Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-01
Erie Affairs Swallowed Deal
ings on 'Change.
SHARP RISE ON NOTE ISSUE
Americans Advance in London
Market on News.
ATCHISON A FIRM FEATURE
Union Pacific and Reading Recov-
cred Their Declines Of Yesterday.
Earnings Statements Varied.
SHARP RISE ON NOTE ISSUE
ATCHISON A FIRM FEATURE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 1.-The grave un
casiness which was generally felt at INT
close of business yesterday with regare
to the state of the Erie finances, was II
large measure dissipated this morning
by the dispatches from Albany setting
forth that the public service commission
had authorized an issue by the company
of s15GOOD in short term notes. Tht:
Intelligence led to a very sharp rise IT
the outstanding and shortly maturing
notes and also to extensive advances IT
the other Erie issues. 1t should be added
however. that no little uncertainty re-
manned as to the actual condition Of Erie
affairs. even though 1t was taken fol-
granted that the crisis had been tempo
rarily. at any rate, passed
1t was the noted development In the al
fairs of the Erie railroad which lead to a
general rise in the American department
of the London market, while the quota
tons from that point were followed uf
by moderate purchases here for foreign
account The betterment in the Erie Sc
cIrjties extended in greater or less de-
gree to the stock market at large On
very small transactions the southern
railway shares which were depressed yes
terday in sympathy with Erie rose very
Smartly.
Announcement of the reduction In the
dividend on Atchison common from 3 to
"a per cent annual basis created no sur
prise. and that stock was one OF the nrfn
features of the days market. Such un-
usually active railway stocks as Union
Pacific and Reading recovered the meas
ure of their decline of yesterday.
Railway Earnings.
Included in the days routine news was
the publication of large number OF
earnings statements for the month of
February The Pennsylvania report was
relatively gratifying showing on ac-
count of the very large reduction set
forth in operating expenses. Other of
the days returns of traffic were not SO
encouraging. and the Rock Islands state
ment for February was quite disconcert-
ing.
With the close of the first quarter Of
the fiscal year Of the United States Steel
Corporation. estimates as to the net earn
ings for the period were Immediately
forthcoming, and these generally con-
CURED in setting forth amounts ranging
from $4,000, 600 to SIS. 000.0 900. Net earn
ings for the corresponding quarter of last
year. about $1,000, 600, and for the clos
Ing quarter of last year. SIS. 600 900.
No Change in Money Market.
The large financial settlements Incl
dental to the opening of the month had
no appreciable effect upon the money
market circumstances. Sterling exchange
continued very firm. and there was in
creasing discussion Of the outlook for ex-
ports of gold during the spring months.
10 revert to stock market circumstances
IT should be said that while many of the
days maximum advances attained ex.
tensive proportions. the dealings as q
whole were by no means wanting In ap-
pearances of decided irregularity This
was particularly true of the trading dur
ing the afternoon.
Among the more active stocks American
Smelling showed exceptional pressure, and
except in a few cases the usual and mis-
cellaneous issues evinced less ralIyine
power than was exhibited by the railway
list. Colorado Fuel and Iron was again
exceptionally strong. The volume of bust
ness measured up quite closely to recent
averages of activity.