The daily morning journal and courier., 1902-04-25
Financial.
 { I{Eg STOCK IT I ith IF.
Important Influence of Grain Crop
 Prospect Yesterday.

Prospect Yesterday.
 New York, April 24-The important
 influence of the grain crop prospect up-
 on the stock market was again demon-
 strated to-day. After a strong opening prices wavered and commenced to go
 back when the weather map was pulp
 lished showing almost no rain precipi-
 tation east of the Rocky Mountains.
 But when the wheat market opened and 1 revealed an active market and declin- | ing 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 cen- tered on the grain carrying railroads. Reports from the grain market attrib- i uted the weakness there entirely to
 realizing of profits on over-extended
 long accounts, as no news was forth
 coming to indicate better condition in the crop.
 Naturally, the covering demand from the short interest in stocks which has accumulated on the weeks decline also played a considerable part in the spec ulative movement. But the days events are a striking evidence of the intimate association at present betwe n the grain market and the securities market. The quick response between the two is em- phaszed by the general conviction that the present strong leadership in the stock market is held by persons of long experience in grain speculation and heavily committed in the current grain speculation.
 There were other factors which con- joined to help the recovery in stocks, I 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 revealed 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 banking house interested in the coalers that purchases of Read ing were being made both by the New York Central Pennsylvania and the I Goulds, was taken as corroboration of the extensive community of interest be- ing established in the whole coal trans portation industry. New York Central | ] SNpNtlCb otioli6iy -71 iiciil itS l CSCliI | depression Lake Shore itself and . Michigan Central, owing to the small floating supply outside the New York . Central treasury. rose 13 and 1912, re- spectively, on a very light demand United States Steel stocks shared in the of the market for the first time in many weeks, rising IF each on &C., count of the very active conditions in the trade.
 Attention was attracted today to the enormous expansion of plant in prog ress, 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 of continued prosperity in he trade, as these enlargements will . not come into ful production for a year 1r d year and half. But the point is { ilso made that considerable part of he heavy tonnage now crowding the I market is for these same improvements l md extensions of iron works them ielves, which are designed to swell the /, supply.
 A variety of specialtes. including the ( nore important ndustrials, all shared , n the strength of the market. The F money market continued easy, with ev f dence of continued frmness of the l banking reserves Sterling exchange continues firm. but is still short of the \ cold export point The easy condition ! n the money market is material fac \ or in fostering the speculation. The bond market was quite active X nd strong. The total sales, par value \ aggregated $5,S15. 000 n United States bonds were unchanged $ n the last call. T
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