The Washington times., 1908-04-05
PRICES ENCOUNTER
ADVERSE FACTORS.
BETTER AT CLOSE
Yukon Gold and Doubt
OF Business improve
ment Hurt Trading.
Advance in Erie Argues
That 1t Has Passed
Its Troubles.

NEW YORK, April 4-Conditfons in
the market have not been very salts
factory during the past week AT times
traders and brokers have been hopefIl
and again greatly depressed. There
were two or three wet blankets over tba
market, all exerting an influence against
activity and strength.
Inc largest wet blanket lad 10 do
with the 100000 short-term notes of
me Erie that are due next Thursday.
ana that threatened a receivership for
the good old-time leader Accordingly.
as daylight cleaned out from under
this blanket the market frightened nm.
while adjournment of conferences
caused more gloom.
The second bear influence was the
wonderful result of Thomas w. Law
sons advertising campaign, which
brought thousands Of orders for Yukon
Gold TO the curb market and to regular
brokerage concerns to the partial de-
moralization of trade in other stocks.
With millions of shares being sold in
one stock. interest naturally conferred
therein to the neglect of other securi-
ties.
Doubt Business Improvement.
The third weakening influence was
the metals situation. 1t is generally
believed that the steel and iron bust
ness has improved but very Iittle-that
the railroads are not in a position 10
finance their operations. so as to make
the needed improvements and that gen
Sral business Is not improving very
steadily. if at all.
or course, crops will be the next
influence, but there IS yet another and
that's the political situation. While
traders and brokers feel that there is
little more friendly feeling toward
corporations, that the era Of corporate
uenunciation is passing, yet there Is
the uncertainty of business incident
20 the tariff, which is soon to be taken
up; there is the political uncertainty,
and. while the current prices are be-
heved to have discounted most of the
probable bad news there are some
things that have hardly been Consid-
cred contingencies far as Wall
Street has been concerned.
The Atchison, Topeka and Santa Fe
Railroad Company followed the lead Of
other conservative concerns and re-
fused 10 make regular dividend pay
ments cutting the dividend from 6 To .
per cent This did not have any Sc
rious effect, as # IS recognized as wis
HOhl, ana regular dividend would
nave been a bear argument
Market Opens Weak.
Under these influences the market
opened weak. and it continued with an
easier tendency during the greater part
or the week. Time and again It would
income Sono rmally dull, but the bears
uld not seem 10 have the courage Of
tner convictions and did not press their
advantage But when Erie preferred
issues dropped three and four points.
on the announcement that the directors
had adjourned their meeting and post
poned action indefinitely, the bears were
ready 10 take a swipe at the list
=, NOW ana then they would get under
helr shorts and the bulls would run
up prices on them for a point or two.
And so the market passed through The
week, at times exceedingly d1lII and
again mOCeraUely aCtiVe-Weak and de-
ginning. with rallies that showed a fair
" gOOd tone
At best It was an unsatisfactory mar
Set, but for the week the declines were
aoL serious, comparatively speaking.
The distribution Of Steel preferred |
was heaVy. supposed to be for the ac- /
count OF the interests that were espe-
cially active In the buying movement |
n the carrier days Of last month. Then
n turn Copper and Smelter became
wan ENtduluB LOOK downward turn /
and recovered, and here and there
throughout the list A stock would at 1
tract attention by its strength or spe-
.'al weakness and influence the whole I
ist. Then in the last few minutes /
II the session positiveness would de-
Felop and losses OF gains follow, but |
never with any big advances.
Practically the only leading stocks /
nat showed q substantial Improvement
.or the week were General Electric ]
Missouri Pacific, Consolidated Gas, and F..
some OF inactive specialties.
Saturday Market Good.
The market on Friday at the close
u business was from p to IL points |
below the final clOsings on Saturday. |
This Improvement on Saturday was
irought about by the rally in the Fries. /
which was taken TO mean that the
lnancing Of the $S.00O.OOO short-term /
totes had been arranged and the Erie
ayed- The official announcement had /
Tot been made up 20 the close Of the
ession, but It was generally admitted /
hat such was the case and that this I
neat blanket had been removed
The decision restraining the city Of /
Kew York 10 0F