New-York tribune., 1901-06-02
financial.
The Financial World.

cihc people will be represented in the Northern
Pacific board. The formal announcement was
not made until Friday. but those close to the ne
gotiations knew what the result would be early
| in the week, and the market on Wednesday
prior to the Memorial Day holiday showed this
with sufficient clearness 70 inform observant op-
orators Of what coming. Incidentally to the
pacifcation the remaining Northern Pacific
shorts in London were permitted to SETTLE and
the last direct disturbing influence arising from
the corner removed. The response which
the Stock Market gave to the treaty of peace has
been prompt. For the last two days. in fact. the
bull market has resumed it's course. though il is
still restricted in point OF activity. and shows
plainly that while big people and professionals
are back in the field. the public has not recov-
cred courage and is still smarting from the
losses occasioned by the smash three weeks ago.
AS soon the contendng factions came togeth-
er and settled their differences. Union Pacific
began to promptly respond. showing that the in
terests connected with the property again
taking it vigorously in hand. In fact the infer
is plain that the rise of the last few days In
the stock is only preliminary Similarly the
Morgan stocks one and all were at once in re-
ceipt of renewed support and the manner in
which Mr.. Keene advanced the quotation FOR
United States Steel seems to be only the fore
runner of a further movement in those stocks
With the way cleared of obstacles to whatever
plans the people VINO nave been accommodating
stocks have in contemplation the market
has acted If substantial progress was being
made in number Of instances. In fact St.
Paul. Rock Island and others in the same posi-
tion behave IL those who possess knowledge
Of the real situation in them. were enlargtng
their holdings or recovering stock which they let
go when the outlook was uncertain.
The high priced stocks which have been gath
cred into blocks presumably with view to
41-1 5ItrNo-
features and have made the largest advances.
but il is satisfactory to that lower priced
stocks are receiving wider attention. After the
recent severe lesson 1t received the Street is not
anxious 10 trade in the high priced stocks which
held in huge blocks The average commits
sion house would prefer that its customers
should devote themselves to moderate priced Sc
curities where the latter have merit and Iikei-
hood OF appreciating 1t is in this section Of the
list that the best chances Of the latter kind are
shown healthy sign is that the public
though II is coming back slowly is giving it's at
tention TO the lower priced issues like Eries the
Atchisons. Wabash. and others which seem TO
promise we'll. and with the widening of sDecuIa-
tion in this field may look for the develop
ment OF another healthy we'll as active mar
ket
The United States Steel stocks have come 10
the front and seem to meet with increased favor
such disturbing clements as have recently affect
ed railroad stocks As the time draws near for the
first dividend on the preferred. the buying Of it
for investment which has been going on pretty
steadily. ever since the steel combination was
formed. becomes more noticeable and is capable
without much effort OF carrying the price up
gradually to a level like that at which the old
seasoned industrial preferred shares like Sugar
preferred and Tobacco preferred have long been
selling. AS TO Steel common. the Street was in
clined to believe that dividends on it may not
be started at the same time with those on the
preferred. Whatever the programme may be
in this respect. the secret is we'll kept but the
common stock at any rate does not behave as
If possible postponement of the first dividend
payment II would make any difference in its
position. The way both classes OF Steel stocks
are handled by Mr. Keene commands adnira-
tion. and they fulfilling every anticipation as
TO their ranking with the most conservative sec
tion Of the share list for trading purposes.
What is TO happen in regard to the Atchison
property is a subject of decided interest. Penn
syIvania officials absolutely deny that their COM
pany is TO extend it's influence west Of the Mis-
sissippi and repudiate the suggestion that the
buying of Atchison comes from them. Still the
people who are accommodating Atchison and ad-
vancng it's price by doing SO. are closely con-
nected in business with the Pennsylvania in
terest. and the market remembers that when the
Baltimore q Ohlo ana the NOr1Olk q west
ern acquired some very positive repudia-
tions of such plans came from Broad Street Sta
tion in Philadelphia. Mr.. Loree. who has been
the working head of the PennsyIvania's Western
lines. has by the way, just been made President
Of the Baltimore & Ohio. and while the corporate
identity cf the road will be preserved it is to all
intents and purposes a division of the PennsyI-
vania
What IS going in the Southwestern situa-
ton and in connection with Wabash. also fur
niShes material for reflection. One large buying
order was executed in Wabash this week, in
way which suggests that some other interest
may be accommodating it with a view TO keeping
the Gould system out of Trunk Line territory.
Lackawanna is certainly not losing it's position
one OF the highest priced stocks the list,
and it's advance supports the idea that IL the
Goulds do not want it as their eastern outlet
some else. perhaps the Erie. thinks 1t 10
worth while to get IL where it cannot fall into
the hands of possible opponent. Missouri Pa
ciic is getting to be distinctly in the mar
ket. and the concentration of holdings in it has
reached stage where something tangible seems
likely to occur.
The idea of railroad combinations big
scale is very much in the air. Perhaps this is a
little premature. but the way events shap-
ing themselves has made 1t no longer a mere
theory that few great systems extending from
ocean TO ocean will come into existence, and the
other roads OF the country be grouped around
them. The United States Steel Corporation has
accustomed the public to concerns with $1,000
100000 CT stock. and four or five corporations
with such a capitalization could realize this
state of affairs. The inducement the score
OF economy in manag cement and in the expendt-
ture OF collecting traffic. the latter being very