Show ERIE MAY ISSUE BA BATCH Of NOTES Permission Granted by Public k Service Commission of New York REVIVAL IN WALL STREET EFFECT WORE OFF BEFORE THE CLOSE OF DAY New tW ew York April 1 A galvanic effect cf fed was as produced on the stock market at the tho outset outlet today to by b the announcement that permission had been granted to the Erie Eric railroad by the public service commission to 0 issue of ot notes note It was as assumed assumed assumed that the settlement of o the luau finan financial cia cial Ial crisis confronting that company was hUB assured and the receivership of ot the i which was freely treely rumored yes thus avoided The influence of oC the news in establish establishing ing ng confidence waned somewhat as the thella ilay lla progressed processed This was due ue to the policY of at determined reticence followed hv by the officials of or the company find End the hankers flankers rs as to the success being beins met with tn rn carrying out of ot the project Beyond the fact act that interest due today on the convertible ble bonds of the company was paid ald no details d were mere forthcoming of the arrangements for the sale o or of the au authorized authorized notes the tho rate rata of lf f Interest which they would bear or the th terms on which the bankers would take them There was a notable rebound in the of or the thep p notes which mature matur on April 8 to 91 I from the price of 82 8 2 at nt which they sold esterday The discount was felt to be he tilI very heavy on an Instrument which should be redeemable at par in a weeks time These considerations probably had to todo todo todo do with the uncertain tone which de rIfI eloped elo ed in the securities market after the th opening spurt to a higher level lovel Ef Efforts Efforts Efforts forts were made to maintain the ad advance advance advance vance nd in fact prices went ent higher than the opening op level Union Pacific was a conspicuous sustaining force foree and was heavily bought on an upward range The sharp rally ran In United States Steel also relieved the market from tho the de depressing depressIng pressing pr effect of the th recent slims signs sl of ot liquidation in that stock A good effect was produced by the February earnings of oC the Pennsylvania system owing to the marked progress shown In retrenchment of operating cost Other February statements published d dur during durIng during ing the day did not prove proe the Pennsyl anlas anias rate of retrenchment fully met by other systems the tho Rock Island particularly larl showing the operating expenses still expanding in spite of the heavy inroad i R nn on gross earnings While shrinkage of or net earnings is controlled by b this curtail curtailment curtailment curtailment ment of ot operating cost consideration has hasto hasto hasto to be given gion gi cn to the effect in cutting down wage wa e funds and the sums available for outlay In consumptive need for Cor commod t Ups s Calculations are beginning to appear aso of the decline In efficiency of or equip equipment equipment ment likely to result from Cram measures of economy conomy enforced by b the railroads There Thereas was as little effect produced directly on the JJ market by b the reduction In the dividend rate on Atchison from a 6 to 3 per cent basis and on International Paper pre pro preferred frred from a 6 to 4 per cent basis The copper stocks were a point of de depression depression again today tad a with Ameri Smelting In company compan A sharp do 1 the price of ot copper In London and in an another n nother other reduction in the quoted prices at atthe atthe atthe the New York metal exchange had to do with Uh this This group of stocks also con continues continues continues to suffer from the suspicion lon of a speculative relation to the efforts to float lion liona a new mining stock in the curb market The April disbursements did not cause a IL ripple in the money market Bonds were ere Irregular Total sales par value United states tates bonds were unchanged on onaH rail aH |