The Indianapolis journal., 1902-04-28
QUIET DAY in STOCKS
STRENGTH SHOWN
IN SEVERAL IMPORTANT ISSUES.
Bank Statement Favorable, but Early
Exports of Gold Are Indicated
The Weekend Conditions.


animation of the market during the week.
The Pennsylvania and the New York Cen
trail We're 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 to have some connection win
the strength of the two principal line stocks.
There were sharp advances in a number
of industrials and specialties which had
no apparent connection and were not e&-
plained by any new development. The bank
statement proved closely in accord with
yesterdays preliminary estimate and was
accepted favorable. But the attempt
to make realizing sales in the expectation
that demand for stocks would be attracted
by the statement found 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 grangors
seemed somewhat affected by the firmer
tone of 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
repressive influence on speculation, but the
tone of the market seemed chiefly due 10
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 ana 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 no
appreclable rallying until the reaction in
wheat and reports of rain in the Southwest
gave hope OF 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 ru-
mors were much given TO eXaggeration.
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-
chand1se movement to the corn region, as
the people there were in prosperous cOndt-
ton for 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 suffered considerable
deterioration during the past week. Not
WlthStanding 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 to an
other and developing strong spots. Conf
dence in the general railroad situation
Is toStered 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-
traordlnary expenditures OUT OF earnings
for betterments The details of the great
international steamship merger are in eVi-
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-
mlttedly been IN the interest of the great
trunk line systems in fourtherance of the
policy OF division of control of that traffic
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 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
Washington 10 file suit against the parties
TO the Northern Securities Company. 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 it is settled. The activity and strength
of the stocks of minor railroads in a strong
strategic position and available for adyan-
ah hGO OrrofiO hNr he
/ as well transfer of the control of Louis
| vile * Nashville, are 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 was undoubtedly
| heavy liquidation during the early part of
! the week in the stock market, but the finan-
! clal projects in view offer no ground for
! suppositon of any important reduction in
/ the volume of credits. In fact. there has
! been a 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 i'm France is a subject OF
/ wonder in the financial world. The con-
/ lecture that a large loan 10 Russia was I'm
/ contemplation has been OverthroWn by the
| authoritative statement that the Russian
] loan floated in Germany was with the stip-
i ulatiOn that no further Russian loan would
be offered within year. The French ac-
\ cumulation is now supposed TO be simply
/ due to prevalent spirit of distrust by in
/ vestors due TO heavy losses in Russian and
/ other industrials. 1t is expected that sat
/ isfactory outcome of tO-mOrrOw's 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-
tance 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 indebte ed
| 10 Paris a scale probably unprecedented
Speculative and convertible bonds have
| been very active moving i'm sympathy witt
! stocks United States twOs advanced Il per
| cent over the closing call of last week
| Following are the days share sales and
| the recorded price changes:
High Low Closinl
! Stocks. Sales est. est Bid
Atchison .......-..-...-. 4,yJ0 &A SIS 1z
/ Atchison pref ..-.--.... 500 S9l4 9S7s 9ST
! Baltimore q Ohio...... 1,S00 109Is 1OS7s 10SS
| B. a .. pref........... loo % g5 o.
Canadian Pacific ....... 5,400 1292s I2s1h 12SI
Canada Southern ....... 600 90 g2l3 %
/ Chesapeake * Ohio..... 400 4i As as
Chi. < Atom. so 3s 374 37L
/ c x a. pref. ..-...-..-.-- ... 7e
/ Chi Ind & Louis. $500 72A 7lh 7li
/ C. l. & L. pref. 300 81 So S2l
Chi & East. illinois,. .... 1s5
/ Chi Great Western. $500 26S 25Ss d
/ Chi. G. w. pref. A. -. SS,
I Chi c. w. pref. B.. .... . a.
Chi. & Northwestern LOO 253 253 253