The Washington herald., 1908-03-31
MARKET LEFT ALONE
Active Manipulation Not in
Evidence on Change.
UNDERGONE REMAINS FIRM
Net Result Is Confused Movement in
Backing and Filling Orders-Par-
ticularly Weak Spots Are Southern
and Erie Railway Issues-DirectOrs
OF Latter Meet 20 Raise Money.

New York. March S0.-The fairest char
acterization Of to-days stock market that
would be made after its close appeared
TO be that the active manipulation when
was its striking feature last week and the
week before ceased and the market was
left practically to take care OF itself.
In the main. those liquidating tendencies
which had gathered force at the end OF
last week were continued. and at the end
OF the market to-day nearly all Of the
principal stocks stood at net declines.
some of which were considerable; but the
market was nevertheless irregular, rather
than weak, and its undertone was un-
questionably firm. Once or twice during
the day. prices fell with some rapidity,
but the recessions did not run very far.
On the other hand. whenever the market
seemed to feel an impulse toward an ad-
vance. it was promptly met by heavy
offerings Of stocks. The net result OF
these contending influences was a con-
fused movement OF the backing and fill
ing orders which left the general direc-
ton OF values considerably In doubt.
Southern Issues Weak.
Particularly weak spots were the South
ern Railway and Erie issues. caused as
seemed by a renewal of uncertainty over
the exact present financial status OF the
Erie Railroad Company. Both the Erie
and Southern Railway companies are at
the moment in the same class in this
respect. that they are both in rather
pressing need Of money
The Erie directors met to-day for the
purpose. as was understood of making
preparations 10 meet payment on the S.
00CO Of short term notes of the COM
pany, maturing on April S. and II is
known that their desire is also TO extend
such a certain amount of overfiowing in
debtedness at the same time II has
been, and is. the general impression in
Wall street that nothing like serious
trouble Will be allowed TO threaten the
company for lach Of the comparatively
small sum of money referred 10. vet
runners were circulated to-day that il
was proving difficult 10 raise the money.
and that the uDshot OF the entire mat
ter was clouded
Erie Directors Adjourn.
At any rate, the price Of all the Erie
issues weakened, and those of the South
ern Railway followed in sympathy. The
Erie directors, after their meeting, gave
out only the information that they had
adjourned until the coming Thursday, and
despite the undercurrent OF suspicion
which bothered, or seemed to bother.
Wall street. II must be regarded as
wholly probable that a satisfactory set
dement of the matter will be made
As distinguished from the weakness Of
the Erie and Southern Railway issues,
the Union Pacific and Great Northern
stocks were stronger. or. al least, were
strong in the early portion of business
hours. for which a particular reason
was not known. on the other hand, the
American Smelling and Refining common
shares were especially depressed by rea-
son CT the general adverse criticism at
taching TO the sensational exploitation
Of Yukon Gold stock on the curb market,
with which the names OF people promi-
nently identified with the American
Smelling and Refining Company have
been concerned.
A broadening influence in the days
market was also more direct attention
given TO the fact that business conditions
throughout the country are stilI by no
means what they should be. and that
while they may be mending, are doing so
slowly; and these matters were, of course,
emphasized by the renewed discussion
of the affairs OF the Erie and Southern
railroad companies.