The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-24
FALL IN SPECULATION
Trading, However, Continues
Heavy ON Wall Street
Market
WEATHER MAIN FACTOR
Advances in Some Portions of the
List of Shares insufficient to
Clear Up the Gem
eraI Tone.
WEATHER MAIN FACTOR

NEW YORK, April 23.-Todays trans
fers of stocks again reached an aggre-
gate of over one million shares, but the
animation Of the speculation is decidedly
share business of Monday. There was
great variety in the dealings today, but
the undertone of the market was decided
ly heavy all day and the advances in
some portions of the list were INSULT
Gent to clear up the tone.
The weather news from the Western
grain regions was the central topic of
discussion. Prices were successfully
turned upwards during the dealings, the
grain carriers sharing fully in the adj
vance. In the case of Atchison the open
ing rise was IA, but half an hour later,
when trading began in the grain markets
with prices strongly advancing, these
stocks gave way.
The government weather map was suf-
/ hcient evidence that yesterdays hopeful
estimates of sufficient rain to undo any
damage done were not well founded. The
strong rise in the corn market also help
ed to depress stocks Notwithstanding the
unl1kehhood of any accurate knowledge
at this time of the chances of the corn
crop. But the evidence at hand from
day to day of the far-reaching effect of
last year corn shortage is SO impressive
that the speculative mind will evidently
be very sensitive to the prospect of the
coming crop of that staple.
Active Demand for COaIers.
v
tive demand from the coalerS, the Read
ings again taking the lead on the suppo-
Sition that the settlement of the wages
dispute is imminent. When however it
was perceived that the strength in this
section of the market had little effect in
checking the dribbling liquidation Of
Western railroad stocks, the movement
of the coalers ceased and prices reacted
there.
Efforts were made on behalf of the
large speculative leaders to convey the
impression that the sharp reaction in
prices has been cOnniVed at and further
ed by manipulation with the purpose OF
shaking off weak speculative followers
in preparation for a renewed and strong
er upward movement. The market in fact
showed the stronger technical position
resulting from the liquidation of the
weaker class Of lightly margined ac-
counts.
The pressure to sell was much less ur-
gent and the fall in prices not so ViO-
lent, but the selling was no less persist
ent and the downward tendency no less
constant. The strength of the sterling
exchange market called renewed atteu-
ton to the possibility of gold exports and
revived discussion of the present heavily
expanded condition of credits.
Sharp Rally in Sugar.
The provision to be made for the great
steamship merger, the coming stock con-
version by the United States corporation,
the provision for the purchase Of the
LOUISVILLE W NASHVILLE anu the SuDScrlp-
ton to the Pennsylvania bond issue for
$50. 100000, indicate some of the heavy re-
quirements upon the present narrowed
resources of the money market.
An incident of the day was a sharp
rally in Sugar of AZ on the expressions
Of confidence from Washingto ton that an
agreement would be reached on the Gu
ban reciprocity bill. The stock closed
with net gain Of 81. Amalgamated
Copper. Tennessee Coal, the Cotton Oil
and Virginia-C Carolina Chemical stocks,
International Silver preferred and num-
Der of minor specialties were strong.
There was strength also among a num-
Der of minor railroad stocks on the
ground of their strong strategic position
The Wisconsin Central stocks, the To
ledo, st. Louis Western stocks and the
Detroit Southern stocks were in the
class. The market closed heavy. Con-
solidated Tobacco As were strong and &C.
tive. Otherwise the bond market was ir-
regular. Total sales, par value, 81 100, GEO.
United States bonds were all unchanged
on the last call.