New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-26

lT-T
purchases The chief selling was in the Harrims1
shares and United States Steel common Attemnt,
to sell in London for American account was 4,
great part responsible for the inactivity OF foraig
houses in this market. In the British capital tbs
stock market was dull and generally firm tba >.
duetion in the Bank Of England's rate falling "a
induce activity. Rio Tintos were strong faa+,---
discounts In the open market were a trihe hrnar
as a result of the decline Of Paris exchange o.
London and strong inquiry for gold for Paris ac
count.
MARKET GOSSIP.-SeIling Of the Ffarr,,,
sEar-s In the last few days has been in eraa+ ~.
fC- the account Of local speculative interests w.
have been working in both the home and Iondo,
maSiet for lower prices This selling has nor 49,
at all impressive, it has failed TO bring out anv
stock from important sources and apparently il cu
minated yesterday in hasty retreat OF the sal,zr.
on the appearance Of support which carried ~ :
price Of Union Pacific up quite rapidly in the Iast
hour Mr. Hartman says the Union Pacific Mil
do no new financing at present. but this is NO
surety against the issuance of new obligations LATER
In the year despite the fact that the road is now
earning in the neghborhood of Il per cent on -.
common stock. About 90 per cent Of yesterday,
business on the Stock Exchange originated on the
floor, and traders like g. B. Macdonald n Con-
tent and Wormser had difficulty IN bidding m
prices on the floor shorts, especially In Union Pa
cihc and ST. Paul, Commission houses sold
Chicago Great Western. and the sales "qot
Gently has been trying 10 advance the issue
Small holders evidently sold because OF IN.
warranted fear over the absurd valuation placed
on the road by the Minnesota Legislature A
Housman had stock for sale especially sourbsr,
Pacific. and fair selling orders were reported in tb
Hill group Morgan interests are not. il is under
stood. in sympathy with efforts TO advance ths
market at present. and though Standard Oil peonI-
who lost heavily in the March break are anxfora
to bring about bull market they are unable n
secure any important following Western house.
are active i'm circulating crop damage ranor+s
Their dispatches II believed would drive the
wheat market to record breaking high prices a,5
proportiOnately low prices for stocks. The green
bug. according TO inspired advices has Left nothing
OF the crop. and Is about 10 begin on steel rails
and other things. pending the appearance Of spring
wheat and corn Watson Co. said Yesterday
in their market letter that the failure OF the much
heralded trade reaction, or even any indications
Of it, TO put in appearance evidently was 0egin-
ming 10 impress upon the more stubborn part OF the
short interest that they had been basng their cal
culatons on theories gathered from precedent
rather than what was more likely TO occur amid
conditions such the past has never experienced
The recent reaction in the market has been based
almost altogether sentimental fear OF what
might happen rather than on any actual adverse &C.
currences
Marshall Spader & Co say: The market con-
tinues but strong and despite certain pro-
nounced influences which may turn out more IN
favoraby, the security list appears 70 command
the confidence OF sufficient number Of larger op-
orators to make further advance nearly assured.
It is quite likely that short interest has been re-
extended which will finally aid in making the up
turn pronounced but the technical condition OF the
market. judged from efo-day's and recent trad
ing appears to be strong
BANK OF ENGLAND RATE REDUCED.-Fol-
lowing the reduction from per cent 70 AZ per
cent fortnight ago the Bank OF England yester-
DAY placed its minimum discount rate AT per cent
which apparently indicates its policy in the sum
mer. The rate compares with 81 Per cent for this
week last year which, however. was advanced TO
per cent seven DAYS afterward on account OF the
demand for gold fer America arising out OF the
San Francisco disaster. The rate is now reason
able, compared with other years, as Il mas
at per this time in three o. the last
seven years. II must be said. however that the
per cent rate was subsequently reduced In eaca
instance and this IS by no means probable IN taa
present case A good deal will turn on whether
the Bank OF France follows the example set by It's
nefghbors at Amsterdam Berlin and London
SPECIAL TRAFFIC AGENT FOR NEW YORK
CENTRAL IINES.-While no official action by ths
directors Of the New York Central has as yet been
taken toward the naming OF a successor for the
late Captain c. J. Cirammer. interpretations N
charge Of freight traffic. the department has prac'
tically been under the direction Of B. 3 Mitchell.
freight traffic manager Of the lines east OF Buffalo,
and he has repeatedly been reported as the mar
likely TO succeed Captain CSrammer. Mr.. Mitchell
through Official circular issued yesterday. an
nounced the appointment OF Ralph Z. Capes as
special agent OF all the New York Central lines
In the system. with headquarters in Chicago. Mr.,
Mitchell secured Mr. Caples's services for the New
York Central and created tho above named posi-
tiOn especially for him. Mr. Caples FOR several
years was in charge Of the traffic department OF
the National Steel and Wire Company. and his
work there attracted the attention of Mr. Mitchell
Mr.. CapIes is known 70 shippers and railroad men
generally throughout the territory traversed BY the
New York Central system. and. with hts experience
and knowledgs OF traffic. is valuable acquisition
20 the company.
MOVEMENT OF '8fONEY.-The banks gained
from the Sub-Treasury Wednesday S76oO ana
since Friday gained S59i,OOO This compares Win
a gain In the same time the preceding week OF
si75s.OOO. The lighter gain by the banks on SUB
Treasury operations Is attributable 70 the approach
OF the end Of the month when. as IN the first week
OF the new month. Governuent disbursements tor
pensions are usually at the minimum The NAY
disbursements for interest and dividends are NOS
expected 20 cause any particular disturbance OF ts
money market next week. The local Sub-TreasoIy
May will put out about sLsOO.OOO IN interest," on
the SIS of 1905 and Is OF 1925 The local Treasury
was a debtor at the Clearing House this mornlAs
for s149,es0.
DIVIDENDS observation-disclosures OF tnS
Pressed Steel Car Company have declared the resa-
lar quarterly dividend OF 1R per cent on the pre-
ferred stock. payable May q No action was taAen
toward resuming dividends on the common s'oSN
Directors OF the Nassau Bank have declared 70
regular semi-annual dividend OF per cent. payaD'
May l. Directors OF the Chemical National hAla
have declared the regular bi-mOnthly diViden" ~
"a per cent. payable May
IRON MARKET CONDITIONS-TwO large pips
manufacturers concerns IN the market TOR ~
for delivery In the last half OF tho year. The soe.
ern furnace companies have sold practically ue =,
entire possible capacity for the current year
certain contracts ara clo1-d within the next -,
days the Tennessee Coal and Iron Company W.
have sold It's entire possible production for lN.
II, TO, -as