The daily morning journal and courier., 1907-04-26

As stated in the Courier several days ago there is no trouble as to the plac- Ing of the New Haven roads $29, 900 in France There has been from the first no trouble about it. The arrange ments for the placing of the loan hav- ing been fully completed at the outset. The reported failure of part of the loan is undoubtedly due to the fact that an original provision for taking it in two instalments was so modified at the beginning that both instalments were taken, the option on the second half of the loan being immediately ex- ercised.
 At each substantial advance of the Hill stocks there appears to be a cer- tain amount of good selling against which the market cannot stand.
 The directors of the Westinghouse Electric Manufacturing company have decided to offer to the stockholders $5,OO0,OOO new stock at $75 per $50 share, or at 150, according to the Stock Ex- change quotation. There should be a big rush for this issue, especially in view of the fact that the stock can be purchased cheaper in the open mar ket. It sold yesterday at 143 3-4. Neither call nor time money varied from previous quotations, except that the bid for five months money was re- t0 4 ,,o,, oooF
 Under the selling movement yester- day there were further declines of Q half point in the first hour But the usual result which was followed every downward movement for the past few weeks was experienced again to-day, On the loer level real offerings of stocks became exceedingly scarce, and, while there wa sno particular buying, the de- mand to cover short contracts suffieied to bring about a rally all round.
 Wheat was again active, though ir- regular. The damage reports from Kansas and Nebraska were offset by the heavy receipts of grain and the large export business It is admitted that the Texas and Oklahoma crop, which amounts to about 25,OGG bushels, or one-twientieth of the whole yield, is gone, and that corn and cotton will be planted In the damaged area, But 1t is too early to say that Kansas has lost 50 or even 25 per cent. of her normal production of 75,OO0,OOc bushels. It is said hiwever, that good weather and l a fair amount of rain in the next ten days could put wheat in good shape. Dispatches from the northwest stated that planting was practically finished i and that spring wheat had started un- der very favorable auspices.
 Sentiment was depressed by the dull ness as much as by the reactionary tendency of prices at times. Commis- sion houses reported very light vol ume of business, and the professionals said it was hard market to beat.
 Erie continues one of the soft spots of the market. When the bear ele- ment want an entering wedge they sell a little Erie first preferred. This usu- ally forces out some long stock
 Brooklyn Rapid Transit showed enough resistance to bear attacks to discourage overbold selling. The D. cent fare bill is not yet law, but even if it becomes one it Is intimated that it might be unwise to be too heavily short 1 of the stock.
 Further liquidation in Great Western shares brought the preferred A down to 30, a pretty low price for a per cent. preference issue. It discounts the passing of the rate. Rock Island pre- ferred, which is limited to per cent, is also quoted at 50.
 New Haven road stock advanced to 1T9 yesterday.
 It Is announced by direceor of the l Diamond Match Co. that the appraisal of the additional timber land in Cali fornia, on which an option was taken several months ago, has been received and is favorable The plans to be l adopted for purchasing the tract will be laid before the stockholders at their annual meeting in Chicago next We'd nesday The land consists of 93,OOO acres and lies adjacent to the com pany's present Pacific coast tlmper possessions. The price under the op- tion is s1,5OO,00O, which also covers all mills and given amount of manufac- tured lumber The new tract will make the company's total holdings something like 1S0, ,000 acres of land, containing ap- proximately 3,5O0, ,O0O feet of timber, which is believed to be worth from $1 to $4 a thousand feet at the present time,