The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-25
STEEL STOCKS STRONGER
FOR THE FIRST TINE IN WEEKS
THEY MAKE AN ADVANCE.
As Grains Decline Prices for Securi-
ties Go Up-The Money Market
Continues Fairly Easy.

NEW YORK. April 24-The important
influence of the grain crop prospect on the
market was again demonstrated to-day.
After a strong opening prices wavered and
commenced TO go back when the weather
map was published. showing almost no
rain precipitation east Of the Rockies but
when the wheat markets opened and re-
veaIed active liquidation 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 centered on the grain-car-
rying railroads. Reports from the grain
market attributed the weakness there en-
tirely TO realizing of profits on Overex-
tended long accounts, as no news was
forthcoming to indicate a better condition
in the crop. Naturally the covering de-
mand from the short interest in stocks
which has accumulated on the weeks de-
clines, also played a considerable part in
the speculative movement. But the days
happenings are a striking evidence of the
intimate association at present between
the grain markets and the securities
market. The quick response between the
two is emphasized by the general convic-
ton that 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 NaS
palpahle influence on all of the Wander
bits 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 a large block of Lee
high Valley stock aud admissions on the
part of the principal banking house inter
ested in the coalers that purchases of
Reading were being made by the New
York Central, the Pennsylvania and
the Goulds was taken as corrobora-
ton OF the extensive community
of interest being established In the whole
cOal-transportation industry New York
Central recovered strongly pa from its re-
cent depression. Lake Shore itself and
Michigan Central, owing to the small float
ing supply outside the New York Central
treasury, rose 10 and 1919. 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 liz
each on account Of the very active cOndi-
lions in the trade. Attention was attracted
to-day to the enormous expansion OF the
plant in progress, which, according to one
authority, will add at least 5000 tons daily
to the pig iron product. From one point of
view this is cited evidence of the conf
dence of continued prosperity in the trade,
as these engagements Will not come into
fun production for a year and n half But
the point is also made that a considerable
part of the heavy tonnage now crowding
the market is for these same improvements
and extensions of iron works themselves,
which are designed to swell the supply. A
variety of specialties, including the more
important industrials, all shared in the
strength of the market. Permission has
been given the Louisville & Nashville TO
list on the New York Stock EXchanbe the
now famous $1,000 shares of stock which
were sold during the movement resulting
in the change of control Of that road. The
stock will be added to the list on May Z.
The money market continued easy, with
evidence of renewed recuperation of the
banking reserves. Sterling exchange con-
tinues firm but is still short of the gold eX-
port point The easy condition in the
money market is a material factor in fos-
terng the speculation.
The bond market was quite active and
strong. Total sales. at par value. were
$5,S15,OO0. United States bonds were all un-
changed on the last call.
Following are the days share sales and
the recorded price changes: