The Saint Paul globe., 1902-04-26
SEE-SAW IN STOCKS
Changers Prices Follow in
Sympathy With the Grain
Pit Quotations
STEEL TRUST IN FAVOR
Circular Regarding New Issue
Brings Strength, Although Pro-
vision for Underwriting SYM
dicate Is Not Plain.
STEEL TRUST IN FAVOR

NEW YORK, April 25-There was a
persistent tendency today among the
stocks of grain carrying roads to move
in see-saW fashion with the price Of
grain. The heavy liquidation and vio-
lent break in prices in this mornings
grain market sent prices of the grangers
up with a rush, Union Pacific leading
with an extreme advance of PA The
movement spent its force when it was
seen that good buying had developed in
the grain market at the decline and the
prices were rallying there from the slump
caused by reports of last nights rains
with the forecast of fair weather for to-
morrow.
The whole market felt the lack of the
early aggressive leadership of Union Pa
cif1c and during the final hour there was
a ragged recession which wiped out many
early gains and carried prices of I'M
portant stocks amongst the grangers,
coaiers, New York public utilities and
hlgh-pricsd industria1s below last night
There was a late advance in the South
ern group, marked by very large buying
Of Southern railway at an extreme ad-
same time 2$s, and Chicago, Indianapolis
& Louisville rose 13s over last night after
erratic fluctuations.
United States Steel Favorite.
This movement seemed designed to
check the decline elsewhere in the mar
out effect the Southern stocks reacted.
There was some bidding up Of the grang
ers again at the close which was active
and steady There was large buying Of
the United States Steel stocks during the
morning by brokers usually employed by
the syndicate. This buying seemed to
be in connection with the sales of the
bond circular. The stocks reacted and be-
came dull with the rest Of the market.
The circular disclosed that $35, go Of
the proceeds of the bond issue IS de-
signed to capitalize expeditGres already
made for Improvement and for properties
uIJrcboG Gp1 Tha GYPc1IfiUp committee X
Inmates that the expenditures of $25,OO0,-
000,000 for proposed improvements will
add from $10G0O,000 to s15, 100000 to the
yearly profits. The $50, 600 coo proceeds of
the sale of bonds for cash are thus &C
counted for. The provision for the $10,
000,000 allowed the underwriting syndicate
and its manager, J. p. Morgan & Co, at
the rate of A per cent Of the $3.50, ,00O 900
bond issue is not made clear.
The American Ice stocks also moved
vigorously upwards in face of the passing
of the dividend on the common and a
proposition to issue debenture bonds
ahead of the stocks.
Speculative Borrowing Renewed.
There was great variety of move
ments among the spec1aIties. Amalga-
mated Copper advanced on the con-
lecture that the consolidation of the
HeinZe interests was preliminary to their
absorption The stock lost it's gain. Sug-
ar was weak on the proposed investiga-
ticn of the company's Guam holdings by
a senate committee.
The preliminary figures Of the week s
cash movement indicate receipts on ball
ance from the interior by the banks of
upwards of 100000 to which is to be
added the gain of 1897, 900 on subtreasury
operations. 1t is expected also that the
early liquidation in the stock market
may have contracted bank loans, all
though speculative borrowings have been
renewed and large syndicate transac-
tions may have been in progress.
The activity in the stock market d1-
verted interest from the bond market
but prices there We're firmly held Total
sales, par value IS, 305, 600.
United States bonds were all unchang-
ed on the last call.
Stocks.