The Washington herald., 1908-04-07
MARKET NOT ACTIVE
Only $4,000 Shares Bought
and Sold During Day.
ERIE BONDS SHOW ADVANCE
Plan for Raising Money Believed to
Have Been Successful, hut shares
show Heaviness-AnOther Weak
Feature Is United states steeI-De-
cline in Price of Wheat Options.

New York, April 6.-Up TO midday to-
day in the stock market transactions
were almost exactly 200.O0O shares, but
the market so dwindled in the afternoon
that for the day as a whole only 2SS. COO
shares were bought and sold. an amount
not greatly above the low record of the
year.
In other words, stock exchange business
to-day almost completely fattened out,
and the bulk of what business was done.
aside from the few limited transactions
in bonds. was due 10 the operations OF
three professional room traders. These
gentlemen and a small number of fol-
lowers seemed inclined TO buy stocks in
the early part of the day, but. finding
that the innate torpidity Of the marke,
was too great to overcome. disposed OF
their holdings as best they could later on.
Dealings were, therefore, Uninteresting
and unimportant TO an extreme degree.
London Houses Buy.
In the morning a fair amount Of stocks
was bought by London houses, where the
Eries new financial plan seemed to be
than it was here, and this increased
naturally the frmness shown by the
market in the early part of the day, but
in the afternoon the dullness that de-
veloped was continued by a constant
chipping away Of values, so that final
quotations for the leading stocks were
at the lowest of the day, and at level
generally a little lower than that Of last
Saturday. Gains were shown, however.
by a certain number Of the lesser in
dustrial issues and by one or two promi-
nent stocks. like Canadian Pacific BUY
ing OF the last named shares was thought
10 be in connection with the redemption
Of contracts for the decline on account
OF the approaching London financial set
tlement.
The dominating influence in the market
to-day was, as il was throughout the en-
tire latter portion OF last week. uncer-
tainty as TO the status now and in the
near future Of the Erie Railroad Com
panys financial affairs.
Does Net Clear Air.
The plan of extending the company's
maturing S5500,009 short-term notes. as
finally promulgated in yesterdays news
papers. obviously did not clear the air in
this regard, except in so far as +; put for
ward very plainly the force Of existing
circumstances that should induce the
holders Of the notes 70 extend them un-
der the terms offered
The proposition is made 10 these note
holders to exchange their present unse-
cured notes for secured notes al a high
rate OF interest, and if they do not accept
this. their claim against the company In
the event Of a possible receivership would
not, perhaps, be as promising as they
would like 10 have it.
II was the consensus of opinion in Wall
street to-day that the plan would prove
effective. The Erie bonds were stronger
in the market this morning, through the
presumption that the danger Of a re-
ceivership for the road had passed. The
Erie stocks, on the other hand. were
logically somewhat heavy, inasmuch as
an additional quantity of new securities
is 10 be placed before them.
Wheat Options Decline.
Another weak feature Of the market
was United States Steel common. which
continued TO be pressed for sale by reason
OF the prevailing impression that the
business in the iron and steel trade in
the last two or three weeks has fallen OF.
but the most striking feature in the gen
eTal market to-day was a sharp decline
in the price Of the speculative wheat op-
tons owing In the first place to the
spread of favorable weather over the
West. and secondly, to the well-nigh ab-
sOlute certainty that the governments
monthly crop report later in the week
VIII show an unusually high condition
OF wheat at this season OF the year.