New-York tribune., 1908-04-10
"EX dividend
clostng prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.


Stock Exchange were rather disappointing. The
two factors whose elimination the market for
some time has supposedly been awaiting have
duly passed into history. Erie having been
saved from a receivership by Mr.. Harrimans
characteristic resourCefuness and the govern
nent's initial crop report for the season having
come up to general expectations. But public
participation in the stock market showed
scarcely any Improvement the excess OF some
100000 shares in the days total transactions
over Wednesday representing to a large extent
professional operations by the beard room trad
ing element 4 favorable development Of the
day was the news that the Morgan underwrit-
ers although released from their obligation by
the failure of the holders of the old Erie notes
to exchange them for the new. had decided TO
continue their guarantee of the sale Of the
s., 900 new notes to provide cash for the cor
porate purchases of the road.
While the market did not develop activity. it
was considered a favorable feature that it did
not develop weakness. At times no little rreg-
ularity was shown, but the undertone through
out the session sound. and closing quota
tions a rule indicated fractional net advances,
with some Of the specialties advancing points
instead Of fractions. Canadian Pacific
der pressure as the result Of the arrival of a
considerable amount of the stock from London,
and at one time there were quite free sales of
Steel securities. rejecting the reports of pro-
posed reduction in manufacturers prices of iron
and steel products. This subsequently de
med by Chairman Gary Cf the Steel Corporation
The traction stocks led the list so far general
strength was concerned, Third Avenue for in
stance closing 612 higher and InterbOrough-
metropolitan preferred 2$s on benefits expected
10 accrue from the courts modification of the
heretofore almost unlimited transfer obligations
and from the Independent operation of the sys-
TENS. All classes Of Erie securities responded
TO the improved outlook for the company's i'm
mediate future. and there were periods of quite
excited buying of the old Erie notes, which was
interpreted as covering by short interests to whom
Mr.. Harriman's coup had come as a decided and
unexpected surprise. The notes sold at 1919, as
against 90 on Tuesday. It is considered by sub
stantial market interests that the protection of
the Erie's notes is an influence that viii be felt
for some time, in that a failure TO redeem them
would have exercised a disconcerting influence
upon other note issues and would unquestion-
ably have created increased antagonism toward
American securities in foreign markets At
home also il would have placed additional
handicap upon temporary borrowings, by rail
roads and industrial corporations alike. for cur
rent expenditures The market closed at about
the best figures under the leadership of the
Hartman stocks and ST Paul. London showed
particularly disappointing response TO the Erie
announcement. Of which, owing to the difference
in time, operators there able to take ad-
vantage before the local market opened.
Money on call was freely available below
per cent and time commitments for short
periods could be secured between 21a and per
cent. Under these circumstances the current
strength in sterling exchange is natural, and the
foreign bank statements yesterday showed the
general policy toward accumulation of gold in
London and on the Continent. The Bank Of
England weekly return, for instance, indicates
an Increase in reserve 5l.3 per cent from
49.5 per cent last week and 43.5 per cent a
year ago. The Imperial Bank Of Germany re-
ported an increase of 23,453 600 marks in gold
and silver coin and bullion for the week with
a decrease in leans Of 114,740O00 marks; while
the Bank Of France experienced a decrease of
35,875,000 francs in treasury deposits 72575,OOO
in general deposits, and 190.575 900 in bills dis
counted Its gold on hand, however, increased
100000 francs There has recently been iuui-
datlon Of German accounts both in financial and
mercantile circles in New York supposedly to
provide subscriptions to the new German loan
With money going begging it is in this coun-
try just now, il is not surprising that reports Of
gold exports are becoming current, although
such an outward movement must certainly be
considered entirely arbitrary in yiew of the tre-
nendous trade balance that has accrued to this
country by the overwhelming volume of exports
compared with imports of merchandise.