Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-04-02
FINANCE AND
COMMERCE
wall street

New york. Apru / 4 R1auie ci-
fc,4 pas produced on me stock mare
ket al The outset to-day hs the au-
nouueemcnt that permission had bvcu
granted To the Erie raifoad By the
public service commission 10 lsHu"
$4,000 0oO of notes 4 was assumed
thar the settlement of tn, financial
crisis confronting that company was
thus assured and the reeeiNefship ol
tho company. whiCh WAS freely ru-
morea yesterday thus avoided The
influence Of the news in establishing
confidence waned someWha as the
aaN progressed This Sas due 20 i1"
poiies Of determined teteenee follow
"a bp the officials of the company
and tho bankers as 10 the success be-
Ing met within carrying eni q inc
project Beyond the fact that lnior-
tst due today on the convertible
bonds 81 the company was paid NJ
"details We're forthcoming q ne ar-
ranepmunts f0t tho sale Of the author
lied notes the rate Of interest "hich
thoS would bear "a the terms on
which the bankers would take thems
There was notable rebound iu tl"
prices at the notes which malur" ON
AprH s. 10 ~ from the price Of ~ ~
which th3 sold Yesterday TIE dls-
count MIS- frl go be- sim very heavy
81 au instrument which should hc rr-
deemable at par in weeks Time
These considerations probably had 90
DO with an uncertainty which dcN"l-
eped gn the securities market attu inc
opening squirt Ga higher level ct
forts were made 10 maintain The ad
vance. and In fact prices went higher
Than the opening level Union Pa
cific was conspicuous sustaining
fprcr aud was heavily bought un ~
upward range
rhe sharp rails ia tnted states
steel also relieved the market from
the depressing effect 1T The recent
signs Of liquidation in that stock a
good effect was produced by the Feb
ruary earnings statement of The
penns, leanm system, aNing 70 The
marked progress shown in affecting
ntreuehmcnt OF operating cost 9th
En- February statements Published
during tie day asa moi prove the
Pennsylvania rate Of retrenchmcni
fulN met hy other systems thc Rock
Island particularly showing The oper-
utine expenses stll expanding IN spite
ri the heBvN nroad on gross earnings
While shrnkugo of net earnings ia
controlled by this eurtailmen Of op
Grating cost, consideration has 90 be
given 90 the effect Ia cutting down
wage funds and sums available Tor
outlay In eonsumpuve needs for CONF
modities Calculations are beginning
10 appear also, ~ the decline IN ctfi-
cheney Of equipments likely 20 result
from measures Of economy enforced
bs the railroads There wac little eff
feet produced directly on the market
ii, the reduction in the dividend ratio
on Atehison from ak % u five per
cent baHia aud ON international Paper
preferred from sis NJ 4 four nrr cent
huss The copper staekH Were q
point 81 depression aRain tadaN wlth
american smelling company a
sharp drop In thp price Of copper Gag
London and another reduction la the
quoted price nt the Now York wc'nl
exchange had 90 do with this rhw
group OF stocks ALSO lontnug Co sat
fer from The suspicion Il sprlula-
live rotation 10 the efforts = tlual q
nee mining stock NJ The curD market
Tho April disbursements did not cause
d ripple n hp money marriott clos
Ing stocks