The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-04-25
GRAIN PROSPECTS AGAIN
az FACTOR IN STOCK MARKET.
AS WHEAT Says PRICES OF
SECURITIES GO UP.
Entire List Takes an Upward Turn
Money Remains Easy
Bonds Active.

New York. April 24.-The important effect
of the grain crop prospect upon the stock
market was again demonstrated to-day.
After a strong opening prices wavered and
commenced to go back, when the weather
Was published. showing almost no rain pre-
cipitation east of the Rocky Mountains, but
when the wheat markets opened and re-
vealed an active liquidation there at de-
cining 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 conferred on the
grain-carrying railroads. Reports from the
grain market attributed the weakness
there entirely to realizing of profits on
over extended long accounts, as no news
was Forthcoming to indicate a better con-
dition In the crop. Naturally the covering
demand from the short interest in stocks,
which has accumulated on the weeks de-
cline. also played a considerable part In the
speculative movement. But the days
events are a striking evidence of the init
grain markets and the securities market.
The quick response between the two is
emphasized by the general conviction that
the present strong leadership in the stock
market is held by persons of long expert
ence in grain speculation and heavily COM
United in the current grain dealings.
Other Lend Aid.
There were other financiers who conjoined
10 help the recovery In stocks. The annual
report of the Lake Shore Railroad was a
palpable influence on all of the Vanderbilts.
and indirectly on the whole railroad list on
account OF the enormous earning power re-
yealed and the prosperous traffic conditions.
The disclosure of the purchase by the Lake
Shore of a large block Of Lehigh Valley
stock and admissions on the part OF the
principal clearinghouse interested In the
coalers that purchases of Reading were be-
ing made. by New York Central, Pennsyl-
vania and the Goulds We're taken as corro5-
Grafton of the extensive community of in
terest being established in the Who'll coal
transportation industry. New York Central
preston. Lake Shore itself and Michigan
Central. owing to the small floating supply
outside the New York Central treasury, rose
u and 1919 respectively. on a very light de-
mand.
Steel Shares Shared I'm Strength.
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 conditions in the trade.
Attention was attracted to-day to the enor-
nous expansion of 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 as evidence
OF the confidence of continued prosperity in
the trade, as these enlargements will not
come into full production for a year or a
year and a half. But the point is also made
that a considerable part OF the heavy ton
mage now crowding the market is for these
same improvements and extensions OF iron
works themselves which are designed to
including the more important industries, all
shared in the strength of the market. The
money market continued easy, with evil
dence of continued recuperation of the
banking reserves. Sterling exchange COIL
tinues firm. but is still short of the gold
Export point. The easy condition in the
money market is a material factor in fos-
tering the speculation.
The bond market was quite active ana
strong. Total sales, par value, S5.S15.0D
United States bonds were all unchanged on
the last call.
y~esterday's hank C~lenrings.