The Birmingham age-herald., 1908-04-07
STOCKS MAINTAIN
 STRONG POSITION Erie Financial Plan Is Accepted
 Without Result PRICES. EASE OFF A LITTLE Advance Early p the Session of the Market Is Substantial, But Clos ing Prices Are Somewhat
 Lower.
PRICES. EASE OFF A LITTLE

New York, April 6-The announcement of the Erie financial plan which was made after the stock market had closed on Saturday was without effect today, unless the torpid state of the trading was influenced by the peculiarities of the announcement. These were the condi- tions attached to the furnishing of new capital by the purchase of $5,OO0,OOO Of the new notes, that all holders of notes maturing on Wednesday of this week should accept the newly issued three year notes in exchange, and the absence or any assurance that the notes not pre- sented for assent to the plan would De taken care of by redemption in cash
 The tone of the official offer that if any of the notes were withheld the plan would be allowed to lapse. The alternative would be a receivership. In view or the fact that the majority of the matur- ing notes are known to be i'll the hands of those favorable to the plan and that being unsecured, the notes would fare badly under receivership the chances for the success of the plan were considered good either by belated assent Of out standing note holders rather than force receivership, or by belated provision for redemption of a small majority of the issue by a cash provision rather than force the failure of the plan. The position offered was sufficiently delicate, however, to suggest a suspension of Judgment on the effects until the matter is definitely adjusted, which will be when the old notes mature on Wednesday.
 The spasmodic jump in prices of stocks on Saturday was accepted as in some sort an expression of opinion on the Erie plan, so far as perfected, and this added to the disinclination to extend the move ment. There was some significant com ment also on the longer consequences Of the measures for financing the Erie, which represent obviously temporarily expedient with dependence on future inn provement of conditions to furnish ulti- mate provision for permanent settle nient With the remaining uncertainty over the Erie plan there was the doubt as to how far the effect on the market of it's assumed success had been ex- hausted.
 Bears were timd about attacking the market from a fear that final success on Wednesday for the effort to secure ex- change of the old notes for new would prove a new stimulating influence on the market. The stock market was held all most in suspended animation throughout the day as a consequence of these con- alterations. Operations by three or four traders of the more active class, and ill a hand full of stocks practically made LID the whole market The price of copper made some recovery in London and the effect was good on the group of copper in- dustria1 stocks.
 Railroad traffic officials expressed in creased confidence in the promise of growing traffic, but they had no actual increase in the move to report. Advices of winter wheat condition continued fa- yorably with substantial sustaining effect on prices of stocks. The persistence of the demand upon London for gold and a renewed decline in the Sterling ex- change rate at Paris kept alive discussion of a possible export movement of gold from New York. Foreign exchange rates here were practically unchanged and de- mand for money on time was so light as to offer slight opportunity for placing funds.
 Bonds were irregular. Total sales par value $1, 3s3S, 900.
 United States 2s registered declined 1s per cent on call.