New-York tribune., 1908-04-04
Sex dividend.
Closing prices of active bonds dealt in. with
NET changes. follow.
STOCK MARKET OPERATIONS.

o,ce moro the Erie situation absorbed atten-
ton Yesterday in the stock market ahd uoiliI
mated the course of the trading Ihe opening
was at around the closing levels Of the preceding
dav and WAS followed by moderate upward
movement. based upon the expectation that the
Erie directors would at their meeting set 1oF
the afternoon settle satisfactorily the queSlloh
of the provision to be made for the so'9VV,VV'
notes maturing only five days therea1lef- ine
news that the meeting had been again post
nonnd caused general disappointment and appre-
hension, reflected in a prompt decline IN the
whole list and the market closed irregular ana
weak with net losses in most Of the issues 1e"
of the changes however, being more IMAM lleo-
tionaI I'm amount The steady ShrinKage III the
volume of transactions which has been in prog
ress since the Erie complication became acute
continued total sales yesterday being only a
little more than 3S0,000 shares and the uaQlhS
was again almost entirely professional Inc
price range during the day was narrow even
for the Erie issues, which ended the day with
net losses of less than point each. the notes
which are traded in the curb selling points
under Thursdays last price Al the close com
plete uncertainty prevailed regarding the prob
able future of the Erie. 1t was said that one
party in the board believed d receivership ad-
visable under the circumstances, while other IN
fuentiaI directors strongly opposed that step
The notes understood to be widely held
making the task Of aScertalnlng the atutude OF
the holders toward an extension proposition
much more difficult than would De the case II
the ownership vested in few large in
1erests: but no explanation has been publicly
made of the directors reasons for deferring un-
til almost the date of maturity the taking OF
measures looking to extension Of the notes and
payment of holders pTeferTing their money to
new notes. although secured; and the failure Of
such explanation to appear has given rise TO
much adverse comment.
The United States Steel issues we're more or
less under pressure during the session. the sell
ing being accom- panied by reports of less IA
vorable outlook fer the industry and of probable
early reductions in prices Of various products,
despite the published statement that the steel
manufacturers at their dinner on Thursday night
had agreed in the opinion that the business
gradually improving: and both the common and
preferred stocks closed at their lowest of the
Gay. with net declines respectively of e and 4
per cent. Anna gamated Copper and American
Smelling and Refining each declined fractionally.
the announcement by the Metal Exchange of
another shading of its quotations for the metal
probably having been of the influences.
Money rates. both for demand and time loans,
continued TO reflect the large excess Of the sup
ply OF loanable funds the demand, but the
only change slightly easier tone in the
rates for the earlier maturities in the time
money market, increased offerings by the
banks. The apparent gain in cash by the banks
during the week, figured from the known
movements Of money, is little over s10000.000,
q sum so large probably to insure in to-day's
weekly bank statement a gain in the surplus
reserve now nearly s40000,000. although the
preparations incident 10 the April l disburse-
ments may have resulted in a considerable in
crease in the loan and deposit items.