The sun., 1908-04-05
FINANCIAL AND COMMERCIAL,
SArrRnAY. Annl 4

Discussion Of the E1e situation was
calner and more reasonable to-day than
on Yesterday or the preceding day, and the
expectation was entertained quite geaer-
ally that as the disturbing rumors reached
the ears Of the holders Of tAs maturing
notes these individuals would fue little
time in notifying the management of their
willingness to accept another note Of the
company collaterally secured in exchange
for their holdings II was even gdd that
while apparently the notes had become
widely scattered a large amount Of them
was, really in the h1nda of corporation
which holds $500 400 Of other Indebtedness
Of the Erie Railroad, and II waS intimated
that the concern referred to owOuli cooperate
in plans to provide a solution Of the present
difficulty. At one time it was rumored
that before the end Of the day announce
ment would b, forthcoming Of plan to
finance the roads needs. and on this the
Fne issues we're marked 40 sharply forcing
the retreat Of a room traders short interest.
However no announcement OF any kind
bearing on the roads Affairs was made
during business hours by any one in a
position TO speak outhoritadyely for the
cOmrany, but after the close Of business
a statement was made by New lork's most
prominent banking firm that should assure
everybody that the road will not be al
lowed to fall down on its obligations. New
notes will be given in exchange for the old
ones and the firm practically guarantees
the value Of the new issue by agreeing to
take S5.OOO,O 600 Of Il at par 50 as to furnish
the road with needed capital During the
first hour the market was duh hut COM
paratively firm. and the fact that few stocks
came out despite operations OF some OF the
principal traders on the side Of decline left
the way clear for the rally that occurred
at the close, when Erie moved upward TO
the extent of about points above its earlier
price level The order made by Judge
Hough in the suit of the Consolidated Gas
Company against the State, the city OF New
York and the Public Service Commission
was also a market factor Of some impOr-
tance, the Court affirming final decree de-
b clarng the 80 cent gus Law unconstitutional
and restraining the defendants from pro-
ceedng against the company for forfeiture
Of its charter The bank statement did
not show as large gain in cash as was eI-
pected, but reflected in heavy increases IN
the items Of loans and deposits the changes
incident 10 the dividend and interest dis
hursements made at the beginning Of the
month. The loan account is now larger by
nearly $4,000 900 and the item Of deposits
BY upward OF $4,000, 900 than a week ago.
The reports of the commercial agencies
indicating that improvement in business
was slow and irregular we're received with
disappointment in the Street. serving as
they did 10 confirm in some degree the
rImors current for some days past TO the
effect that ii was doubtful if a number Of
plants which resumed operations recently
could long continue to run on full time.
The aggregate clearings Of all the hanks Of
the United States for the week were %
per cent. under those Of the corresponding
week last year. but were relatively better
than in March, when the falling Of was as
much az Sss per cent In highly specula-
tive circles il was stated that the output Of
the plants Of the United States Steel Corpo-
ration had been reduced very materially
within the last few days until it had become
as low as IS per cent. Of capacity as com
pared with more than 50 per cent about the
middle OF March A sufficient answer to
sch stories was. however. afforded by the
fact that a number Of additional plants and
furnaces will start up on Monday, particu-
lary at Homestead, where ], 600 additional
men will be put 10 work. As in the early
DAYS Of the great anthracite strike, assur-
anccs come constantly from the operators
and the striking miners in the bituminous
region that the suspension Of operations
will not continue long, but it is probably
significant that the Illinois operators have
declined the invitation Of the president Of
the miners organization to attend an inter-
state conference for discussion Of the
points raised by the union, and that the
miners OF the Pittsburg district seem TO be
in favor Of dealing with individual opera
tors in their own district without reference
10 what may be done in other districts
The belief in well informed Wall Street
circles is that the strike will continue until
one side or the other yields and that the
operators can afford 10 hold out much
longer than their striking employees. Della
ware and Hudson's statement for February
showed little effect from the dulness in the
anthracite trade, for gross and net were
s77,e2, and s2279 respectively greater
than the corresponding items in the same
month last year. The regular quarterly div
idcud has been declared on Great Northern.
rayable 10 stockholders Of record April IS.
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