| Show DROP IN PRiCES W w M v vIN IN WALL STRUT STREET Market Depressed All Day and anda a Crash in Closing Hour HourI I DROP ROP ALL ALONG THE LINE UNCERTAINTY REGARDING ERIE THE PRIME FACTOR j New Nc York March 31 Dull depression hung buns hun over the tock stock leading kading up to something like a crash at the last today There were some developments which were pointed to as being responsible sible for the drop In prices The ten tendency tendency dency toward reaction finds a more gen general general eral explanation however in the tact that the rise In prices had haj been rushed pushed to its It II feasible limits by all alt the devices avail available availAble available able to skilled speculative leadership un until until til UI the natural attraction of the high prices established brought out a pressure of sell selling ing which was beyond the capacity of ot the supporters of price to absorb The special depressing factor today toda was the obscurity surrounding the Intended course of ot those controlling the Erie Brie rail rall railroad railroad road property The Tile adjournment yester yesterday yesterday ester esterday day of at the directors without promulgating any plan for meeting the Impending fi financial financial requirements of the company was Wal disturbing to those holding the securities of at t the tre e company Besides the interest amounting to about half halt a million dollars dollarson on convertible bond Issues Issue payable to tomorrow morrow orro and the of which fall fail due on April 8 and which refold old today at 82 there are known to be ber r F other oth r heavy floating liabilities to be met The Thu Th view that the company will vill be safe safeguarded safeguarded safeguarded guarded from bankruptcy was founded on the Independent resources r at the com corn command command mand of the great banking house which is the principal sponsor for the company compan That this assumption of a means of ot res rescue rescue cue eue did not entirely reassure all aU holders of the securities was evident from the wide declines at which bonds of differ different ent nt classes of the ilie company were sold at atthe atthe atthe the stock exchange There Thre Th was suggestive sympathy In the movement of Issues s of t companies under the auspices of the same bankers and which are arG similarly straitened for financial fi financial means to meet urgent require me mes A line Un of policy to be adopted by an authority so 50 influential In the fi financial financial f I world will be regarded as an ex expression expression of opinion over the future cours couras of ot affairs at least leat those concerning rail railroad railroad railroad road properties That tho the financial prospects of ot railroads are not bright is brought home to con eon conviction by this thi episode Not only the notes nf or V hut nt those of nf companies of high grade continue to b bf be f f quoted at a rate of at return wholly out but of 5 ne with the interest rates to which loans on time have fallen tall en in the money mar market market market ket The provision for the maturity of oi Rock hock Island il 41 per cent notes falling due tomorrow includes an offer otter to holders for a extension at 6 par nor cent cert and apparently the attraction of this thIn offer ha has not been sufficient to de di deter 1 ter tel a considerable portion of the note holders from presenting them for tion These The e conditions for tor railroad requirements are a s e flous Impediment to the setting on foot fain of railroad activities in the Ule way of oC oCo outlay o 0 for tor Improvements and better betterments ments m i The prevailing t mood was as reflected cled in t the uneasiness professed over oer the possible re reduction of the tho dividend on Atchison at atthe atthe the meeting of the directors which Is scheduled to take place tomorrow Ac Ae Action tion on the tle tI Anaconda dividend was ex expected expected today too a and when the session drew toward a close without any announcement on th subject rumors rumor were circulated clr of ofa ofa a 1 reduction The rhe declaration of the un no unreduced unreduced reduced dividend however failed to rally rail the market and last prices were practicably the lowest and with signs of ot a good dal of ot disorder er Declines of ot one oneto oneto oneto to thre points and over O r are ar general grol Bonds were heavy hea Total sales par para value a lue States bonds were unchanged on onCa rail Ca All Ii |
