The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-04-11
Mining, MARKETS AND METALS

Ems mad been confused in their in
:, and open to the failure of
'he whole project. Wall street has
eiung 70 a conviction that the Erie 5
pahkers must have safeguarded their
'dhs by measures to take care of
Tue hhassenting notes in addition to
having assured themselves of the as
sent OF a sufficient number of note
holders TO leave only an unimportant
residue TO be cared for. Any as
sumption that such precautionary
measures had been neglected have
oeeh met by the assertion that a
uesire to force receivership for the
company would be fair inference
from such state of affairs
Yet the event proves that such was
exactly the state of affairs and the
impression made by the knowledge
" sucn an attitude on the part of the
financial interest which has been ac-
credited with greatest zeal and in
huence IN the conservation of affairs
was not pleasant. This impression
was strongly Offset by the determina-
ton with which means were rendered
lor the rescue of the Erie by f. H..
Hartman. Here also there was
ground for some mystification over
motives as between the aggressive
preseryative attitude of Mr.. Harri-
man toward a property in which the
morgan influence is recognized to
dominate, as against the seeming in
difference nf he. int &c
TO the fate Of the property. The re-
mem brance of bitter contests in the
past between these high financial
powers added zest to the canvass of
the politics of finance which might
be supposed to lie back of these de-
velopments. That the Erie was saved
from a receivership and that the adj
vance OF relief funds expressed conf
denee not only in the property but
In the financial aspect in general were
The results summed up TO be accept
ed from the episode as a whole.
The effect in the stock market of
the day, however. was of slow growth
and was not uninterrupted, The I'M
easy wayering of the price move
ment might be regarded as fair re-
fiection Of the conflict of opinion
shown in the development of the Erie
settlement
Depressing influences were a de-
cline in London copper and assertions
that cut in prices of steel products
Vas in contemplation. United States
Steel was affected by those reports
and did not share largely in the raj
~ in prices, in spite of the renewed
assurances from the chairman of the
board of corporations, issued In a
public statement. that no reductions
would prevail Discussion is heard
In the financial districts whether a
cut in steel prices would not be a
factor making for Improvement OF
the outlook more effieacious than the
holding Of prices in face of a cur
tailed consumption. Some of the
notable advances We're due TO special
causes.
In the New York local fractions
there was evidence OF the forcing &c
cover of a distressed short interest
The advance in Third Avenue which
caused this was started by the relief
Of the company from part of the
transfer obligations which have ap
piled 10 il since its Incorporation into
the general system of the city. The
rise in Brooklyn Transit was attrib
uted to its increased prospects fol-
traffic by reason of the defeat of the
Albany bill against race track gamb
ling. Foreign exchanges advanced
sharply. partly Influenced by remit
tances in redemption of the maturet
Erie note issue. Sterling exchange
at Paris declined and gold contin
ued to go out TO Paris from London
increasing the likelihood of ship
ments from New York to Paris OF
the triangular operation. Bond
were firm. Total sales. par value
s4.g50.O00. United States bond
were unchanged on call.