New-York tribune., 1908-04-05
The Financial World.

ton Of future tendencies dlfncult 70 Hhu- Niid-
summer dulness has seldom surpassed the cur
rent record OF apathy
The takers OF the Street are excited over tbs
Erie situation. Tuppenny philosophy sees no
hope for the Erie property Only a recefVershio
and determination Of all the issues Of the CON-
many will be satisfying the crowding pundirs
who are every half hour proclamatory OF
Erie's horrifying conditions-these gentle gentry
insistent that Erie i'll fortunes are TYPICAL re-
necting diseased and destructive elements
throughout the whole American corporation
world.
Yet F,rie's plight will seem TO careful studsnts
largely a matter of hysterta- Barely a few
months back the company was earning
pIuses beyond it's fixed interest charges suff-
cient not only TO provide dividends upon both
classes of preferred stocks. but TO make at tho
same time substantial exhibit To the credit
of Fri. common Suddenly there is a WhirlinS
revolution from this satisfactory condition to
deficits disorganizatiOn and dangers whien
cannot readily be squared with any calculation
that has to do with what is normal Alert 90
servers cannot fail 20 be tempted 10 suspicion
that something is different from what ths
surface appears Perhaps an Erie mystery n
naturaI-it does seem TO be perennial Through
ont its curfo history the Erie property has for
aver seemed to have been foreordained al an
IGhmapl-Dut
TO do any fighting. never lifting nand against
any man except as signal Of distress and sur
render The record is infinitely pitiful. when
into consideration must be taken the extraor-
binary natural strength and advantages which
never can IegitimateIy belong TO on eternaly
dodginp and defauIting dereIict- What makes
the nreseut Erie exhibit exceptionally revolving
however sad previous historic chapters nay
have been-the penalties now hippodromed as
in the very face of a management suleii'' u
vond that known in any epoch OF 'hs coiipe-.s
mast records-an administrative force ana n
+er1fgence equal 10 any that anywhere - mar
shaIed-
Handicapping complexities and dlsturodI-
are all upon the financiering sldei "nd' -
executive elements accomplish reach the hlshes'
standards r D. Underwood as Erles presldel'
and chief practical director. has indeed Oeel
,,orlar Of miracles in so far as concerns kries
n1,-sicaI status. II is local fashion 20 H.aN9
Eric a ioke TO jibe at it's time tables 20 Js'F
a+ its achievements: but fair comparison VITA
other important trunk lines entering Ne" loiA
6,i+- n-iIr disclose abundantIy that the real trls
&c 1erv- different from the Erie Of the JeS'erS
and the snarIers It's express trains come ID
Nevr York more regularly on time tnah % ~
York CentraTs and the boasted Ne" 1'rK q
- 14.,.sr makes not one whit better showing
of
,bo ron,,Iar notion is a notion bred Of ignoranee
prejudice -, -.
Erie has no right 70 be in the taOoo cas-
IT., r.1 Erie will be the recognized Erie y hen
1-nderyyood methods are properly supPor'ed-
And II does not so much matter IN any SUM-
c;ent1,- long experience what may be tne opera
tton of financial readjustments II Erie ; dol-a'
b,-sicaI onnortunitv be given fair play I1er9
could even be worse things perhaps tnan q 'e'n-
rorarv raceivership-if II be possible -i-d-
through such experience Mr. UNDERWOOD anu
Mr. Hartman be brought into an upoIl-dlns
co-operation-for such basis every Erls 7n@Te
is at present prices a premier bargain
Az the end of the week one crop OF runlors
was dispatched by an official announcement
that the United States Steel Corporation = NO.
m the verge of cutting prices preliminary %
+rada dernoralizatfon That every current quo
tarion for material will be maintained Is. o.
course a foolish anticipation; fluctuations a'0
natural and necessary But that orders @17 =
slow that concessions 10 buyers must be made
in anv disturbing way is stock joooery F0',lor
now disposed Of
C-a,+Ienoen who have been surest HAT Jns
stool Trust was about to 60 into chaos Of prices
have at the same time been excited over ire
dreadful threat that everything like protective
tariff in this country is about to be ao9-lsneo-
This sort of thing is much Ike Stiffness on d
ea1ar,--for il would seem to be incou uprehensi-
bic that anybody could undertake such con'Tl-
button of dementia just as a free viii o1eTlns-
American policies are hardly going 70 eVapora-7
over night ,- 49,,
Yet upon the New York Stock Exchange t1ere
is now an extended short interest which nas
for it's inspiration nothing else than the'rlzLi-
TO the effect that American Industries are Q. "
sudden to be deserted. marked FOR destrucLl'A-
As to harvests: The outlook for 1908 Is for
continuance OF abundance and continuance ~
demand The winter wheat crop escaped ear-s
threats and is reasonably certain % De uP %
the average of recent years Conditions ol Sun
and weather for spring sowing are more O'ai'
good: spring wheat, cotton. corn and tns H'-'''i
crops will start out under excellent auSplteS-
The marketing of 1907 crops is virtually com
pleted and has been a source OF great wSa4'h
TO the American farmer Prices have 0esH
maintained at highly remuneratlve levels -
suIting in large accretion Of individual ana OH
nunaI wealth However disturbed may haN7
been the financial centres OF the country '''
one thing has happened to impair the prosperity
or the productive or consumpttve power ~ ~
agricultural community. AS often Uaiutainst
i'm this review agricultural prosperity - -
very basis-the absolute fouudatior--of 07ti'ua4
prosperity: while IL exists and expands no S''l-
Gus damage come from the Temporary '7'
pests Of the sphere OF finance
Money market conditions improve 20 the *
tent that Wall Street is benefitsd-caH T4'7'
down to minimum figure. For the r1srcl's''
and manufacturer there may still bs sons
stress but loans upon Stock ExchanSc coil-tsISi
are made by concessions 10 borrowers
Incidental to the loan market situatIcr w'
have some large corporation plans disclosed