New-York tribune., 1901-02-04
High Low. Feb. J. Jan. 90 ch'ss. Sales.
sFr interest
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
Although shortened day by reason Of the
cessation of business on the Stock Exchange
which was closed on Saturday mark of re-
spect for the memory Of Queen Victoria, the last
week was a crowded and eventful one in the
stock market its eliminating and overshadow-
ing incident. the announcement Of control OF the
the Southern Pacific by the Hartman syndicate,
IN the interest Of the Union Pacific. occurring
Al the very close OF the weeks activity. During
the first two days the trading was itful and ir-
regular, the controlling influences being the re-
ports on Monday promising and on Tuesday dis
couraeing about the perfecting Of arre gements
for Joint control Of the St. Paul road by the
Northern Pacific and the Great Northern; and
the curious tactics Of the Board Of Directors OF.
the American Steel and Wire Company, who, af-
ter keeping the Street actively guessing for the
two days as 10 the probable rate Of dividend on
the common stock. upset all calculations by issu-
ing late on Tuesday afternoon a statement an
nouncing that. in compliance with an amend
ment to the bylaws (Which amendment, II sub
sequently developed. had been voted at the cur
rent session OF the Board) the directors would
be obliged TO defer until their meeting in March
any action upon the dividend TO be declared upon
the preferred well as the common. As to the
so-oalled st Paul deal" the best opinion still
seems TO be that contrary 10 popular report, il
is sleeping and not dead. The move Of the Steel
and Wire management is not yet clearly under
stood but the Street inclined 20 explain the mas
terly inactivity Of the Board during its two
cay session by the theory that Mr.. Gates and his
friends sought 10 avail themselves Of the result
ant depression Of the stock to pick up at advan-
taeeous figures additional blocks of shares to be
voted in their interest at the annual election,
now at hand. The report that the Carne-
gie company would build a Sl2.O00,0OO steel tube
plant at Conneaut. Ohio, in opposition to the Ma
tional Tube Company. in which corporation J.
Perpont Morgan is influential, as he is also in
the Federal Steel Company and the American
Bridge Company. was finally disposed OF last
week: and indications once more seemed 10 point
to the working out OF the much talked OF plan
for the acquisition OF Mr.. CRrnegfe's stock hold
ings in the Carnegie company by Dir. Morgan
and his associates acting in the interest OF other
steel companies.
put the ceN elopments OF the week were con-
spicuously in the railroad field rather than in
The industrial First came the news that E. H.
Hartman had purchased the large holdings of
the Deutsche Bank in the Chicago Terminal
Transfer Railroad Company, thus placing him
and his associates in control Of this property
which is conceded to be of great strategic i'm
portance. There followed this the announce
u
territory, the purchase of control of the Mobile
and Ohio Railroad Company by the Southern
Railway Company. This operation, like the pur-
chase several weeks before of the PENNSYLVANIA
Coal Company in the interest Of the Erie, and
fhe purchase of the Central of New-Jersev bv
the Reading, a Morgan move for J. p
Morgan & Co. have controlled the Southern since
reorganization. The transaction involved the
acquisition OF majority OF the Mobile and Ohio
general mortgage bonds, these bonds carrying
the voting power on the stock and under its in
huenoe Mobile and Ohio stock rose from as. the
closing price on January 26. 10 n on February /.
the southern Railway issues also making ad-
Nances Of some importance. With control of the
Mobile and Ohio the Southern gains a second
entrance into St Louis, a short and direct line
from that city to Mobile, where il already has a
terminal, and an independent route 10 Mont
gomery. Ala. There were persistent reports that
the Southern would take over also the Monon
road, which is controlled by J. p. Morgan & Co.
and possession OF which would give it entrance
10 Chicago, hui this development did not occur
on Friday the railroad consolidation scene
shifted 20 the Western country. and it became
known that the most colossal financial operation
in American railway history had been effected
in the purchase by Union Pacific interests OF
control Of the vast Southern Pacific system an
operation which II was at once assumed would
before long be followed by further moves in
the direction Of alignment OF the Southwestern
group OF railways, well as the Atchison with
the Union Pacfc and the Southern Pacific The
virtual alliance OF the Southern Pacific with the
Union Pacific has been indicated recently by
the course of the stocks. Southern Pacific
hsNng risen 10 a9. Upon the semi Official an
nouncement on Friday OF the deal" however
Southern Pacific sold on. while Union Pacific
IN enormous transactions. advanced sharplv
and the whole market showed much strength
End activity Despite the successive oonbina
tions. the influence of which was seen in the
record breaking loan expansion In SATURDAYS
hank statement the money market was eas,,
during the week, call money ruling al la 10 .
per cent. and time loans ranging from %. 10 z
per cent for sixty DAYS 10 3i4 70 3H for four
and six months
Announcements Of further consolidation prof.
eots and consultations are expected by Wall
Street and by the public. but confidence is felt
. that these railway combinations win not bring
IN their train the distress which followed the
almost endless formation Of industrial trusts
two years ago: for while these transfers Of con-
.rol involve transfers OF large masses Of capital
A. IS the general view that the resulting disturb
snoes of the money market win prove only tenn
norsrv the cash received by the sellers being