New-York tribune., 1901-01-27
finanrial-
The Financial World.

''Vi' anu DS so DONG seriously interfera vr.,
their still incomplete plans This in its.,, .'la
enough to set them to work 70 cheek it- n,,. s
troubles referred to introduced an eIsr,a.. -
confusion which was by no means on r. V
gramne Naturally there was ouics .,t Nv
the stocks most directly affected. and ,na N "a
Of the list was dragged down more or less s' ~
them N"a
Since Monday last the market has bes, -.
ihs n an erratic sort OF way such as \, -.
"heh eHorts are being made to remove fha ~
SlacIss winch had been encountered. the dst.r.
OF "hlch are known only to the persons r,o.s
aireeIly aneeted- Judging by the buying ub,o.
mas oeen done IN St Paul for the past two :.
'hree aays. My Morgan's scheme will >.
through. OF what were the objections h. %
couheerea' or trom whom they came. thers A..
various stories, but they mostly pofn, j. - -
direcuon-to a dissatisfaction on the part OF an.
or two large holders Of St Paul stock u,7tL 4' .S
price offered There is also Sometime sais -
III feeling caused by certain important ,ao.,'
being left so long in ignorance Of what wa.
On, that they were left on the rise in the rar,-s
Possibly the late reaction gave these peouIe i.
chance to get in. and so removed them as ~
stacies' and the latest reports are that the ds.,
mas taken new form St. Paul stock win -
exchanged for 31a per cent bond. in the .,,.s
way that Lake Shore was absorbed bv thu avou.
York Central It is also stated thar r,i,o.'..
stockholders who refuse TO exchange, will nav
20 be content with dividends on their stocT !.
the present rate.
If this be true. it indicates that the mina-,.
stockholders referred to- consist OF one person
who has put what is regarded as a prohibt,va
price on his holdings-rumor says, 200 Aao
that another large stockhoIder who first =.
fused to sell his stock at the price offered b..
consented TO sell
The price for the stock in the new bonas A,
said to be $lT5-that is. 100 shares conmon
will be exchanged for S17,5O0 in 35k Der ca,t
bonds. There is talk of possible $4,000. b,t
THIS probably arises from some special not gan.
eral arrangements, or possibly it has relato,
to the exchange OF the preferred stock
S12 per cent bond, jointly guaranteed by tss
several companies interested in the deal NAV
not sell at par right away. though it would b.
very close TO il. But when the bonds hecsma
distributed, and were out of the hands OF tba
SPECTATORS to whom so many would have to 20
in the process Of exchange. they would sell .,
par easily enough.
Whether as a leased road with a g1larant..s
stock as originally intended; or with the stoeb
converted into bond, St. Paul shares eouaIlv
disappear from the trading list u was "a.
serted very positively yesterday that official
announcement OF the new ARRANGEMENTS wouls
be made tomorrow. If such announcement h
made, it must not be understood as the equiv.
alent Of their completion. So big a thing "a
this does not go through in day. Other de-
lays may arise, and give great opportunities for
trading in 81. Paul stock; but all parties seem
to be agreed on one thing at ieast-that Mr.
tTNrc ,-r-iTT a.
or the other.
In the matter Of Mr. Carnegie and the steel
stocks there are signs that the threatened
troubles win be averted- Mr.. Carnegie is very
able man. who has the reputation of knowing
his trade from the ground up. He gives money
lavishly with his left hand but with his right
he grasps all that comes within his business
ken His competitors get scant mercy. Hs
squeezed the Pressed Steel Car Company into
submission; and made what was virtually pub
lic announcement that he would do the same Tor
the National Tube Company. This started ths
row People posted on the inside doings, say
that Carnegie placed himself in antagonism
with all the steel trade, and is beginning to sea
that even he cannot successfully fight every
body. with the railroads thrown in--for they ara
also against him. There is talk that he is show
ing more Conciliatory spirit IN view OF ths
formidable combination-trade. financial and
railroad-growing up against him. The buying
of the steel stocks in the past day or two is at
trihuted 10 the more peaceful outlook Soma
influence will be exerted on them by the action
of the Steel Wire Company in respect TO its
dividend; but even if the board pass it. the thing
has been about discounted. and Mr.. Gates q
said 10 have sold out all his stocks.
The southwestern stocks are beginning to al
tract almost as much attention as ST. Paul
The surprising advance Of Missouri Pacific. %
figures which made the traders sell it short as
a sure thing and get badly bitten thereoy-1ns
advance without seeming rhyme or reason'
finally aroused suspicion Of deal being Or
Then IL went round that the NJ. K. & i. Vaa
included in il; but Just at this time came INA
break in the market. and all deals for the NC
ment went under a cloud Yesterday and ln'
dav before there was lively buying Of n h
T preferred. and the price ran up TO 0+s
which is FIVE or six points above the hlshess
quotation ever before recorded for II. IHsi'
are only II millions of this stock. which annoua-
is a bagateIa for these davs- The common
nearly four times as big. 1t is understood u
have been held in bulk by the Rockefellers SllN'
the time they acquired through the reorsahi-a-
ton Of the company wears ago The bonus
OF the NJ f. & 7. have gone up equally WIZ
the preferred stock. and are now auo's"
previously unrecorded prices This LOOKS aA'
business. Temporary speculation might eAsis
run no a small stock ike *. I. preferred -
the big buying of tn bonds is dinerenI
have IN this column previously pointed ou' uH-,
Missouri Pacific once held both the \ J. AZ
Texas Pacific roads. II may do so again.
The Atchison stocks have been very steaDs a
the various disturbances of the MARKET a.
Union Pacific also. II is very douosful' oS -
way. whether tue dividend on the latter So
will be increased at the next meetns-
servative interests in the board are sOrOH7'
am 70