Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-08
Erratic Trading Deprived
Market of Pronounced Tone.
ERIE AFFAIRS CHIEF. TOPIC
Government Crop Report Discussed
by Brokers.
LONDON CONTINUED DULL
Speculative Activity Converged on
Union Pacific, Reading and US.
Steel Common.
Specisl DISPATCH TO The Star.

Special Dispatch to The Star.
NEW YORK. April S.-Today's stock
market showed in the main the same In
significant tendencies which have been
displayed for several weeks past. Broad
ly speaking, the tone of the market
might be described firm, but the
changes in the tendencies of the trading
were so sudden and irregular that it was
difficult TO ascribe any pronounced tone
to the dealings at large. What was act
ually the most important news of the day,
namely, the government crop report, was
received with little comment or interest
The estimated yield of the winter wheat
harvest was well in excess OF the ngures
of previous years, but so far as the stock
market was concerned the government
forecasts attracted little attention.
AS a matter of fact such fluctuations
as were scored represented little more
than the conflicting purchases and the
sales of professional operators with pull
fish proCliviteS or the contrary. When
these various traders suspended opera
tons the market came virtually 10
standstill. Throughout the day the status
of Erie affairs remained the chief topic
of discussion. The Erie issues were, gen
orally speaking, weak because OF Inc
lingering uncertainty as to the upshot or
the plans for the temporary renaDllltatlon
of the property.
1t appeared to be the common assump-
ton that the sponsors for the plan would
not permit the default of any small num-
Der of the note holders to prevent the
carrying out of the proposition. and while
the Erie issues suffered somewhat on &C
count of the attendant uncertainty the
market at large derived some support
from the notion in question.
London Dull.
The London stock market remained dull
in connection with the progress of the
fortnightly settlement. but operations
here for foreign account again showed
small excess of purchases. Throughout
the day conflicting rumors with regard to
the status of the affairs of the Erie rail-
road were in circulation. and these ru-
mors- are naturally effective in the ir-
regular fluctuations in prices The trans
actions at no time developed what might
be described as features of special in
terest.
In such a market as that now prevail
ing il was natural that speculative actlv-
ity should have converged upon such
stocks as Union Pacific. Reading and
United States Steel common.
The near approach of the period at
which the dividend upon the last-named
security will be declared and the state
ment of earnings for the ended quarter
published combined to give prominent
position to United States Steel common In
the days dealings.
1t goes without saying that the report
for the ended quarter of the fiscal year
is expected to make discourag1ng ex-
flibit but even at this time. the prospect
that the earnings for the current quarter
will make no better an exhibit Is playing
its part In the compare tive pressure upon
the United States Steel securities. No
changes worth recording were noted In
either local money market or foreign ex-
change conditions.