New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-06
financial.
The Financial World.

| by the strange performances OF the Cheno,c.,
Bank people, braced up again when the nrr
| step In the unlication Of the Vanderbilt systs,.
was formally taken on Friday. and 1t closAd
strong yesterday. If. however, the speeuativ.
! temper should flag .tle about this time ana
| the market tend TO narrow somewhat. II woulh
also be acting naturally: for about this season
OF tho year, It IL apt TO work that way Under
ouch conditions we see certain securties n,
/ groups OF securities. advance or decline accord
! ing to their special conditions, while the general
! list remains inactive There is no general nova.
! ment with the whole market swinging one wav
The distribution OF the new Union Pacific a..
| cur!ties is proceeding rapidly. and when the
! Kansas Pacific comes 10 the company after thu
sale the 18th inst. which II may he inferred
from the rapid rise in tho Kansas Pacific con.
soils Il Will do. the Union Pacific railroad prob
lem will no longer be subject Of worrimen, "a
! Congress and the Executive. II the X p ro.a
goes at no more than the upset price fixed BY
the court, and OF course 1t cannot go for less
| the Government viii come out in good shape
much better than seemed possible a year or ~
ago. It may also be said that n tho Reorsani.
cation Committee had lacked nerve when Al.
torney General McKenna fired h!s momentum,
telegram at them. Congress would now be eli
| in a tangle with the question, With living
man able to sec tho outcome. And the cons,.
puences TO the stock market would have been
! something to remember. The bullish feeling on
the new securities continues strong There has
been some recession from the highest prices OF
the week on the preferred stock. but probably
only temporary. for IL the earnings OF the road
continue as good they are. this stock will
soon become n dividend payer The per cent
bonds are safe security In any event; and
with 40 many strong houses a. work broadening
the market FOR them, their advance 70 par may
be looked for with confidence They sold at 95h
yesterday.
All the talk in the Street is that under tho new
arrangements New York Central Will become .
, per cent stock IL il said that Mr.. W. x. VAN
derbt. having sold his great holdings Of Lake
Shore 10 the Central at good price. has been
large buyer OF Central and intends 70 work
up that stock also The next step In the scheme
Of unification is to bring IN the Michigan Cen.
trail and Canada Southern through the West
Shore The whole system VIII then he as
petely united, and as absolutely controlled from
a central point as the Pennsylvania system To-
Such is not the case now, and never has been
The quick rise in Michigan Central the past week.
has doubtless been on Information from Treas
Crer Rossiter In Egypt Beyond Chicago north
ward 10 the Pacific coast the Vanderbilt sys
tenn will extend through the Northwestern anc
the Union Pacific. with the controlled Oregon
connections Of the latter. Railroad men say the
unihcation OF the Vanderbilt system Will give
more stability TO rates and traffic arrangemsnta
than has heretofore existed. as IT VIII coneen-
trate both po yer and responsibility.
Apropos OF this, It would seem there ought b
be power enough at this end Of the line to stop
the senseless war among the big Western roads
which has started the new fast trains r.
Denver II there is not Il will have most pre-
judicial effect on the securities Of the companie-
involved-tust al the time also. when II Il mos
desirable to avoid IL.
The expected movement in the Erie secur.tis
may have been waiting for the completion or thr
Vanderbilt arrangements. These securities have
rad practically share in the general upwhT
movement of the market-a fact frequently com
mented on 1t needed some strong hand 10 star
them and this could be none other than M
Morgan's as no one else would take the risk o
interfering where ne was all powerful On Fri
day morning Just before the opening here
cables came from London. where Mr.. Morgan y.
telling OF active buying of Erie securities thers;
and the traders on this side promptly followed
the lead II has been said in this column THAI
Erie first preferred was in good position on the
earnings Of the road FOR a substantial rise when
Mr. Morgan should get his bull boots on. II ne
has pulled them on now, II will walk up. Ths
company can pay dividend on that stock. the
reported exchange OF Susquehanna Western
preferred stock for Erie first preferred, al -
per cent, works out Just about what both stocks
were quoted at yesterday-the latter AN and
the former 35k The more Erie first goes up.
the better for Susquehanna.
The new card to be played for Northern Ps-
cihc Is the disposal OF It's large land holdinssto
q company organized for the purpose OK acqur-
ing them. II this arrangement had no other
effect than merely Fastening the settling up OK
these lands Il would he good thing for the
company: but It will directly benefit II fnan-
ciay The dividend declared Tuesday was 40
companied by a statement from President Nehen
on the probable net earnings Of the road whion
W as rather damper on the speculation IN the
common stock at least. 1t rather knocked ou'
the theories OF a million or two Of surplus FOR
It this year A little thing like this, however.
dent trouble the insiders who ar, pushing the
Northern Pacific speculation. They arc thor
cughbrsds. Mr. Hin is credited with saying ~
expects to get 50 for his stock
In the granger group Northwest has gee"
rising on the fine showing Of earnings II Makes
and Burlington on the expected Increase OF INC
dividend on the 18th inst. to per cent i"e
refunding operation which has been talked OF
for some time may be heard OF definitely some
time after the dividend increase. Burlinston'
old per cent bonds have some years yet 70 tun'
and holders are not likely TO give them up
The fractions have been irregular Af's'
brief period OF strength In the early part OF 'he
week Manhattan weakened. metropolitan Nus
been alternately weak and strong within Mario"
limits but closed strong yesterday. brooklyn
Traction. In which an immediate advance Wac
locked for has hung fire. Friends OF the PROV
erty say Il Is due only to delay In completing '"c
Hridxe connections IL may be worth WINE W