Show NO RECEIVER NEEDED FOR ERIE RAILROAD Old Unsecured Obligations Replaced Re Re- Replaced placed With Securities by Harriman's Efforts NeW y New York YOJI April J. l.-J. J. J P. P Morgan an announced thIs Ibis afternoon th t arIa ar- ar i Ia alignments hind had been mn mode o to finance fl- fl nance narice the tho ErIe Eric railroad It will meet all au Its obligations and prevent n a re- re Circulars w fo issued stating the tho terms of the tho J hankers and find asking asking- creditors of or tho the brio Erie Krio to bring in their thell notes notes' for exchange not later than Wednesday Ye on w which dato they fall rail due lUe i v NV notes to tho the amount of 15 Oi aro to be issued under authority author- author it ity ty secured about a a. week a ago o from the JIU service er commission They rhey are arc areo tf C o inn rUIl for em three years and carry six ix n r p-r r ce cent nt Intel Interest est The Erie Eric Railroad company has deposited to thom them bon bonds s of or tho the face value aluc of or l and of the present market value of Of these theao notes 5 be i mcd in exchange o for an nn equal volume of notes falling duo due next Wod Wod- nc da Erie lets Gets plenty Ca Cash h. h J. J P. P Morgan company were bankers bank bank- ers for or the syndicate syn l ate which purchased 50 o of the notes at par for cash thus bus putting into the treasury trel of the Erie Erlo money to meet all an obligations of or ortho tho time railroad summer slimmer This leaves of or notes in reserve for con on It is a n con condition precedent to the the- pa payment ment of or tl tho by the syndicate that all n of or the outstanding notes holes be lie exchanged d. d for fOI the tho new notes Owners o oi oC these notes W are known own and anti it is understood that th theY thoy Y are arc willing to make malte tho lie exchange Thoy They get Instead of or their theli unsecured notes a note noto that is up to 90 per percent percent cent of It Its face imd antl md that probably will willbo bo ho paid in full tun at maturity This announcement announcement an an- en enIs a week weel of uncertainty uncertain ty in Wall Vall street l Saved tho the DarEd Day Dar Ed ard II H. is und understood to have havo been tho the chief influence in inI preventing a n. receivership The Morgan Morgan Mor Mor- I gan gun people e have been represented as fiS worrying over a rumor that Harriman planned to sot ot control of Erie in behalf be bo- half halt of oC Union Pacific of tho the rumors and anti reports have o been malicious mull mall cious clous and find Cal false fahse e. e The Tho report t that Erlo Erie would bo be M ed was not made officially until after aCter the tho stock market closed hut but it was known in the Standard Oil and amon among Morgan organ brokers ers John D. D Archbold E. E II IL Kuhn I Lo Loch b z company an and amid some ome of or the New NewYork NewYork NewYork York Central Interests were to tobe tobo tobo bo be buying stocks fl freely OI In n anticipation oC or tho the announcement nt The Tho entire marI market mar mar- I hot ket t which was weak enl in tho the early early- part m of tho tIto ay hay closed strong an and active with nl nia tonal tl a advances |