New-York tribune., 1908-04-07
STOCK MARKET OPERATIONS.

The situation in Erie may be said to nave
been the dominating influence again Ses'eIu"' ~
In the local stock market. In LONDON lhe En-
shares were conspCuousY strong otllei lh'e
national stocks participating IN the duN
and the New York market RESPONDED at 'lle ~,
set IN the higher range of prices abroad lli9
Improvement did not last long, however lol III
Street cane 20 the conclusion that there "d9 -
much uncertainty about the success OF tle h'o
plan that caution advisable Nheleupoii
trading slackened and prices began 10 Sds' e
tre7oe dulness prevailing in the afternoon houIS
and total sales being under 3OOOVo shareS iie
close was irregular. with net gains Tor d IldJoi
itv of the issues Erie common ana HIsI PIE
ferred lost g. point each and the secohu Pie
ferrad closed unchanged from Saturday "hle
o, the other hand the convertible B bonds ad-
vanced points The weakness or the sloch7
apd of the notes the latter selling on the curb
as low as S8la. served TO intensity the IeeIlHs VI
r,istr,lst concerning the outlook for the hnafS-
ing plan while the expressed confidence OF oanh-
ing interests that the plan would be earned sue
cessfully into execution counterbalanced to some
extent the pessimistic sentiment, the result oi
the two opposing influences being the hacuEltS
into which the market relapsed after noon Inc
directors have pursued curious course IN deal
ing with their problem, what with the delaH III
bringing out their solution and the absence oI
provision for paying off noteholders who may
desire cash for their notes tomorrow, "heh
they mature, but the most curious feature Is te
sweeping requirement that the last note or the
outstanding S. 50OO 900 must be turned in by to-
morrow afternoon for exchange into new per
cent secured notes. It is altogether propaDle
that the assent of the holders Of the great ma
iorirv of the notes has been obtained for the
plan but assuming that the offer OF supstltu-
ton would be acceptable to all OF the hoIoers
four DAYS seems to say the least, rather snort
time in which 10 communicate with the entire
body of the noteholders, some Of whom may not
:nconceivably be journeyfng in distant parts OF
the world. But the offer is peremptory and IN
conditional and by its terms OF the all or none
sort: failing its acceptance by ALL the company
will lose the opportunity of securing S5.oOo,O9O
of new captal which it sorely needs and default
will apparently be made on the note issue ma
turing tomorrow.
Another development which the market is
awaiting Hith much interest, although with con
fdence. is the first monthly report on winter
wheat. which is due tomorrow Unofficial eN-
perts have published excellent estimates OF the
condition Of this crop and confirmation OF their
Judgment by the government report Will have an
important influence in steadyins and strength
ening the markets for securities, for good mar
vests this wear will be a vitally important factor
in fastening the return of general prosperity.
The encouraging crop outlook was reflected IN
4 sharp decline yesterday in the price of wheat,
both in the West and here. Disquietins rumor5
are in circulation regarding the condition of the
steel industry. in which considerable recession
from the recent activity is said TO have occurred,
and the United States Steel Corporations state
ment of earnings for the last quarter, soon to be
issued, Will be eagerly read
There was practically no change yesterday IN
the money market, which remains in a condition
of abnormal indicative of the lfelessness or
trade and industry The call money rate how
ever declined to IL per cent as on one day a
fortnight or so ago, the minimum with these
two exceptions having been for many weeks ia
rer cent with > as the maximum Foreign eX-
change was firm during the greater part OF the
day and closed points down