stocks of minor railroads in a strong
| strategic position and available for advan-
tageous absorption by the larger systems,
| as we'll as transfer of the control of Louis
| Vile & Nashville, evidences of the
steady tendency towards consolidation in
| the railroad world.
The money market has attracted little at
| tention, as the easy terms offered no check
TO the speculation. There undoubtedly
! heavy liquidation during the early part of
| the week in the stock market, but the fnan-
! cial projects in view offer no ground for
/ superstition of any important reduction in
! the volume of credits. In fact, there has
been large expansion of foreign obliga-
tions. as shown by the supply of bankers
| exchange bills in the market against ster-
ling loans. In spite of this, the course of
| exchange has been upwards and gold ex-
! ports are considered probable again. The
| present extraordinary accumulation of
| banking reserves in France is a subject OF
! wonder I'm the financial world The
lecture that large loan 20 Russia was in
contemplation has been overthrOwn by the
| authorize tive statement that the Russian
loan floated In Germany was with the stip-
! ulation that no further Russian loan would
| be offered within a year. The French ac-
| emulation Is now supposed to be simply
due TO a prevalent spirit of distrust by in
| vestors due to heavy losses in Russian and
| other industrialS. 1t is expected that a sat
| isfactOry outcome of tO-mOrrOws elections
! in France may lead to some outflow of
| French capital into the channels of invest
| ment. Some tentative steps were taken to-
| wards securing the admission of American
| securities TO the Paris Bourse or towards
| the removal of obstacles to the admission of
| foreign securities there, to which impOr-
| lance Is attached. Meantime American
capitalists are availing themselves of the
| abundant resources of the French money
| market in the carrying out of syndicate
| projects and the London market is indebted
| to Paris scale probably unprecedented
| Speculative and convertible bonds have
been very active. moving in sympathy with
/ stocks. United States twOs advanced Il per
| cent. over the closing call of last week
Following the days share sales and
| the recorded price changes: