Los Angeles herald., 1908-04-03
NEW YORK STOCK
AND BOND MARKET
BY Associated Press.

BY Associated Press
NEW YORK, April 2--There was little dis
position to venture into stock operations while
the uncertainty continued over the settle
ment to be effected of the Erie's financial
difficulties. 1t was known before the market
opened that the meeting of the Erie directors
was set for 2 o'clock. and postponement was
announced during the session.
The prospect of another stock exchange
sion passing without any explicit informa-
tion being forthcoming on the Vexed problem
of Erie was the cause of almost total sup
preston of market activity during the great
er part of the day
There was however, a slow recovery from
the depression of the early part of the day
and animation as the recovery pro-
crossed. The recovery largely influenced
by rumors that favorable developments were
forthcoming in the Erie matter. The Erie
trouble weighs on sentiment much from
anxiety over the further developments in its
finances as fears of the immediate situation.
There is apprehension that the holders of
the present unsecured notes of the company,
which mature on April s, might deal with
the situation in a different mood The finan-
cial public is unfavoraby impressed also by
the signs of disagreement between important
interests in the conn any The OCCASIONAL
show of strength in today's market was viewed
with some distrust being caused by posi-
BILE supporting operations to safeguard the
market against effects of some unfavorable
development A JulIneT ueClIHe III FilNNS u
copper at the New York metal exchange and
REPORTS of accommodating stocks of that metal
had to be contended with by those seeking
TO support stocks The tone of the represen-
tatiye reviews in the iron and steel trade
was not encouraging to the contentious that
revived activity was being sustained in those
industries There were several addltiohal
returns of railroad earnings for February, and
the average showing was conducive TO con
fidence that net earnings were being material
Iy conserved by such economies as had been
found practicable. The average decrease in
Mt earnings for February for forty-one rail-
roads already reporting is found to be 2S.Si
per cent compared with February of last
var which shows no improvement over the
January average of declines. The cessation OF
soft coal mining is not favorable TO an ad-
vance of the stocks, although the feeling per
sists that the opportunity to work Off stocks
of coal will further the chances for resump-
tion to advantage at a later day. Conditlons
in the anthracite trade were reported better
owing, apparently, to the effect or the sprlhs
reduction in prices which went INTO erect
according to custom, on April /. The weak
return of the Bank of France was the feature
of the foreign financial news the erect oelng
10 raise the price of gold and to stihen the
discount rate In the London market IN spite
Of n strong return by the Bank of England
Use was made of revived reports that an ad-
vance in freight rates was to be permitted
in stimulating the late recovery in stocks: IL
was not held and the market had fallen pack
into dull neglect when the day ended
Ronds were steady. Total sales par Value
81 672 OO0 United States bonds were unchanged
on call.