New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-28
fnaufiaI.
The Financial World.

ago. IL gave every promise Of going IN and n 4t1
go up; and furthermore. IL so brOadened ONT vu,,I
expanding business that for day or two II Ioo,S
as IL IT were getting ahead Of the money n,arl<.+
that is, that the activity IN stocks was nutti,.
| too much strain on the rather low reserves =,
/ the banks However. as soon as interest rates
ran I'D exchange rates went down; and actual
! deliveries Of gold from abroad helped: so tina,
/ money soon eased of again It got down IN
per cent Friday fair indication that =
good bank statement was coming next day. I,
| Is nearly always the that where the week
begins with money rates stiff and they ease or
as the week progresses. good bank statement
comes out; reverse the process. and you USUALLY
get a bad one. The surplus reserve is now
about $6.O0O.OO0. This is not much TO run a
bull increment on; but il Will do. so long "a We
can dssw new supplies at will from the other
side
The market whole was at its highest OF
the week on Thursday. ReaIising sales then sent
it back somewhat, though not nearly so much
as might have been expected. and there were
some special advances while the general list de-
chned. as in Missouri Pacific. II was rather
| heavy at the close yesterday and may show
some further decline the coming week In the
opinion Of some good bulls. the advance has al
ready gone as far as it ought TO go previous 10
election That is not very long time to wait
up with strong flavor OF sensation in them OF
stories of new deals" in which the VanderbiIts
! figured as buying about everything in sight
which had any connection with the Pacific coast
SO freely were their names used that the old
joke was revived Of their buying A o. T-any
old thing. So far as our information goes we
can but repeat what was said last week that the
Vanderbilts not active in the market az this
time. This. however. is not Of great Importance
because there are other and great mOneyed in
terests which are: and some of these are af-
iliated with the Vanderbilts. All the stories
given currency in the Street have concerned a
readjustment of large ownerships in the Pacific
Coast properties.
Where there is so much smoke there must be
some fire. The death of Mr.. Huntington un-
doubtedly has made readjustments out there
both necessary and possible. Even if necessary
they could not have been made while he lived
They can be now On the Atlantic Coast the
great trunk lines have been brought together in
close control, through stock ownership; so that
to-day. there may be said TO be only two Allan
tic trunk line systematic Vanderbilt and the
Pennsylvania. On the Pacific Coast there are
the Great Northern. the Northern Pacific the
Union Pacific, the Southern Pacific. the latter
holding control Of the Central Pacific by lease;
and the latest addition to the family is the
Atchison, which now into san Francisco.
Pennsylvania interests are dominant in the Atch-
ison; Vanderbilt interests in the Union Pacific:
Mr.. Morgan is the power in Northern Pacific;
Mr. Hill. with a wealthy English backing con-
trolls the Great Northern; and since Mr.. Hunt
ington's death. the Speyers are the power IN
the Southern Pacific. The situation is one with
all sorts of possibilities in it.
Whatever changes in ownership of the several
properties have recently been made, If any. au-
thentic information Of them has not reached
certain banking circles where the financing OF
large operations Of this character is usually
done, either wholly in part. Nothing was
known there OF the reported purchase OF control
OF the Pacific Mail Company-in itself a COM
paratively small thing. as a financial operation
IT was Tumored at first that control had been
bought by the Northern Pacific; later. il was
asserted that il had been bought for the Union
Pacific. Official denials were given 10 both
stories; but these don't count for much in Wall
Street. Doubtless, control Of the Pacific Mail
Company Will change hands, if it has not already
done so. That seems to be regarded a GER
tainty. Nor does it follow that because Informal
ton had not reached the quarters referred to.
there is no truth in the reports in circula-
ton. All that be said is that whatever
plans are in contemplation. nothing has yet been
done which calls for the cooperation Of banking
houses whose cooperation will be necessary to
carry ont such operations.
1t was the heavy buying of Northern Pacific
which originally started the stories of new deals
When that had been put up. speculation swung
into the AtchisOns and Union Pacific Pacific
Mail spurted up and then fell back Lastly
came lively upward movement in Missouri
Pacific, which occurred on Friday Meantime
the fractions had been run up Manhattan
morning touching par. Brooklyn was rushed
on a story that Metropolitan interests had ac-
quired control: and there were lively advances in
a number Of the industrials, followed by quick
reactions. as in Sugar and the Tobacco stocks.
The steel stocks snow signs of realising BY pec-
pie who have been recent bulls on them; but
there is strong party who have not sold and
who are very confident of higher prices after
election.
The new Chicago & Alton securities have been
introduced to the market. On Thursday. they
were distributed to the holders of the Chicago
& Alton purchasing certificates; and at once the
dealings in them on the Exchange became very
active. There are 31a per cent bonds: S2OOOOOOO
of per cent preferred stock; and S2OOOOOOO OF
common. which will get anything earned over
the per cent on the preferred. At yesterdays
market prices the bonds and the preferred stock
are cheap. They safe for their interest and
dividend respectively. and can be bought with
safety as an investment The common stock
is speculative About Ia or per cent
is being earned on it. with promise OF more. II
the general market goes up, c. & A will 20 up.
Under any circumstances it is likely to be a
good trading stock-in fact IT may be regarded
as a permanent addition 20 the list OF railroad
trading shares.
As TO the speculative outlook. at the close OF
the Presidential campaign. one OF the best judges
. 49,