Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-09
Erie Issues the Chief Factor in
Today's Dealings.
PLANS FOR MATURED NOTES
Strength of Market Due to Turn in
It's Affairs.
STEEL TRADE DISCUSSION
London Dull and Irregular and Lit
tie Done for Foreign Account.
Local fractions Strong.
Special Dispatch 10 The star.

Special Dispatch 10 The star.
NEW YORK. April a.-The striking
and unexpected developments III the
affairs of the Erie railroad constituted
naturally the chief subject of discus
sion during the day in Wall street. At
the outset of the stock market there
seemed to he some little uncertainty
To the status of the plan previously an
noIInced hut It soon became known that
yesterdays occurrences involved no es-
sential change in the details. In other
words. the matured Erie notes will he
taken care Of and in addition the com
pany will he supplied with sI.o0o,ooO in
additional cash, as was provided for In
the first plan.
The strength of the days stock mar
ket was plainly and directly attribu
table to these events. The Erie issues
were not, to be sure. particularly promi-
nent in the days dealings. but the mar
ket as a whole benefited clearly through
the circumstances bearing upon Erie
affairs There was. indeed. little other
wise of much Importance in the news
of the morning or the developments
with the course of the day.
Conditions in the steel trade again
came in for a great deal Of discussion.
and the steel securities were materially
helped by the issuance Of an authori-
tative statement with regard to the
probability of an early reduction In the
selling prices for finished products.
London Bank Statement Strong.
The London stock market was dull
and irregular. and little was done here
for foreign account. The weekly state
ment of the Bank Of England made a
strong exhibit. the proportion OF re-
serves to liabilities rising to 51.30 per
cent against 1850 per cent last week.
In the days stock market transactions
were conducted upon about the same
volume as Of late but the trading still
showed perceptible increase in respect
of animation. There were few excep-
tions to the general upward movement
in prices, although upon occasions Anal
gamated Copper reflected certain de-
gree of pressure The other industrial
and miscellaneous shares. including the
railway equipment stocks were decided
ly firm.
All of the local traction securities
showed more strength and activity than
they have displayed in a long time. and
a further noteworthy advance took place
in Third Avenue railroad stock. The de-
feat of the anti-racing measure was CON-
monty referred to in connection with the
strength of the B. r. T.
Railway List Featureless.
iTanSdCtlOnS III Inc railway ISL pre-
scented no features of special interest. and
varied only in respect of comparative
activity and range Of fiuctuation. AS
usual. Reading and Onion Pacific were
conspicuous in both regards
The commodity markets were all heavy.
and the particular weakness in the dis
tant wheat options reflected apparently
a belated recognition of the significance
of yesterdays government crop report
Circumstances in general bearing upon
the money market showed no essential
alteration. One gratifying feature Of the
situation at large was the considerable
Increase i'm activity in the bond market,
where larger total of transactions was
rolled up than at any time during the
past six weeks