The Washington times., 1908-04-08
DAYS GAINS.

NEW YORK, April SIN the closing
hour the market developed a much
better tone on the assurance from in
siders that Erie would avoid a receiver
ship-meaning that those who viii not
take collateral for their notes viii be
able to draw down the currency.
The Erie issues advanced a point
easily. and Canadian Pacific. in which
the shorts we're busy covering. gained
liz. A number of other stocks be-
came quite firm, and the general tone
of the market was improved. The
volume of business increased.
NEW YORK, April S.-'The character
of the market is sometimes best indi-
Gated by the character OF the dispatches
That private wire houses send to their
customers.
My friend. I tell you that I 90 not
like the looks OF the situation This
was just one of many dispatches that
were sent out over the private lines,
but il remained for George y. Post. IT..
OF the firm Of Post & FlagC. to give
out the peSsimistic gossip Il believe
that the market will be a political one
from this time on. II depends largely
on whether or not Roosevelt or Bryan
shall! De the candidates of their Tespec-
tive parties. II this is the issue of the
battle at the polls, then. indeed, is the
stock market approaching an era OF
liquidation of the most serious charac-
ter. We need to know that the Govern
ment of the nation is to be sane, a re-
StOratiOn OF saneneSs, before we make
investments in securities
This may be called very pessimistiC,
but Mr.. Post is certainly a representa-
tive Wall Street man. and one who is
and has been. during his career, a close
observer Of conditions.
And over the market again hangs the
Erie pail. A number OF nOtehOlders pre-
scented their notes for payment at the
office Of J. ?. Morgan & Co, bankers,
ana asked for the cash. but were in
formed that the cash was not forthcom-
ing. The idea of piling up securities for
collateral on paper instead of the cur
Tency or the nation does not appeal TO
posed exchange Of collateral carries
with Il market value greater than the
Indebtedness.
II has impressed some people with the
belief that other roads may find il
necessary TO refund on maturing indebt-
edneSs, 20 default perhaps. In fact. Ii
has brought home to the Street the fact
that where bonds are issued and COW
cred with mortgages, there will come a
time when II is pay Gay, and that pay
DAY means, or should mean. cash and
not more securities. It is painted out
that foreign holders OF these Erie notes
are not likely to consent TO the pro-
posed plan of financing.
As the session wore on the market
narrowed in volume Of trade. and prices
generally declined from l. to a Doint
with some few exceptions. as with
Atchison, where there was an advance.
firmness in Steels and a few other
stocks.
The Fries were soft and 1 to points
lower, with but little doing. 1t is pos
sible that Erie may escape n receiver
sap. IF II does not stocks viii probably
go lower The bears are not pressing
their advantage with any degree OF
confidence. so that the undertone of the
market Is not especially weak Later
developments viii turn the tide
AT l:30 this afternoon the market
showed just a little better tone with
some recoveries here and there through
out the list At the same time business
was Just as dull, however.