New-York tribune., 1908-04-03
STOCK MARKET OPERATIONS.

The stock market was governed again yesta--
day primarily by considerations relating 10 the
Erie Railroads prospects OF effecting The az
-angenenLs necessary for taking care OF us So
100000 notes which mature next Wednesday
The opening was quiet with q declining ten
dencv which continued TO be manifested until
Che early afternoon. when. as the tine ap-
preached for the meeting Of the Erie directors
for disposing Of the note question the market
developed strength, which gave place 70 weak
ness when i became known that an adjourn
raent had been taken until this afternoon me
close vas weak. with irregular net price
changes. The total sales were under 2 nan
million shares, and the market, which was al
most wholly professional in character displayed
much i-egula-ity during the entire session The
failure Of the Erie board 10 take any action re
gardirg the notes created Z distinctly bad I'M
preston as indicating that II was sLIl an open
question almost On The eve Of the maturity o.
these obligations whether or not plan OF ez-
tension with its accompaniment OF payment n
cash Of notes the holders OF which were dlsln-
clied 70 accept other notes in substitution, even
though secured BY collateral could bs success
fully carried out, The Erie notes sold down
three points from Wednesday, while the common
and frsr preferred stocks declined fracIion2--y
e-d the second preferred lost ! 2 points
One Of the bulIish Influences II the middle OF
The dav was the report that the Interstate Com
u-e-ce Commission vas about 10 grant perr---s-
sion 70 the railroads 70 raise their freight raLes.
rather sharply on the -u-nor their improve
1aenr however, being lost n The late general de-
cline which followed The news that action on
The Erie notes had again been deferred The
copper stocks were aided by the strength Of the
metal n London and were strong during the
Cav the lowering Of Lhs local Metal Exchanges
asking quotations for the third time in three
days having little OF no market effect. Railroad
earnings statements for February showed IN
some cases continuance OF The success OF the
endeavor 10 reduce operating expenses, the
Louisville & Nashville reporting z decrease IL
net OF only S266. 752. against S705,00G IL January
operating expenses decreasing s1-5,362. while
on the other hand the New York, Ontario &
Western reported the slight Increase Of S3,4I3 IN
gross and an increase Of $26.Sz2 in expenses. re-
sulting IL Z decrease OF $3l,615 in net.
Money market conditions continued easy. with
money on call offered II heavy quantity al the
usual rates Of "a and Per cent and al easier
tone II the time money market, rates for Tie
longer marur-Lies being lowered slightly. An
other cal IS expected soon from the Treasury
Department but the local depository Institutions
are IN a position 10 surrender many millions
more without producing any serious impression
on money rates, SO heavy is the surplus reserve
now stored UP at this centre and SO large Is still
the flow Of money from the interior The Bank
Of England : weekly statement made q favorable
rising 10 1880. an unusually high ratio for this
date in the year, against 1850 z week ago. IN
spite Of Z loss q geld amounting 10 $5,20o.oo0