New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-27
finauriaI
The Financial World.

strength; but there were times between when
/ 1t was spotty and irregular. This was due in
some part to realizing and in some part to the
Northern Pacific controversy: which is properly
recognized as having an important bearing on
speculation. because Of the large place in II held
by the extensive group Of securities Immediately
affected 1t ~ now fully understood that the
controversy entirely hinges on the attitude "
Mr. Morgan as controlling head Of the Northern
! Pacific. Conferences between the various par
ties In interest are still proceeding. and 1t is
| hoped that they may result in finding way
out of = disagreesble-and considering the &C.
casion-a peculiarly untiraely dispute. Every
body knows that Mr.. Morgan is a man Of strong
WILL very difficult to move when he has once
taken his position. At this time he seems I'M
able to see that there is any side 20 the mat
tiers in controversy except that which he has
taken. But as all questions have two SIDES, 1t
may DO there is some right and reasonabeness
in the contentious Of the other people They
would not stand where they do unless II APP
reared to their minds that there sound
cause for assuming the position. Anyway, 1t
comes at last to a question Of expediency, and
the common sense query viii occur 10 any one
is it wise simply as matter Of expediency for
Mr. Morgan TO press to extremes al this time. a
controversy certain 70 injure the market more
or less simply to secure for the Northern
Pacific some new road. which. though II may
/ derive benefit from, it has yet been able TO do
/ very well without?
After advancing 20 as. Atchison preferred
reacted about couple Of points but was up
again yesterday No one who bought above -
need have any fear about the resut-thr stock
IS bound to see much higher prices than that.
though it may nuctuate for a while a. lower
range. The backbone Of the speculation in the
stock is the very large holdings Of IT acquired
by prominent people connected with the Rock
Island. The Rock Island road and the Atchison
occupy nearly identical territory. II Is very
necessary that the two systems should work
harmoniousy. Now that the Atchison has se-
cured an entrance t. San Francisco, the Rock
Island will enjoy the benefit of a Pacific coast
outlet over the Atchisons lines. Some Of the
ri hest men in the country-cr in the world
are connected with the Rock Island not Of
fcially but nevertheless closely enough. They
are the heavy weights in the important COM
bination which has its headquarters in Cover
nor Flowers office The Flower holdings %
Atchson the bulk Of which have been acquired
during the past two years were not bought for
a turn in the market: but with view u MAIN
tanning those close relations between the Rock
Island and Atchson systems necessary for the
permanent benefit Of both. II is said that
representative Of these stockholding interests.
and possibly two. will enter the Atchson d.
rectory. Governor Flowers name Is mentioned,
and that Of another well known capitalist II Is
needless to say that the Flower people are great
bulls on AtchsOn They talk Of the preferred
stock being worth much as Northern Pacific
or Union Pacific preferred. and predict as high
prices for il as the preferred stocks Of those
roads command. Earnings Of million per
week. which were Atchisons during October.
are pretty good things 10 have.
So much attention has been directed TO the
Atchison and Pacific coast stocks. that the spec
ulation in them has been the main feature Of
the market; but there have been some notable
movements in other stocks. Manhattan enjoyed
a boom. which carried it 10 par. on the appoint
ment Of Mr.. Skitt 10 ;he general Superintend-
ency-an appointment strongly asserted, and az
strongly denied, TO have been made at the di-
rect request OF Mr. ". X. Vanderbilt Il was
argued that II Mr.. Vanderbilt's wishes were thus
effective. 1t meant that the Vanderbilt interests
in Manhattan must have become important.
II is not generally known that shortly after
the death Of Col. Hahn. his place was offered 20
Mr. Cannon. then manager Of the Staten Island
Rapid Transit Company, and since elevated to
the management IF the Southern Railroad MI.
Gannon's ideas OF the way Manhattan should
be run were not agreeable TO Mr.. Sage, 70 wnom
a liberal expenditure for good service was a
narrowing thought. Mr.. Gannon-who Is some
what Of a bulldog-was unable to modify his
views in this particular. and Mr.. Sage was abe
10 carry his point against the Goulds. Hence
the appointment was not made and Mr. Can
non shortly after received the offer from the
Southern Railroad AS Mr.. Sage has been In
dustrious and emphatic IN denying that Mt
Skitts appointment had any significance wnat-
ever il seems fair TO infer that the appointment
was not mis-.
Certain people who knew Mr. Gannons ability
as a railroad man. have been hullish on South-
ern Railroad stock since ne received ms ap-
pointment; and they point II the recent rise
in the price Of the stock proof Of the correct
ness of their views. This rise has neen accom-
panied by rumors OF an increase IN the Janu-
airy dividend over the last: which ii Will be re
membered was pr cent. As the earnings OK
the road have been largely increasing. II Is prop
able the years fund available for Distribution
has CORE poadinsly increased, and something
over per cent Will be paid
In the latter part OF the week, when the mar
ket generally was heavy. the anthracite coal
stocks suddenly developed strength, and all the
various issues Of even SO sick concern as
Reading went up. This is the time OF year
When the coal companies usually agree upon
what they Will do the coming year. which agree
ment they religiou.y omit To keep The con-
ferences however. usually serve To start UP
some speculation in the stocks. In addition We
have on this occasion rum0rs floating ABOUT
that both the Delaware and Hudson and the
Lac HAVANA roads are to be absorbed into the
New York Central system. II probably would
not be difficult To get affirmative vote On
such a proposition.
Comment is made sometimes on the $40"
movement of the older stocks. like the graneers