Evening star., 1909-03-11
PROFESSIONAL IN TONE
Movements Varied Little From
Other Days This Week.
FLUCTUATIONS IRREGULAR
Weakness of the Erie Issues Chief
Feature Today.
UNSETTLED BALANCE OF LIST
Heavy Buying of American Tobacco.
London Generally Steady-Moaey
Market Unchanged.
UNSETTLED BALANCE OF LIST
Special Dispatch to Tic Star.

NEW YORK March 11.-In respect OF
movements in price and of activity. to-
days stock market varied very little from
its predecessors this week. Fluctuations
were irregular and for the most part 9trl-
tied, and the trading continued largely
Of a professional character. The chief
feature of the dealings was tine pro-
nounced weakness exhibited by practi-
Cally all of the Erie issues. The latter
furnished about the only exceptions to
the generally steady tone which the mar
ket displayed at the opening of business.
and later they broke sharply.
The decline in the Erie securities natu-
rally produced very unfavorable impress
sion, particularly because of the publica-
ton this morning of sinister. although
apparently unwarranted. reports with re-
gard to the financial situation of the COM
pany.
The statements in question attracted
sufficient attention, however, as to lead 10
quite heavy selling of the Erie shares
and of the company Junior bonds. and
the consequent declines served to unsettle
the remainder of the market to some eX-
tent.
At the same time the market could not
accurately be described as weak or even
heavy. and in fact. as noted above. the
dealing has preserved the same irregular
out the week and previously.
Steel Trade Discussed.
Interest and discussion were again MAIN
1y absorbed with the accounts of greater
unsettlement In steel trade conditions and
with the forthcoming revision of the tariff.
Notwithstanding the prominence which
was accorded the state of affairs In the
steel trade the United States Steel securi-
Cerned moved in line with the remainder
OF the market.
The opening today of the conferences
between the anthracite coal operators
and the leaders of the miners union had
similarly little effect upon Reading and
the other coal shares, probably because
of general conviction that the contro-
Versies under discussion will be amicably
settled, for the time being, at any rate.
Standard Oil Decision.
There was. on the other hand. in
creased interest expressed in the de-
cision of the United States court In the
state Standard Oil rebating litigation.
and, in fact. quite heavy buying of the
American Tobacco securities was re-
ferred directly TO the defeat of the gov
ernment prosecution in the case in ques-
tion.
No change was made III the discount
rate of the Bank of England, and the
weekly statement OF that institution mace
q strong showing.
The London stock market was generally
steady. but operations here for foreign
account were upon a small scale and
about equally divided between purchases
and sales.
Local fractions Firm.
Considered in detail, transactions in
the stock market presented few features
of interest aside from the weakness Of
the Erie's securities.
The local transactions shares, particu
larly the Interborough Metropolitan
stock, were exceptionally firm. probably
in connection with the proposals of the
1nter-Met. company in the direction of the
construction of new subways
Money market circumstances were vir-
tually unaltered. and the days situation
of the foreign exchange indicated addi-
tional exports of gold to London.