The Washington times., 1908-04-12
INTEREST SHOWN
IN STOCK MARKET
: Prices Both Hig h nd
Low Attract Atten-
ton.
Hartman Deal in Erie Rail-
road Causes Much
Speculation.

NEW YORK. April 1.-THE stock
market has been very interesting dur
Ing the last week; at times quite sc-
tive, and with a good Undertone. and
again inactive and lower but a. all
times interesting. The week started out
with A wet blanket over the market in
the shape Of the maturance OF millions
or short-term. one-year notes OF the
Erie Railroad Company. for which there
was no money Ia the company's treas
ury. Mr.. Morgan's firm undertook -
finance the deal. 10 put up wad OF
other securities as a guarantee for
new batch OF Erie notes. to be eSchsng-
ed for the maiured issue Tile usual
success that has attended the financing
plans OF the ]. P. Morgan house failed.
1T was then that f. r. Hartman
stepped m and took up the Erie secuIi-
ties with cash.
This relieved the market. relieved il
immensely.
Just whs, MT Hartman is to receive
Tor his services. no one knows
Leaders OF Wall Street nave been UNI
der the market: have been Jackiug il
up ard keeping the bears from taking
advantage OF the uutavorabie reports
precision in many lines Of business.
However. the market has been sup
ported along conservative lines, with
moderate reactions following moderate
gains and vice versa, with here and
fJheTe in the list some sharp gains Or
declines. as special news was favorable
or otherwise. on strong spots insiders I
or big operators would distribute stock
more OF less freely. and on weak spots
they would take on a little for the pur-
pose OF ste4dyias the market
The distributing moveinent has not
gore 70 sucr an extent that it Is likely
that support WIZ he Withdrawn. a.
though SOM market leaders admit that
p general reaction would he good
thing Toy iAe .uarksJ
Opera tiuus OF rhc public and room
traders generally are confined 81 spec
Uiative flyers. IN and Out taking small
prUhts or getting out with small losses.
The zeUeral public Is indifferent 70 the
market
Kew YORK Traction shares have al
vaHced sharply OF the defeat OF the
embracing bills in the New York As
scmb!y-
CleaIings Show Loss.
The clcarngs Of the various cities or
the Omitted states show n loss for the
week * compared with the figures Of
the corresponding week last year Of %
psr cent. New York shows n loss or 50
per cent Tho effect Of the business de
preston IS felt more IN the Eastern
States than IN the Western. as the de-
crease in the Mississippi valley States
iS but Pc cent. Confidence IS certain
l. reyiving. everyone hopes fc- better
times Money is very plentiful and
very low in the local market ana
plenty At moderate rates in other re-
serve cities.
Had il been any other than A Presi-
.dentisI year tine recovery from the ef- /
fleets OF the panic If 19j7 would have !
ibeen practically completed ere this.
The political situs ton is the element |
of uncertainty and Is very liable 10 dis |
turo the market. The trend Of sertl-
llnent toward Taft is agreeable To Wall 4
Street traders stock owners and rail- /
road men generally. while leaning to 4
i1he losing candidate or 1900 would be a I
'usnger signal to the stock market-juSt /
las second cleo i've term would he 2 /
sufficient cause for liquidation. ANY
thing IS likely 10 happen, and until this 4
element Of uncertainty is removed the 4
stock market viii not he responsive 10 !
>other Influences
The Erie situation is only temporarily I.
.Eo!Ved- Tne notes have not been paid
by the debtor. and the obligation has
not been cancelled and .kitine,, /. ex- /
pensive. Other railroads are reported
20 he i'm quandary with refundinE oper-
ations That will have to he taken up in
the future
Crop Prospects Good
On the brighter side Or the situation
We have splendid crop prospects. The
yield OF winter wheat Is estimated ~
lThs Department Of Agriculture at sqa
'coo.ooo bushels. The condition on April I
Wls 9-3 Fer cent. as compared with
1913 per cent a year ago.
The final figures were a noInf or two
under the high OF the week on the
high-grade stocks, Ike Union Pacific. /
Reading. Great Northern. and thar
class OF stocks Some Of the minor
snares showed good gains. as there has
FDeen disposition 10 take I'D these /
heretofore neglected issues and turn a
little profit from their operations
moreover, advances in the minor shares
help the leaders.
mere has been heavy LIQUIDATION OF
steel shares. Independent interests
show an inclination TO cut prices and
break away from their agreement with
the big corporation. to hold values. Mr..
Gary believes that reduction vvould
ne worse than useless as price is not
the reason for the dullness. but the in
ability of railroads to finance needed
Improvements. with overregulation
and depression cutting down their
earnings. Copper was weak on cutting
OF prices here and in Europe.
Inc following table shows the clos
Ing prices or saturday, April II. as
compared with the close of Saturday
April g.
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