Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-06
An Advance Marked the Open
ing Today.
SHARP RALLY IN LONDON
Erie Affairs Affected the Tone of the
Market.
NO PRONOUNCED ANIMATION
Upward Trend Attended by Many
Reactions-Material Decline in
Wheat Options.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 6.-The measures
devised for the relief of the financial af-
fairs of the Erie railroad which were an
nounced after the close of business on
Saturday and which, OF course, nave
since become a matter of general ln1or-
nation were the ostensible cause or
sharp rise in the prices Tor american
stocks in the London stock market TINS
morning and for corresponding gains III
the local dealings upon the opening oi
business 1t was quickly recognized. how
ever, that in accordance with the pro-
posed terms of the adjustment OF Erie al
fairs. there still room for some ols-
quietude as to the ultimate outcome:
Consequently, the stock market hesl-
tated after it's initial advance. and IN
some cases the highest prices of the day
were made right at the opening or ousl-
ness. A subsequent reaction was. IN part.
attributed to advices from Europe setting
forth the serious indsposition OF a
prominent financier who is at present
abroad. These reports were quickly con-
tradicted however, and the market soon
resumed the firm tone it had displayed
at the outset of the trading.
AS a matter OF fact, the chief influence
in the course OF prices might be named
in the reversal in the market attitude Oh
two or three large professional operators
For one reason or another these eiecteo
TO shift their speculative position and
their purchase of securities was after all
the man factor in such advances as were
scored in prices with the course or Inc
business session.
The market at no time showed any pro-
nounced degree of animation, and Its up
ward course was attended by as many re-
actions as We're shown during last week
downward tendencies. Foreign houses FOL
lowed up the lead set by the quotations
for American stocks in London by pur-
chase of about 10000 shares, and TINS
buying combined with the technlcal cir
cumstanceS mentioned was enectlve IN
establishing the initial substantial ad-
vanceS.
London Rather Heavy.
The London stock market was. generally
speaking, rather heavy. although 1t did
not appear that the resignation of the
British premier was a decided influence
In the, dealings in that market.
There was good deal of discussion with
the course Of the day with regard to the
forthcoming government crop report
which will furnish the first reliable fore
cast of the years agricultural out-turn'
and it seemed to be the common expecta-
ton that the document would make
very encouraging exhibit
These views were substantiated to some
extent by a material decline in wheat
options. Transactions In the stock mar.
ket failed to develop many features OF
special interest or significance. In the
early part of the day United States steer.
common, showed rather pronounced pres
sure. but the stock later recovered the
greater portion of its decline.
The other usually active INDUSTRIAL
stocks, such as Amalgamated Copper
American Locomotive and American
Smelling, were firm. and Ice securities
scored a particularly smart advance.
The purchases for foreign account were
largely responsible for such advances as
were shown in the railway list. particu-
larly in the cases of Canadian Paclnc.
Union Pacific and Reading. No changes
worth recording were noted in the domes-
tic or International money markets.