The Birmingham age-herald., 1908-04-05
ERIE PROBLEM IS
 SOLVED AT LAST Railroad Is Saved from Disaster
 of Receivership STOCKS HOLD THEIR OWN
It Is Believed That the Steel Interests Will Reduce Prices, Which May Help the Market-Waiting
 Mood Will Continue.
BY THOMAS c. sHoTwELL.


 New York, April 4.-(speeial.) )-oficial announcement that the Erie railroad had been saved from receivership came today at the close of a week of mystery and hesitation in the stock market. The an- nouncement was not news to the readers of this column, for it was published ex- clusively here on the morning of March B1. Other newspapers, being unable to con- firm the information, cast doubt upon it. Wall street is now at rest, however, and the plungers who were absolutely sure Erie would go into the hands of a re- ceiver will be too busy Monday covering their short contracts to be able to think of any more crazy rumors at the moment. The technical effect on the market of the official announcement will probably be d sharp advance at the expense of these shorts. |.
 Stocks are in no condition, however, to be advanced for keeps. Careful observa= tion of the Erie circular discloses the fact that the railroad has pawned it's last as- set and even then has not been able to secure it's creditors completely. In lieu of complete security it offers them a
  per cent rate that any gilt-edged company could get money for now. Even Hetty Green is lending her money at per cent for long periods.
 Discussion of the Erie situation has put politics into the background for the past week, and now Washington will come to the front again. It is fortunate that the crops, so far as anything can be learned concerning them are in splendid shape. Everything points to a tremendous acre. age of everything this spring, and the winter wheat has come through far better than the average. Labor is abundant in the agricultural districts, and but for tariff reform, currency reform and politl- cal agitation there might be the making of a bull campaign in the situation. But the Southern railway will soon move into the limelight, and the Gould properties are attracting much attention in an unpleas- ant way. The whole capital stock of the Amalgamated Copper company seems to be pressing for liquidation. Delay of the steel trust directors in announcing a re- duction in the price of finished materials is delaying the revival of trade. It had been expected that in the Hotel Waldorf Astoria conference this last week an agreement had been reached to reduce prices. The action of the trust in at tempting to establish steel rails as legal tender at the ratio of 2S to has aroused the resentment of the American people, who believed they had settled once for all that the gold standard should prevail in the United States.
 Failure of Congress to take action on the money question and banking situ- ation has made the leading financial in- terests decide to adopt a conservative Iolicy for the entire year. The fight against the Aldrich bill has ended in vic- tory for all hope of passing that measure las been abandoned by its friends.
 The total number of shares of stocks sold today amounted to 219,63S, against 5J2, 7S3 the same day year ago.
 The total par value of bonds sold today was $739000, against $1,S69,0O0 the same day last year.
 London sold 5000 shares sin the New York market today, due chiefly to liquida- ton for German account, caused the prep nrations for the large loan that is being brought out by that country The sales were mostly of Canadian Pacific, North ern Pacific and Union Pacific, which are feld in considerable amounts in Germany.
 Fries unsatisfactory finaf clal condition continued to dominate the stock market to the exclusion of factors which were ' favorable. Prices opened reacuionary and during the first hour sagged off still fur ther with Union Pacific. St. Paul Smels- ing and Amalgamated Copper weakened The liquidation was small
 Several of the largest cotton mills of Utica, N Y, will, on April IS, make cut of 10 per cent in wages, This affects 5000 employees, and it is understood that other mills in the vicinity will shortly make a similar reduction.
 Notices were posted in the Homestead, Pa, mills today requesting more of the idle men to report for work on Monday. Fly next week 40 furnaces will be in oper- ation. At present 10 furnsc ces are run n:ng. The resuming of work in the many departments next week will give employ nlent to several thousand men who have been idle for several months
 l There was little feature abroad today 1 ir the stock markets. Paris was steady with rise in rentes, while Berlin im- proved after early weakness, London was irregular, with Americans making small and mixed changes.
 The New York market closed rather 'oull, but with firm tone General net gains were scored for the day and quite ]