The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-25

ed today. After strong opening prices
WaVered and commenced to go back
when the weather map was published.
showing almost no rain precipitation
east of the Rocky Mountains, but when
the wheat markets opened and revealed
an active liquidation there at declining
prices, stocks promptly began to pick
up again. The persistent sagging Of the
price of wheat was accompanied by
growing and broadening strength IN
stocks with the notable demand center
ed on the grain carrying railroads. Re-
ports from the grain market attributed
the weakness there entirely to realizing
of profits on over extended long &C
counts, as no news was forthcOmin.' to
Indicate a better condition in the crop.
Naturally the covering demand from
the short interest in stock which has ac-
crmulated on the weeks decline also
played a considerable part in the spec
uative movement, but the days events
are striking evidence of the Intimate
association at present between the grain
II arkets and the securities market. The
quick response between the two is en-
pl ny Tic StnCId al CoiN lS1ioii Ii''S
the present strong leadership in the
stock market is held by persons of long
experience in grain speculation and
heavily committed in the current grain
dealings. There were other factors
which conjoined to help the recovery in
stocks The annual report of the Lake
shore Railroad was a palpable influence
on all the Vanderbilts and indirectly on
the whole railroad list on account of the
enormous earning power revealed and
the prosperous traffic conditions. The
disclosure of the purchase by the Lake
Shore of large block of Lchigh Valley
stock and admissions on the part of the
principal banking house interested in the
coalers that purchases of Reading were
being made by New York Central
Pennsylvania and the Goulds was taken
as confederation of the extensive COM
munity of interest being established in
the whole coal transportation industry.
New York Central recovered strongly
2% from it's recent depression. Lake
Shore itself and Michigan Central, ow-
ing to the small floating supply outside
the New York Central treasury, rose
13 and 1912 respectively on a very light
demand. United States Steel stocks
shared in the strength of the market for
the first time in many weeks, rising IL
each On account of the very active con-
ditions in the trade. Attention was at
tracted today to the enormous expan-
sion Of plants in progress which, ac-
cording to one authority, will add DIT
least 5000 tons daily to the pig iron
product. A variety of specialties, in
cluGing the more important industrials,
all shared in the strength of the mar
ket. The money market continued easy
with evidence of continued recuperait
ton of the banking reserves. Sterling
exchange continues firm, but is still
easy condition in the money market is
a material factor in fostering the spec
ulation.
The bond market was quite active and
strong The total sales, par value)
SIS 81, 900. -,
United States bonds We're all unchang-
ed en- the last call.
Total sales Of stocks today We're .9G5. y
eco shares including Atchison 41,500: b.
& O. 6,7C0; Canadian Pacific 1890; Col
orado Southern 6,100; Erie %, 100: do
first preferred $500; N. & n. s, 100; Man
haitian 1900 Mexican Central 800;
Missouri Pacific 1850: New York Cen
trail 23100; O. & w. 1900. Pennsylvania
900; Reading $4,000: do first preferred
II 100; do second preferred 1920; st.
Paul 27100; Southern Pacific 21,S00,
Southern Railway 1880: Union Pacific
So 900; Wabash 13400; do preferred "a
300; Amalgamated Copper %, 100; Brook
lyn Transit 90, 400; Colorado Fuel and
Iron 07,900; Consolidated Gas 30,100;
Continental Tobacco preferred 5,100;
Peoples Gas 14,100: Republic Steel 81
900; do preferred 5,400; Sugar 22,i00;
Tennessee Coal and Iron 4S.900: II. S.
Steel $4,000; preferred 57.100; American
Locomotive II, 100; DO preferred $500.