Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-12
BULLS AND BEARS
Special DispaseA TO- IN. se.-.

Cpeciaf DfspA3&1 To- Enc Sen<
NEW YORK. April 1.-THE speculative
sentiment has naturally undergone great
Improvement since yesterday morning ~
reason Of the large gold imports which re-
suited IN the collapse Of the money strin-
gency. The action of Secretary Shaw IN
depositing the excess OF current govern
ment receipts over expenditures in interior
banks Is commented upon favorably and Is
taken to Indicate his disposition to afford
whatever relief the Treasury Department
is in a position to furnish to supply the
commercial interests of the country with
plenty OF funds. SO that there may De no
curtaffment of business activity.
The position OF the stock market. IN the
opinion OF shrewd operators. was decidedly
improved today, though there were some
reservations in the expression of opinion
regarding a continuation of the upward
movement on i large scale.
While the benefit to the money market or
the gold engagements for import ID fully
appreciated, still 1t Is maintained by some
good judges Of market conditions that as
yet the supply of money at this center -
hardly suficient to warrant resumption
OF an active bull campaign over any pro-
tracted period. Until additional supplies OF
funds are made available to borrowers 1t Is
held that heavy speculation In stocks AT
advancing prices in the near future Woulo
In all probability occasion a recurrence OF
money stringency similar to that which we
have recently experienced.
1t is believed. however. that, inasmuch as
fundamental conditions are all that could
be desired, the market Is In a position TO
gradually work higher; the only fear ex-
pressed is that certain spectators in their
push prices up too rapidly. in which event
a sharp reaction Is believed to be only
logical
~
Berlin cable this morning says that
subscriptions for the Imperial and Prusslan
| loans are much lighter than for previous
issues. The tenders for the $65. 600 I'M
perial bonds reached about 10000 600,
whereas a year ago a S75,00o000 loan was
covered fifteen times. The tenders for the
$4,000 06o of Pruss.an consols have not
been tabulated but ara estimated st about
s1eo, 0oe,6oo The Eght subscription Is at
tributed partly to dear money and partly
TO the absence of foreign tenders. France.
which usually has sent large subscriptions
to German bond issues. yesterday sent al
most none, owing to the preparations IN
that country for the forthcoming Russian
loan.
v
The Pennsylvania Railroad Company d.
rectors have authorized President Cassatt
to make contract with the Hudson River
Iunlel company Dy winch the latter Is ~
use part of the railroads right Of way be-
tween Jersey City and Newark. The PENN
sylvania directors also authorize eXpendi-
lures of about $685. 900 for various improve
ments. The Panhandle directors author
lied expenditures of S20O0,000 for the ex-
tension of the second track.
Pittsburg reports that the National Cast
Steel Company, organized year ago, has
been absorbed by the Avonmore Cast Steel
Company and IMMEDIATE steps will be taken
to put the big plant at Avonmore In opera
ton. A meeting of the stockholders was
held yesterday, officers being elected as fol-
lows: President, j. r. Silvis of UQ:ontown;
vice president, John c. Conn of Uniontown;
treasurer A. Granville of Pittsburg. The
company will turn out steel castings, using
the blower process. The building of over
L. ohouses has been ordered.
At their New Castle shops orders were
pasted yesterday by the Pennsylvania and
Baltimore and Ohio railroads reducing It's
hours of work. The Pennsylvania reduces
its hours from sixty to fifty-four week.
or nine hours daily. The greatest reduction
was made al the Baltimore and Ohio shops,
where only forty-five hours will be worked
weekly As the men are paid by the hour,
the new orders make decided reduction in
hair nirD