The Washington herald., 1909-03-15

New York, March 1A-Matters IN Wall
street last week we're still IN the dol
drums. and there was little or no huctua-
tion OF moment in prices Of stocks.
Once in the earlier part OF the week
there was a sharp drive at values. but
all the circumstances indicated that II
was purely speculative movement. and
the market quickly recovered from Il.
just as II has done many times recently.
Il Is stu in a waiting mood. seemingly.
With the larger financial interests adopt
INK a policy OF insction: but. neverthe-
less. the strength that the market dis
plays under these conditions IS impress
siye. This was more emphasized last
week than Il has been at any time Of
late when there was such an outbreak OF
selling in the Erie issues.
A story was published asserting with
great dehniteness that a receivership for
the Erie company was imminent ard
this started a good deal OF real hquids-
ton In the Erie stocks and bonds. or
course. a receivership for the Erie Is not
imminent. inasmuch as the company. even
last year. when business was at its
worst. earned the entire interest on it's
bonded debt. while thus far in the present
year the net earnings OF the company
have been larger than they were las.
Setback for the Erie.
As has been so often stated. the refusal
Of the public service commission u anow
the Erie TO make its issue OF F0.ri0 0J0
collateral trust bonds unless the consent
Of 20 per cent OF The existing bondhoIders
IS obtained has cast a damper upon the
plans Of those who have been trying TO
get the Erie out or its dinlcultIes. al
though IL must be admitted that there are
many people IN the financial district who
think. wisely or unwisely. as the case
may be. that ths best thing that could
happen 10 the Erie would be 10 undergo
another process or reorganization that
this time would be somewhat more
drastic than the one previously made
u Is also true. no doubt. that II the
$50 0O0,G0O bond plan falls through financial
1 ingenuity must be again exerted &c pro
| vide the Erie with sufficient money 10
take care OF the companys equipment
/ trust notes falling due this year
Be this as IL may. Il was perhaps the
[
/ a violent drop all along the line in the
different Erie securities did not affect
/ the general stock market az all. and there
are many close watchers OF the so-Called
I technical speculative financial situation
I who assert that the reason for this is
I that pessirnistIc sentiment has been so
I pronounced among hab.tual market opera
I tors recently that they have managed 10
I get the stock market into al OversOld con
ditiOn.
/ Big Pine Reduced.
/ There was much satisfaction felt in cor
I pOrati0n circles last week at the upsh0t
/ of the So. 90, 90 fine suit" against the
Standard Oh Company in the Federal
l Court in Illinois.
Again. the annulment OF the tve-cent
4 fare end maximum freight rate laws in
the State Of Missouri was a wide stride
/ in the progress Of national sanity and
toward a restoration Of public confidence
I II is evident that We are having here a
repetition OF the old history OF the gran
1 ger legislation. when ali the Western
I States We'd With each other IN producing
/ laws designed 70 compel the railway com
! panies 70 do something for nothing. In
q few years time the hand OF the courts
wiped sll these laws from the statute
7 books
/ There viii be talk naturally about an
l pealing from the decision OF Judge Nc
/ Pherson in the Missouri cases. but the
/ decision rests upon the demonstrated
! results by a prolonged trial OF the opera
1 ton OF the laws complained OF: and the
! conditions revealed were or such a char
| acter as 20 make IL well nigh impossible
| 10 conceive that the stand taken IN the
4 lower court should not be sustained by
/ higher tribunals.
The Copper Outlook.
/ In the fore part OF the week the monthly
statement OF the Copper Producers
! Association was given out showing con
/ per stocks on hand OF 1900 90 pounds.
an increase OF 3s,oooOOO during February.
and the expectancy OF a report OF this
nature was the ostenslble ground for a
sharp decline. just before the report .ap-
peared. in the price OF the copper mining
I shares
There is no denying that the copper
business is especially depressed Just now.
| but there Is no use. on the other hand. in
/ endeavOring 20 represent conditions as
! verse than they are. and the truth is that
| from the amount OF copper stocks as re-
I ported on March 1 should be deducted the
! enormously heavy sales OF copper made in
the last ten days.
The fair presumption is that copper
/ stocks on Ap-i. I should show a COnsid-
cradle reduction and II is believed in the
| best quarters in the copper trade that
! the amount OF stocks shown on Szarch I
will be the high record point FOR the