New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-22
BONDS,
STOCK MARKET OPERATIONS.

Although trading in yesterdays stock market
was light in volume. the movement Of values
was generally in the direction of higher prices
Early strength in Union Pacific exerted favor
able influence on the entire list while the up
ward movement I'm the anthracite coal stocks
also helped to encourage bull sentiment. The
advance in the last named stocks was due TO
good class OF buying including purchases for
inside account. notably in Delaware and Hud-
son and Reading. Delaware and Hudson en-
joyed a gain Of about points while Delaware.
Lackawanna and Western also was up points,
with smaller gains in the other issues. There
vas news affecting this group Of securities,
but the excellent condition OF the anthracite
coal business and the promising outlook for an
active trade I'm the rest of the year apparently
were considered sufficient reason for bill dem
onstration in the various shares. The recent
Increase in the dividend on Reading second pre-
ferred has helped all the anthracite stocks.
Western houses were active buyers OF the steel
shares and there appeared to he a fair local de-
rnand for the preferred, although the shorts
were the principal factors In bringing about the
higher level. Commission houses reported an
inquiry for the city traction shares and an in
creased disposition among outsiders TO buy small
amounts Of the better class Of stocks. Console
dated Gas was reactionary under profit taking
sales while some of the securities Of the car
building companies were again heavy on sales
induced by the report Of few orders for new
railway equipment The railroads have not
been active buyers Of new rolling stock In the
last few months. but there is no reason to sup
pose that they will stay out OF the market for
any length OF time. the needs Of traffic de-
mand constant addition to the companies cars
and locomotives 1t IS interesting TO note that
in the last year according to the report OF the
Interstate Commerce Commission, the loss TO the
railroads from the destruction Of equipment
through accidents amounted to over S2,JOVVOo
Further active buying was reported in United
States Rubber shares at advancing prices. the
movement subsequently being explained by the
announcement OF the declaration OF a dividend
Of IL per cent on the preferred stock
Tho Bank OF England has made further re-
duction in its minimum rate Of discount OF one
half Of per cent. making the rate per cent.
which compares with per cent this time year
ago In May. however. Of last year the rate was
reduced to 81 per cent and IN June 20 3 per
cent while in September 1t was put back to the
per cent basis The action Of the directors OF
the bank in reducing the interest rate reflects
Of course. growing ease I'm the London situation
and an accumulation Of funds In excess OF tho
demand. London does not. therefore, need any
gold from the United States, but the chances are
that further shipments Of the metal will be made
q
they are In the English capital and where dis
position prevails to add largely to current gold
holdings The fact that the Bank Of England
has reduced its rate also reflects confidence
among London nnanCiers that the war In the
Far East will not involve other nations or cause
financial disturbance In the foreign financial
centres. New-York is still the cheapest money
market in the world, ard there is little prospect
Of q material advance in rates until the demand
for gold grows heavy and the speculation in
securities becomes more active Banks through
ont the country are as a rule, better supplied
with money than at any time in their history.
The country is beginning To feel the influence OF
the war between Russia and Japan through the
Increased purchases of goods for Japan. evil
dence Of which is presented by the heavy re-
CENTS of japanese gold at San Francisco. Part
Of this gold. however. represents payment for
goods bought in England.
The lower bank rate IN England exerted n
favorable effect on the foreign markets. while
the strength IN London served to encourage
local traders TO work for higher prices. The
advance was well maintained In the greater
part Of the day. final figures showing only frae-
tioraI recessions from the best figures. In the
last Two hours there was quite a demand for
number # the Industrial and other specialties.
Virginia Carolina Chemical preferred was bid
above par without meeting much stock. Efforts
evidently are being made TO make the new issue
Of this security more attractive.
TILE nnv,e OPERATIONS IN BONDS