The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-15
fyrnunrial.
FINANCIAL FORECAST.

fNANGtAl EUkEGAN u
The investigating public has acted upon the advice
recently given in this column and has turned its
renewed attention and new buying to the particular
properties we selected; Pcnnsyl vania, Pan Handle
preferred and common, ST. Paul. Burlington, North
West, Rock Island and New York osntrsl. The pub
lie ia acting very wisely. II inventors limit their
ventures to these securities they willN-emain in abs,'
lutte control Of the better elements OF the Now Yc.=
security market. It is our purpose to undertake In
this column to-day a forecast OF railway I'm Ince that
our readers may be able e. discount in thn largest
degree possible and in the safest manner practical
bic the future OF the United States.
BY way NJ prelude; Open the eyes Of your mind
before a map Of the United States. Note hho posi-
ton Of the great cities on the Atlantic coat View
York, Philadelphia, Boston. and washirgtons l;lance
along the State of Pennsylvania and note it's tuEan'
tic developments; stop at PittsburW and turn your
Wis on westward toward the Mississippi River ana
reflect upon the conditions which underlie the ter
ritory between the Great Lakes and the Ohio RN er.
In that locality coal, coke. iron. steel, and lumitNr
are brought together at lower cost than in any othtr
region of the earth.
Within the outlines we have described. between
tho Atlantic Ocean and the Mississippi River. ia the
centre of population of the United States, the centre
of the coming industrial developments of the United
States, and the centre OF the transportation lntercetN
of the United States. All that IL best in tho renewed
growth OF this country will be felt most in that terri
tory. The Pennsylvania system is that territory.
The Pennsylvania system east OF Pittsburg ia the
Pennsylvania Railway Company. The Pennsylvania
Railway Company is a railway miracle, 1t is a imam
cial institution of the highest order. with $4,000
oCo cash assets and with SITS, 900. OCo worth of
securities. while It owns the Railroad, IL receives
moro income from tho securities 1t owns than 1t pays
out interest on what it owes. 1t is In exactly the
same position with reference to yearly income and
outgo as though it had no bonded indebtedness and
the stock owned everything. II is earning ten per
cent; it pays Ave and will pay six per cent. tits
every way the best growing investment which can
now be found anywhere in the vast realm of finance.
The editor of this column advises his friends to sell
their fav rite bonds and buy This stock.
Now look at the Pennsylvania Railway combination
west If Pittsburg. Except for a parallel line to Chi
cago. Pan Handle is the Pennsylvania system west of
Pittsburg. The Pan Handle system begins at Pitts
burg and runs with double track to Columbus. From
there it branches in every important direction. 1t
has a railway line of its own to Indianapolis and Lou
isvillc, another railway line to Cincinnati and still
another line to Vincennes tfor Cairo. II has a rail-
way line of its own to st. Louis. another line OF it's
own to Peoria and still another line of its own to
Chicago. All these important railroads belong TO
one company. and that company Is Pan Handle.
The entire business OF the South, the West ana the
Northwest can reach this central region through the
gateways of the cities We have named and over the
roSds owned by this company. No other railway
property in the United States stands in such impor.
tant relation to the material and business growth Of
the whole country.
The western and the eastern divisions Of the Penn
sylvania's cUpnbination are held tog 'ther by one link
only; that LINK is created by the simple fact that the
Railway Company owns n large ma
jority Of Pan Han die stock. The Pennsylvania sys-
tenn, therefore. as a >ystem has two owners and no
more. ono is the Pepnsylvania Railway Company
itself, the other is compssed of those who own Pan
Handle stock. There are no other owners OF this
system. and all its magnificent future will he
divided between these two interests. There are
also two arrangements of the Pcnnsylvania sys-
tenn. One management is compCeed of the directors
Of the Pennsylvania hallway Company and their eI-
ecutive representatives. The otheN management is
public opinion and private justice. IftNerei is a conflict
between these two homogeneous the Pennsylvania -.
directors viii yield. The Pennsylvania managers
occupy "A conspicuous position i'll the financial and
railway world, and stand perpetually before the eyes
Of mankind. They will give full recognition
to this partncr'hip. To do otherwise they ahould
have no inclination and certainly have no power. ,
As it now is. these two divisions OF the Penueyl-
vania system arr altogether separate. with Fan ,
Handle offices and officers at P%ittsburg. The owner
ship of this little stock outstanding is an absolute
to the integrity and harmony of the Penn
'ylvania system as IL system. PittsburR should bea
way station. and all the Pennsylvania properties
should be unified into one unbroken line and con-
ly one unmodihed management. The ter
mini of this unified and symmetrical Pennsyl-
'ania system should be in New York, Phila-
ielphia. Baltimore and Washington in tho
Glst- Louisville. Cincinnati. st. Louis. Peoria
md Chicago in the West. How will the Penn
1ylvania management accomplish this? Will
hey buy Pan Handle stock or guarantee the stock
md lease the road, or will they repeat the mistake
hey made in reference to the minority stock Of North
I'm Central =? In hat Gaze. they did not buy the stock.
nd haNe hnap n - az GANtap M ran, 800.
ince. With abundant money in their treasury 1t
would now pay them to buy that Northern Central
t 200. If they do not acquire the Pan Handle mi
lority stock at this time. they will buy it at n later
'eriod at twice the cost, If they postpone it long
nougl they will pay FIVE times it's present value.
hey must have it at any cost. The potential ten
Iencies of modern railway con sohdations and the
of their wiGespI cad initial ssts will demand It.
During the past week certain Philadelphia journals
Thich are supposed TO be organs OF cue Pennsylvania
Hallway Company have been clamortN rus against tho
Jews expressed in this column. The Pennsylvania
Metals themselves have made indeh. aite denials.
he Philadelphia brokers and their Ne W York con-
ectons have engaged in many maneu Tres to dis
outrage the public N reference to these shares,
unanimously, a selling movement vas .,naugu-
Oh the floor Of tho Exchange. What is the
leaning of all this2 Why these depressi ug In
uences? Do the Pennsylvania mana GERS prefe T that
he public should not have large faith in this , ,rop-'
why do they not rejoice because tho stock Is
coming established in the confidence OF the pull uio
nd in its market position? No thoughtful obsery er
An mistake this pressu re from the PhiladelphiA
ews journals; this Encouragement of the Pennsyl'
anla officials. those absurd mannuyres OF PhiladeI-
ha brokers. II the Pennsylvania people did not
ant this property they would pay no attention.
hey would either ignore Its marKet position or re-
>ice in its advancement. The man who holds Pan
.andl1 stock has a grip upon the most wonderful
investment that the American railway
have ever created.
"A AAAnRPr