New-York tribune., 1901-11-23
TOPICS IN PHILADELPHIA.
PROBABLE REPUBLICAN, CANDIDATE
FOR MAYOR-THE BREAK IN PRICE
OF ASPHALT BONDS.

Philadelphia, Nov - tSpecial).-A pFoDaDllltS'
and almost certainty. Of the next Mayoralty
campaign in this city Is the candidacy on the
Republican ticket OF one OF the big retail mer-
chants. In previous emergencies the powers
that rule in partisan politics have gone TO the
ranks Of business men for candidates. Manu-
facturers who had hitherto been unidentified
with partisan politics have been elected to the
MayoraIty and their election has been, as the
coming one is likely to be. the outcome Of re-
form movements. No retail merchant in a SIM
liar position with respect to politics, has been
so honored in recent years but now the choice
OF the managers of the Republican organization
for candidate for Mayor has narrowed to two
men, who are leaders in the rivalry OF depart
nnent stcre business.
The polling at the last election of about nine
ty-five thousand votes. mostly of independent
Republicans. against local ticket made up Of
politicians, has sounded warning which the
leaders Of the organization disposed to heed.
In consequence. to-day among those leaders the
tendency is toward some business man who has
demonstrated great executive capacity. but who
has never been known in partisan politics 1t Is
from the inside that comes the definite informa-
tfon that Samuel D. Lit, Of Lit Bros, is the
first choice with Ellis A Gnlbel, OF Gimbel
Bros, a good second.
There is substantial unanim:ty among the
other organization Republicans who are known
20 have Msyoralty aspirations. and there Will
be no opposition the choice Of the leaders as
at present indicated.
The sensation of the week. which involves
politicians as well as financiers. has been the
remarkable break In the price of the asphalt
companies bonds. and its probable connection
with the sale of the recently granted street rail-
way franchises. 1t has been accepted on the
street and elsewhere that the franchises. given
through
,r .be late legislature to friends Of Republican
headers were to be transferred after the cleo
zion 10 the Union Traction Company, with
whom the Pennsylvania Railroad was presum-
ably interested to the extent or gaming the
underground rights on Broad-st The delay OF
the transfer was expected TO have some soporlfic
effect ,,pon those voters who clung to the belief
THAT there was possibility Of rapid transit
competition.
Immediately after election rumors OF an liii-
rendins transfer gained wide currency. ana one
ne ,born snecif1ed that the deal involved the
-rsnsfer at about so by the street railway
syndicate of S5000000 in bonds Of the Ma
,ionaI Asphalt Company, and the Asphalt
Company of America. to the franchise hoiu
.rs. including John NJ. Mack, promoter %
the National Asphalt Company; congressman
st-I.arse Robert H. Foerderer, president oi 'lie
5evstoue Telephone Company; James T. MACK
Along with the Macks and Foerderer as di-
rectors Of the National Asphalt Company were
Peter A. & widener, William L. Elkins, George
n ufdener and George W. Elkins- New-Iorh
&c -enresented on the board by General FRANCIS
V Greene president: Arthur W. SewaiL sec
retarv and treasurer; August Belmont Amzi L.
Barber Charles B. Alexander and Avery D.
Andrews.
-oincident with the report OF this deal began
2 hear movement on asphalt. and last week
closed with a we'll developed belief that the
large widener and EIkns holdings were peihg
used to hammer down the price or the COM
modify which was to be used at prearranged
-,rice bv the Union Traction people 20 pay for
the street railway franchises.
When asked about the matter, William l..
T-lkins said: There IS war between the
Union Traction Company and any ether cor
-,oration" P A B. Widener said: 81 don't
think any one IS trying to inture the asphalt
company" Congressman Foerderer said: I do
not know what is the matter with asphalt
Notwithstanding the publication of these in
-erviews the shrinkage continued until, on
Wednesday asphalt prices dropped TO the lowest
point in their history. American bs going down
to 20. and National 5s to 1S12-
The situation had not been improved by the
publication of an interview. later than those
Quoted above with George w Elkins, who at
the same time said that he and his father were,
with one exception. the largest individual hold
ers Of Asphalt of America as. Mr.. Elkins said:
~The company is in a perfectly easy condition
financially so far as the needs Of running the
business and meeting current obligations out
side of bond interest concerned. The ques-
tion of the company being able to meet the in
terest on its bonds regularly, however, is in
doubt
" oh however.
-asnhslts recovered some of their losses and
with assurance from New-York that the con-
tending political interests in Asphalt and Union
Traction had buried che hatchet there was a
brisk market in Union Traction The buyers
had been the heavy sellers Of Asphalt. Union
Traction Jumped to the highest point in eight
months in the face OF the coming 50 assessment
On the stock The change in the Asphalt situa-
,ion was less a rise in price than a cessation OF
liquidation.
NHE ALABAMA STARTS FOR TRIAL COCRSE'