New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-26
PART II.
JAN. &c, 1898.
WALL STREET SEES A LIGHT.
TT SHINES on RAPID TRANSIT.
-c,,rryG THE STRENGTH OF PUBLIC
sENTIMENT-MANHATTAN STOCK
GOES DOWN.

~crrrTATlNG The Or rCDLiN
sENrINENT-MANHATTAN STOCK
GOES DOWN
war Street is at last waking up TO the fact
49,. ,bo deal between the Manhattan Railway
~a Tammany Hall is menaccd by an aroused
Lie ouiuon, and that the problem OF rapid
80, NAV not be left TO be solved by back
.,,.r conferences of prominent financial men
"a mon hlgh in the councils OF the corrupt ring
-. ,ow dominates the city. The rising tide OF
~hre indignation at the scheme to permit true
r.,;a transit to be stifed by conspiracy has not
~, checked the rapid progress OF the plan but
~. voted the fears OF operators that the specu-
80. features OF the deal may be impnrilled.
Tb.,e il little said in public comment by bankers
:. h,okers with regard to the Investigation that
a.. Rnpublican members Of the New-lOrk Legis-
,.,r,e will worl, to launch against the reported
..nbinatio1 of the elevated railroads and the
n.mocrats now holding the rens of power in
,h;s city and State. universal reluctance to
.r.sk Il manifested. which may be due TO fear
- attending strong Wall Street interests that
have cast their lot with the midair monopoly.
Dat ~ a legislative committee could unearth the
..o,o.s NJ the big speculation in Manhattan stock
..a ,le reported prominence Of leading Tammany
u.u cbieftans as successful players at the Wall
c.r.st oame there would doubtless be much salts
t.,,;or m the part Of the conservative element
II the Stock Exchange. Not until such an in
vsstication is got under way can it he hoped that
a.. storv will be told of Tammany Halls success
.t miucling finance and politics.
Tho managers Of the Manhattan Company re-
,,se IN discuss the rumors which are current and
which have commanded the attention OF the
LEGISLATORS of the State as shown in Mr.. Malbys
,o.olution in the Assembly for committee OF
,nvestication Russell Sage and Samuei Sloan,
who are directors Of tho company. Declined yes'er-
dav n talk Upon the subject j. Plerpont MOI
oan refused TO discuss Manhattan ahalrs Less
nrominent men interested in the elevated rail-
way system also would not speak on the proposed
Investigation, although in private they pooh-
poohed- il. 1t could not even ne learheu OIL
c;ally that there was meeting yesterday OF tle
Manhattan special committee on extensions al
though George J. Gould was at the ofice OF
nreyel Morgan & Co.. and there is reason 10
.urpose that meeting was held to consider the
,ot,er Of the Rapid Transit Commissioners de-
mandiur that the company i'll its propositions LOT
ranid transit facilities pledge itself to extensions
N the city limits. and to a 5'cent rate OF lare
within those limits.
II NAV he that the Manhattan management
in view of the storm Of indignant protests against
triAing with the vital question OF rapid transit
NAV he forced to a change of base. a capitalist
interested in the Manhattan Company, ana gen
erally familiar with the projects OF the MANAGE
ment. said: 1.-THE Manhattan 90 beyond the
Harlem River? don't believe it. Agree 10
such long haul for cents? No. sir. What,
then. will he done? There need be nothing II
the commission demands unreasonable require
ments The Manhattan can rest content II theie
is any new elevated system proposed. III capital
lists think they can get the streets needed ana
are willing to take the risk of competition ana
the payment OF millions of dollars of damages
10 property owners they can 60 ahead. The
Manhattan will continue to enjoy its franchise
and the public can be satisfied with the rapid
transit facilities any opposition company can
furnish
The stock market reflected yesterday the re-
alization that decisive check had been given
to the schemes of the Manhattan-Tammany Hall
combine" to secure all the privileges it wanted
without due regard to public rights. 1t should
he remembered that the developments OF the
deal-the failure of the offer to sell the under
ground railroad franchise and the turning OF
the Rapid Transit Commission to the elevated
MONOPOLY as the Moses to lead the people ont OF
the wilderness of present transit-werc attended
BY big speculation in Manhattan stock, which
carried the price to ia "a on January Is, I'VE
DAYS before the Commissioners announced that
they would receive propositions from the Man
haitian Company For some time afterward the
price hung around 10, but since the exposure
in The Tribune of the combine the price has
been ipcning downward Yesterday the market
seemed to take it for granted that the combine
was defeated, if not routed. Manhattan opened
at 1876, plunged down TO 161, rallied TO 90 IL,
fell later to l6l l-2 and ended at l62 Ia with
net loss from Tuesday night of IA per cent.
The price Of Manhattan rose over forty points
from the day Jay Gould died. There was an e\-
cellent chance when the excitement ran higi,
for the Tanlmany Hall politicians who received
early inside" tips to reap rich profits. Bnt
there was a story yesterday that some OF the
minor members Of the Ring have been Dadly
nipped. They were said to have loaded up when
the stock was above 40 in supreme confidence
that whatever Tammany Hall said went, ana
are now suffering from depleted margins II not
entire losses on the gamble. because the pubic
Indignation had called halt IN the, unimpedcGl
course Of the scheme to give the Manhattan road
all it wanted for rich privileges to go to stock
holders.