The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-04-04
ERIE TROUBLES
NOT CLEARED UP
Little Disposition to Deal in
Futures Manifested in
Consequence.
PROPERTY IN BAD SHAPE
QUESTION OF REcElVERsHIP is
NOT DEFINITELY DECIDED.
PROPERTY IN BAD SHAPE

New York. April S-The stock market
continued to De dominated by the Influ-
enee of the Erie problem today, the dis
position being emphasized to refrain from
large operations until the uncertainty
overhanging the situation is cleared up.
An impression has grown up In the imam
cial district that a contest or some sort
between financial powers OF the tifst
magnitude Is involved In the settlement
Of the fate of the Erie. The assumption
that the assertion of the Hartman influ-
ence in the property is an issue when
the cause OF the Importance attached TO
the movements in Union Pacific as pos
sible index of the course of events re-
garding the Erie. 1t has become known
that a large part OF the Erie floating IN
debtedness is due TO Mr.. Hartman or TO
allied interests. The stand attributed TO
these Interests against a receivership OF
reorganization of the finances of the COM
pany is believed to be influenced, not
only by the purpose to safeguard these
immediate interests. but by the desire to
avoid the shock 20 general confidence that
would be q result of an Erie receiVership.
The fact that a Union Pacific bond is
sue is already determined upon, subject
to ratification by the stockholders, IS one
OF the reasons supposed 10 influence the
Hartman party in its soicitude for the
preservation of the investment situation
as far as possible. That there is a con-
tention I'm favor of a receiVership for Erie
and the uncertain weakness OF the Secur-
tiles of the company is pointed TO as cor
roboration. Prices of the Erie securities,
in the opinion of many. have approached
a receivership basis before this The
decisions tC be arrived at for meeting the
companys financial crisis will be re-
garded more TO the general policies TO be
indicated on the part of the large imam
cial powers concerned in the contest over
methods of procedure than for the i'm
mediate results to the company. When
Union Pacific was rising a prospect was
inferred for avoiding a receiVership for
Erie. When Union Pacific yielded an Erie
settlement was considered doubtful.
The heavy tone of United States steel
was of marked sentimental influence on
the whole market. The reports IN cireu-
lation of the tone of comment at din
ner in New York of steel men brought an
informal statement from Chairman Gary
of the United States Steel corporation,
who was host al he dinner. asserting the
hopeful confidence of the views expressed
at the dinner. Judge Gary's assertion
that far as ] know there has not
been of late any disposition on the part
of any steelmakers TO change prices.
was addressed to the persistent reports in
circulation of a coming general cut in
steel prices and of the lethargic demand
for iron at present prices.
Another reduction in copper here and in
London had its influence on the esti-
mates of the iron and steel situation. The
market received no benefit from the fore
casts of the bank statement which indi-
Gated a gain of some Sl0.G0.000 I'm cash
for the week. Foreign money markets
were affected by the Unexpectedly large
offering of German and Prussiau gov
ernment loans. Further Withdrawals of
gold from London stiffened the discount
rate there and foreign exchange here was
inclined to advance. A recovery in Lon
don exchange at Paris. however, served
10 wideN the margin from the point of
profit gold exports from New York
The closing depression of the stock mar
ket was due 10 the further pOstpOnement
without actor of the Erie directors
meeting. Bonds We're steady. but the
market was narrow and dull. Total sales,
rpar value. S2.O94O00. United States bonds
were unchanged on call.