New-York tribune., 1908-04-08
Closing prices of active bonds dealt in. with
net changes. follow
STOCK MARKET OPERATIONS.

Dulness continued in the stock market yes
terdav the total transactions being onlE u
in excess of a quarter of a million shareS' 'u'
after being under some pressure IN tht edI =.
trading the market hardened, and IN the laSt
hour a moderate degree Of activity deveiCpeu
and prices moved upward rather rapidly 'he
close showing net gains, in the man not HIUi0
than fr.~tional, for most of the issues ne
hestancy of the early trading and the reiatlNe
activity late in the day were both ascrlbed
chiefly to the Erie situation. for that SITUATION
as for several days preceding, was the principal
subject of discussion and the controlling market
influence. Although no information from an
authoritative source could be obtained as 10
the amount of notes asserting TO the plan OF
substitution. the belief gained ground toward
the end Of the day that the plan would not be
allowed TO fail through refusal to pay off such
scattered noteholders as might demand cash 1or
their holdings-despte the explicit wording OF
the offer made by the cOmpany-and that De
lief, which was supported by the fact OF trans
actions in the notes at higher figures than for
several davs and bv the firmness OF Erie shares
helped the general list. Although the outcome
probably will be the avertng, for the present
at least of the possibility of recelVershlp Tor
the road, the manner in which the problem
confronting the directors has been dealt with
has created so bad impression that the fer
mai announcement OF success of the plan can
hardly be expected to prove particularly
strong stimulus to the market. more import
ant influence is likely to develop in the govern
ment crop report, due this morning, which is
widely expected TO show unusually high con-
dition percentage for winter wheat, which would
afford q margin So large practically to assure
a harvest Of satisfactory size; and that
pectation among the elements of the days
Improvement in stocks
The call money rate again touched IL per
cent with per cent the highest. Time
money showed increasing ease, the quotation
for thirty day funds for the first time in many
months, declining below per cent, with "a
the low rate. There was little no change
in foreign exchange rates, and the possibility of
gold exports seems still remote owing to the
money which prevails in Europe. Reports
came from Pttsburg Of impending in
prices Of finished steel but they had no de-
pressing effect on the stocks of the United
States Steel Corporation. If the decline in gen
eral business continues much longer, the great
steel manufacturing concerns will without much
doubt be obliged to abandon their stand pat"
position: but the View may not unreasonably be
taken that they have already in effect made
considerable reductions, in that the present
prices are far below those which the companies
would have enjoyed year or two ago if the
+ oldtime prince paupel' price policy had not
been superseded. with the advent of the United
States Steel Corporation, by the policy of sta
blIity OF prices The "Bradstreet's" index num-
Der OF commodity prices for April shows an
/ increase Of l per cent compared with March
l, but this is far from conclusive evidence that
the bottom has Yet been reached, as the advance
. is the third swing of the sort since March. 1901
when the index number was nearly twelve
points higher than at present.
RumOr had made the Union Pacifics decrea ga
IN net earnings for February large as $I,O0O-
600. SO that the actual decrease of $o13416 re-
ported yesterday was well received. Gross de-
creased $4l3,7S3, and operating expenses. instead
OF showing an increase as in the preceding
month, decreased by little than $500 600
3 A Iient CHI
made d satisfactory return in this respect the
January Increase in operating expenses being
transformed into decrease of $211 900 for
February.