New-York tribune., 1899-01-15
finanrial.
FINANCIAL FORECAST.

FIlNAINklAk TONEOASls
The investing public has acted upon the advice
Gently given in this column. has turned Its renewed
attention buying the particular properties we
selected Pennsylvania Pan Handle preferred and COM
mon. ST. Paul. Burlington North West. Rock Island and
New York Central The public acting wisely. II
limit their to these securities they viii
OF the better elements OF the
security 1t is purpose to undertake
this column to-day forecast Of railway finance tha'
able discount in the largest degree
possible and in the practicable the future
OF the United States
BY way Of prelude: Open OF your mind before
a map OF the United States. Note the position OF the
great cities Atlantic coast-New York. Phiade-
phia, and Washington; glance along the state OF
Pennsylvania and note It's gigantic Developments stop
P,sburg and your vision westward toward 'he
Mississippi River and reflect upon the conditions "h'oh
underle territory between the Great Lakes and the
River In that locality coal coke iron steer ana
lumber brought together at lower cost than IN any
other region OF earth.
within the outlines have described. between the
and the Mississippi river is the centre
OF population OF the United States the centre OF '"e
coming Industrial developments OF the United states
and the the transportation interests OF the Une
States All that is in the renewed growth OF ths
country will be felt most in territory The Pennsy
vania system that territory.
The PENNSYLVANIA system east Of Psburg is the Penn
sylvana Railway Company The Pennsylvania Railway
Company a railway miracle. 1t is financial ins'''u-
,o, q, the highest order with $40 assets and
with si75oooOco worth securities While 1t owns the
frO
It owns than it pays what 1t owes Il
is in exactly the position with reference 10 yearly
income and outgo as though had bonded Indebted
ness and the stock owned everything 1t is earning ten
per cent It pays FIVE and will pay six per cent II Is
every way the growing investment which can now De
found anywhere realm OF finance The editor
Of this column advises friends to sell their favorte
bonds and buy this stock
Now look at the Pennsylvania Railway combination
west Of Pittsburg Except FOR parallel line TO Chcaso
Pan Handle is the Pennsylvania system west OF PITTS
burg begins at Pittsours and nuns
with double Columbus From there 1t branches IN
every important direction 1t has railway line OF us
own to indianapolis Louisville. another railway line
to Cincinnati and still another line to Nincenhes
0or Cairo. has railway line OF It's own
to St. Louis another line OF its own to Re
oria and still another line Of its own to chicago
All these important railroads belong to one company and
that company ia Pan Handle The entire business OF the
south the West and the Northwest reach this cen
tra region through Of the cities we have
named and over the roads owned by this company No
other railway property the United States stands in such
important relation to material and business growth
Of the who.e country.
The western and the eastern divisions OF the fennsy
vania combination are held together by link only that
link by the simple fact that the pennsylvania
Railway Company large majority OF Pan Handle
stock The Pennsylvania system therefore, as system
| has two owners and One Is the Pennsylvania
Railway Company itself. the other composed Of those
who own Pan Handle There are other owners
OF this system ell magnificent future Will be
divided between these two There also two
rnanagements OF Pennsylvania system One manage
ment is composed Of the directors Of the Pennsylvania
Railway Company and their executive representatives
The other management public opinion and private JUS
tlce II there is conflict between these TWO manage
ments Pennsylvania directors will yield The Penn
syvania managers conspicuous position In the
financial railway world and stand perpetualy before
the eyes OF mankind They will give full recognition to
this partnership DO Otherwise they should have no
inclination certainly AS it now is
these two divisions Of Pennsylvania system are al
together separate with Pan Handle Offices and officers
at Pttsburg The ownership OF this little stock oustand
ing is an the integrity and harmony
of the Pennsylvania system system Ptsburg should
be a way station and all Pennsylvania properties
should be unified into unbroken line and controlled
by one unmodined management The ternini OF this
|
New York Philadelphia. Baltimore and washington in
the east-Lousvllle Cincinnati. St. Louis, Peoria and
Chicago in the west How Will the Pennsylvania man
agement accomplish this VIII they buy Pan Handle
stock or guarantee the stock and road will
they repeat the mistake they made in reference to the
minority Northern Central? In that case the'
did not buy the stock and have been paying sever
per cent dividends With abundant none,
in their treasury It would pay them 10 buy that
Northern 200 II they do not acquire the Pan
Handle minority this time. they will buy 1t
at later period twice the cost II they postpone II
long enough they will pay FIVE times It's present value
They must cost The potential tendencies
railway consultations and the harmony OF theF
widespread interests will demand it.
During the past week certain Philadelphia journals
which are supposed to be organs OF the Pennsylvania
Railway Company have been camorous against the views
expressed In this column. Tie Pennsylvania ohicia
Themselves have made indefinite denias The Philadelphia
brokers and their New York connections have engaged
many discourage the public in reference &c
these shares simultaneously, selling movement wa.
lnaugurated the floor OF the Exchange What Is th
meaning OF all this? Why depressing Influences
Do the Pennsylvania managers prefer that the pupN'
should not have faith in this property? why d'
they not rejoice the stock is becoming established
in confidence Of the public and In It's market position
No thoughtful observer mistake this pressure iFoH
the Philadelphia news journals; this discouragement o.
Pennsylvania officials. these absurd man9uvres OF PhHa
depha brokers' Pennsylvania people did not want
this property they would no attention They ~ouC
either ignore It's position rejoice In Its advance
rnent The man who holds Pan Handle stock has griI
unon the most speculative investment that th