New-York tribune., 1900-12-15
GAINS IN THE "COALERS.
THE ERIE ANNOUNCEMENTS START A
BOOMING MARKET.
RUMoR THAT ]. ]. HILL Is ABOUT TO ENTER
THE ST. PAUL BoARD-MoRE COAL
PROPERTIES LIKELY TO
BE ABSORBED.
BE ABSORBED.

PROPERTIES LIKELY TO
BE ABSORBED
There was big and booming stock market
yesterday, had been expected, under the
stimulus of the important announcements of the
morning the one that James ]. Hill and Nor
man b. Ream with Robert Bacon. of ]. p.
Morgan & Co. had entered the directory of the
Erie Railroad Company; the other that an
agreement had been definitely made for the pur-
chase of the Pennsylvania Coal Company by j.
p. Morgan & Co. The Erie issues having had
their day of activity, declined fractonally; but
the other "cOalers'' made material gains, and the
general list also showed at the close substantial
net advances for the day. The absorption Of the
Pennsylvania Coal Company by interests so
closely affiliated with the coal roads was ac-
cepted on all sides as sgnifying that the Della
ware Valley and Kingston Railroad projected
as rival of the present coal roads and backed
by the powerful influence and the large re-
sources Of the Pennsylvania Coal Company,
would be built; and the elimination
of that threatened opposition was taken to be
a fact OF great Importance and benefit to the
Erie and the other anthracite carrying lines.
The entrance OF Messrs Hill and Ream into
the Erie Board, too, it was thought by Wall
Street, meant much more than confirmation of
the general belief that definite and lasting
peace had been arranged between the Northern
Pacific and the Great Northern. important as
that confirmation is. For the view was taken
that Thursdays changes in the Erie Board were
Only the beginning of a series OF operations
which would result in bringing the other an
thracite roads also definitely within the scope OF
the Pennsylvania -New-Yo Central agreement
the Morgan-New-York Central interests perhaps
to have the more immediate control of the des-
TIMES of this group of railways just as the
PENNSYLVANIA is especially conspicuous in the
direction OF the policies of the bituminous roads
lying to the southwark of its own line.
There was unwonted activity in the Wabash
issues, and the rumor revived that control
of that system was being bought by Vanderbilt
interests report, however. which was denied
bv representatives of William K. Vanderbilt A
nroninent official of the New-York Central said
Yesterday that at one time Vanderbilt interests
could have secured the property, but the price
asked appeared to be too high. So far as is
known the New-York Central-Pennsylvania
combination. which usually acts as a unit in
acquiring properties of this kind, has not bought
any stock of the Wabash.
From Chicago came an unconhrmed report
that James ]. Hill was about to enter the
Board of the Chicago, Milwaukee and St Paul;
and this gave rise to the theory that the 81
Paul might figure as the connecting link be-
tween the Great northern anu lHe bd1lALioiS
end Ohio or the Erie of both OF which compa-
nies Mr.. Hill is director, in the estab-
hshment of a through route from the Auanuc
10 the Pacific, and indeed TO the Far E2st, 5s
the Great Northern Railway Company operates
a line of steamships the Pacific Ocean. The
guess was hazarded by some, also, that the
Chicago Great Western might prove TO be the.
missing link. The Great Northern has half
dozen connections between st. Paul and Chi
cago, however, and the report that it would en-
ter into exclusive arrangement with one or
them not seriously considered here.
1t is expected that the purchase of the Penn
sylvania Coal Company will be followed within
a short time by the absorption of the remain
ing Independent anthracite properties in the In
terest Of the several coal carrying railways and
their allied coal companies and IL is generally
believed that the individual operators will
promptly accept any fair offer now that the
prospect OF being able 10 ship their output to
tdewater by an independent line has disap-
peared.
No additional details concerning the Pennsyl-
vania Coal Company purchase were obtainabe
at the office OF J. p Morgan & Co. yesterday,
but the belief was general in the financial dis
trict that the stockholders of the Pennsylvania
company would readily surrender their shares
the terms announced.
One of the best known of the independent OPP
orators said Of the independent road scheme;
1.-The whole thing was nothing more than blun
"a club held over the heads Of the other big
fellows, with what success the purchase or the
PENNSYLVANIA company shows. 1t was never in
tended TO build the road. and the pretended
legal opposition was part of the scheme. The
Pennsylvania interests played an exceHent
game and were too much for Mr.. Morgan ana
his friends"
of the anthracite coal stocks. Delaware and
Hudson yesterday made a net gain of 219 points;
Delaware. Lackawanna and Western, "a; on
tario and Western. 1la Reading common ad-
vanced 21S points. while the first preferred gained
1% and the second preferred ~. New-Jersey
Central, which is not directly affected by the
killing Of the Independent coal road project,
made net gain of q per cent.
Wabash common made net advance OF 39s
per cent on total sales of nearly $4,000 shares:
and the preferred of which more than I2OOO
shares changed hands in the course of the day,
gained 215 points The activity of the Wabash
securities was the feature Of the bond market,
there being recorded sixty-siX transactions In
the debenture b bonds. representing a total OF
81. .720.0 600 par value