The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-27
STOCKS MORE QUIET
Prices Are Carried Down
ward in Many ImpOr-
tant Lines
ALL WAIT ON THE CROPS
Leading Speculative Interest on
Wall Street Is Also Notable
for Activity in the
Grain Pits.
ALL WAIT ON THE CROPS

| NEW YORK, April 26.-Today's stock
market was rather quiet and gave little
| evidence Of the activity of the large
specuIativ forces which have kept up
| the animation of the market during the
| week. Pennsylvania and New York Cen
| trail were conspicuous stocks which show
| ed considerable strength, with some SYM
pathetic influence on the stocks or SUP
| Sidiary or allied companies. The 12-point
| rise in New York New Haven & Hart
| ford was supposed to have some connec-
| ton with the strength of the two prln-
| cipal trunk line stocks. There were snarp
| advances in number or 1nduStr1alS and
! specialties which had no apparent con-
| nection and were not explained by any
new developments.
| The bank statement proved closely in
accord with yesterdays preliminary estl-
mates and was accepted as favorable,
| but the attempt to make realizing sales
in the expectation that the demand for
stocks would be attracted by the state
ment from a yielding market and prices
Were carried downward in many import
ant stocks to below last nights level.
Yesterdays support for United States
Steel stocks were lacking and those
stocks were heavy throughout. The
| the firmer tone Of the grain markets.
! There was no sequel to late yesterday s
| squirt in Southern Railway and that stock
sagged until the close. 43a-
Closing Active and EASY
| The closing generally was active and
| easy. The meeting Of the committee nav
| irg in hand the attempted settlement or
| the anthracite n;irer demands was q
| repressiVe influence on speculation, put
! the tone of the market seemed chiefly due
| to the disposition of operators to take a
whole holiday instead of a half day after
| the considerable activity and excitement
of the week.
With the period of growth CT the inter
- 1oh off q
ing period for corn and spring wheat,
the stock n arket this week has reflected
The importance attached 10 Ine crop
| prospect as outlining the hope Of con-
tinTed prcsrerity for the whole country.
The remarkable hot weather in the week
and the absence of moisture turned tne
prices of stocks downward, ana thefe
was no appreciable rally1ng tendency uH-
fiji the rally in wheat and the reports
of rain in the Southwest gave hopes OF
relief from the threatening conditions 1t
is notorious that the leading speculative
interest in the stock market is very &C
tive also in the grain markets Tor TINS
season, much manipulation was eVloent
in both market, and current rumors were
much given to eXaggeratlon.
Closing Speculation Is Strong.
For instance, reports in circulation that
the coming corn crop was se SCI nt
threatened are scarcely warranted dt
time when the seed is not even IN me
ground. The influence of last year CO.. II
Shortage is too obvious in the country 5
domestic and foreign traf1c not to make
tbo outcome of the coming crop one or
paramount importance. During the cur
rent year the corn shortage mas not M
terially affected the merchandise hlovT-
ment to the corn region as the people
there were in prosperous cCnd1uon from
several good previous years
AS is always the case, also. the snort
age in corn led to large marketing q I.a 2
stock. so that the railroad traffic was
well maintained. But another corn crop
could not but materially affect the earn
ing power of railroads. After coming
through the winter in only moderate
condition, the winter wheat crop has IN
doubtedly suffered considerable dete-
rioration during the past week.
Notwithstanding the strong lhnuen
of the grain situation, it 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 to another and developing
strong spots Confidence in the general
| railroad situation is fostered by the gen.
orally high level of earnings reported
and by such sTecial exhibits as the an
nuaI report of Lake Shore with its
great surplus earnings over extraordi-
nary expenditures out of earnings for
betterment.
Ship Merger Strengthens Market.
The details of the great international
steamship merger are accepted as EVIL
dence of progress towards the strength
ening and consolidation of the transpor-
tation facilities both domestic and inter-
national, of the country.
The working out of the community Of
interest in the anthracite carriers is also
in evidence, ard some of the weeks
buying of the Readings has admittedly
been in the interest of the great trunk
line systems, in furtherance of the pol
icy of division of control Of that traffic
among them. Lake Shores repcrt of the
acquisition Of a large block of Lehigt
Valley is evidence of the same tendency
at hn md ind
er Of the legal obstacles which may be
interposed for merger projects in the de-
cision of the supreme court to allow the
state of Washington to file suit against
the parties to the Northern Securities
company.
Tie force is seen of the comment by
one of the principals. that the consoIida-
ton of ownership in the Northwest is
assured, whatever may be the decision
of the supreme court on the present plan
of holding Of the properties. But the
fact remains that important financial re-
suits depend upon the success of the
present plan of holding OF this company.
and the plan of its validity must remain
a weight on the securities market until
it is settled.
The activity and strength of stocks Of
minor railroads In a strong strategic pc,
sition and available for advan tageous
absorption by the larger railway sys
TENS, IS well as the transfer of control
of Louisville & Nashville. are evidences
of the continued conviction of the steady
tendency toward consolidation In the
railroad world.
The money market has attracted little
attention as the easy terms offered no
check to the speculation. There was I'M
doubtedly liquidation during the early
part of the week in the stock market
but the large financial projects in view
| offer no ground for a Supposition of any
important reduction IN the volume Of
credits
In fact there has been a large expan.
| sion of our foreign obligations as shown
! by the supply of bankers exchange bills
| In the market against sterling loans In
| spite of this. the course of exchange has
| been upward and gold exports are con.
sidered probable again The present ex-
| traordinarv accumulation of banking re-
| serves IN France is a subject of wonder
| In the financial world
The conjecture that large loan TO
Russia was in contemplation has been
| oVerthrown by the authoritative states
ment that the Russian loan floated in
Germany was with the stipulation tina +
no further Russian loan would be offered
within year. The French accumuIa-
ton IS now supposed to be simply due to
! a prevalent spirit of distrust by In
/ vestors, due to heavy losses in Russia,
/ and other industrials. 1t is expected that
| satisfactory outcome Of tomorrow' {
| elections In France may lead to some
outflow of French capital in the channaig
/ of investment -
| Speculative and convertible bonds have
| with stocks 80
United States Is advanced 4 pe- com
over the closing call Of last week
Stocks.
! PcI