The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-04-09
INVESTORS DOUBTFUL
AS TO HOW THEY MAY
BEST TAKE SITUATION

NEW YORK, April S.-The state
of suspense over the outcome of the
plan for the Erie financial settlement
kept the stock market in practical
deadlock today. Opinion, which was
on the side of the plan, being made
operative and was based as much on
the prestige of the names connected
with the plan as on any positive evil
dence to show progress toward its
success. Reports indicated that de-
posits of the notes in assent were not
being made. 1t was the general con-
yiction that absolute compliance with
the terms of the offer woul. be ply
sically impossible in the complete as
sent of all of the outstanding notes,
which amount to $5,500.000, and
which are widely scattered not only
in the country but in Europe. With
only three days notice of the method
to be pursued in the settlement. it
was pointed out that profession of
a hope of hearing from all the holders
before 3 o'clock on Wednesday might
be regarded extravagant. This fact
fostered the belief that means were
In reserve to take care of such of the
maturing notes as were held out.
This belief again rested on the ap-
parent discredit that would attach to
eminent names In allowing the plan
to issue in a fasco, rather than on
any admission of such plan. The
whole episode, in fact, is regarded
confusing in its implications of de-
termination to refrain from market
operations until IL Is definitely dis
posed of. The coming government
crop report was a sustaining infiu-
ence on prices.
Very sanguine hopes are enter
tanned among the speculative ele-
ment of the high percentage of con-
ditions to be shown for April /. the
pectation was supplemented today by
reports of rain and prospects of rain
in the southwest, from which the only
reports of deterioration from drouth
since the date of reports of the gov
ernment's agents have come. While
these considerations served to some
extent to hold prices of stock, they
were unavailing to awaken any active
demand. The market, in fact, was
profoundly dull throughout. The
growing lethargy of the demand for
credits is not liked. pointing as 1t
does. TO slackening business activi-
ty. Increasing demand for merean-
tile paper is an effect. but the invest
ment demand for securities continue
practically lifeless.
Prospects of heavy Withdrawals of
government deposits and of possible
gold export. which might be expected
to reduce the supply of loanable
funds, seem to awaken no uneasiness
among borrowers and increasing diff
ficulty is reported in the placing of
funds. The 100000 decrease in
the British imports of American cot
ton for March foreshadows some
change in the completion of our own
foreign trade showing for March from
the heavy excess of exports shown
for recent months. The persistent
firmness of foreign exchange rates
here is applicable from this develop
ment. Union Pacific reported a de-
crease in net earnings for February
OF $213,416. and Southern Pacific
a decrease of $1,446.739 for the
same period. But this did not pre-
vent Union Pacific assuming the lead
ership in the late advance in prices
which showed the nearest approach
to animation that was exhibited dur
ing the day.
Bonds were steady. Total sales,
par value. $2,47S,000 United States
bonds we're unchanged on call.