New-York tribune., 1901-11-10
finauclal.
The Financial World.

-NoIlH"cSlcTn dispute IT mas n1ada fr-rxl
progress in the same direction the past veal
and indications are that, barring some accias,,
the coming week will be characterized bv 49,.
tinuation of the movement. giving US sn.u :.
considerable activity and general advanc. ;.
prices.
1t is doubtful whether formal an,or,..
ment will be made of the terms of the s.,,,.
ment: but as syndicate operations will he -
volved in connection with the new holding cor
pany. whose stock will be 3 per cent divtasrs
payer, the necessary publication of the cond,
tons of the syndicate plan will give the nuhr.
all the needed information This. at leas. >,
respect to the financial arrangements
The bone of contention between the on,os;,-
forces was the possession of the Burlington: ana
as an incident of the settlement we find ~.
Board of Directors elected in that corn,ou.
which gives representa- ton to both parties ~,
division of territory, agreement upon rate, a.
all competitive points. and variety Of a.saiI,
relating to traffic throughout the whole r.ron
are included in the new treaty.
One of its greatest benefits will be the avo,,
ance of certain competitive railroad huila,nr
which had been mapped out; and the main
tenance Of rates. This latter point is considers,
one Of the most important features of the vhols
settlement 1t affects not only the roads directgv
concerned. but systems outside Of them It is
one Of the bull arguments now used on Atch,ou
IF all these other Pacific roads, it is said
keep their rates steady it will be all the easier
for US to keep ours so.'
Union Pacific was one of the first stocks IN
advance when things got into such shape In the
conferences that the way out was seen. The
early birds came in with a rush. calculating
that the premium the Union Pacific would GET
for its Northern Pacific preferred stock would
figure up a considerable addition to the treas
ury assets. 1t is variously calculated that the
Union Pacific will get something like twelve
millions bonus in cash and securities on the
new deal The n. P. preferred stock, Of course
will be retired. per cent bond taking It's
place.
II appears an anticipation was raised that the
Union Pacific dividend would be forthwith In
creased because of the new deal This Is an
error. There will be no increase This is off,
cial and positive. Any one buying the stock
now may as well keep that fact in mind.
AS u. P. was the first stock to advance
rushing up from below par to los. there has
naturally been good deal OF profit taking at
the higher figures. II may. in consequence
have setback of two or three points. The IN
vestor, however, who buys 1t on reactions will
have reason to be satisfied with his purchase.
II U. P. is not purchase for investment at
going prices In view OF the situation Of the
property. present earnings and the enormously
valuable assets 1t holds-the most valuable Of
all being the Southern Pacihe-then 1t Is no use
trying to bull anything
For the reason that the whole market was
benefited by the Northwest settlement. and the
Pacific roads specially. the Atchison stocks
came 10 the front again. Directors of the COM
hat shortage
gross earnings this year will increase over last
between two and three millions Of dollars. The
most they had hoped for when the damage be-
came evident was that they might hold their
own as compared with last year As week by
week went and traffic increased on all sides In
stead of slackening up, their hopes rose. Now
they are confident of getting the increase stated
Up to the end of September gross earnings were
s14 700 GOO as against SO, 100000. The com
mon stock is paying per cent The prererred
is a fixed per cent stock. II has been arseV
bought lately. and from excellent sources the
word comes that it is good for eight to ten
points advance on present prices
T, seems needless to specify particular roads
when speaking OF increasing earnings. because
all roads are increasing: only. some are inereas-
ing more than others Attention, however may
he directed 10 the last report from Erie III
zvbfcb gross and net increases are surprisingly
large. The other trunk lines are OF coulsE
showing I'D largely, and the advance OF ln7H
stocks in the market reflects these favorable ~
ports It is probable that the month OF Oc'o'7l
will foot UP when all returns are IN tne sl9a
railroad month in the history OF the codhti!'
The traction stocks have had soihe "'eA'
movements mora or less connected "l'h -
,,,,,icinaI election. II has been frequeh1H
and
always at odds over Manhattan. and Wnen II
bagan 70 look like a Tammany defeat the Wora
went out that Manhattan would go up Flo'-
.b,,, +bera is an element OF truth here. because
tba active hostility of the controlling city po"e'
IN the Manhattan Company would certainly
. factor to consider speculauvely. but 'lS
main reason for the advance in Manhattan y
tho ressona BILE certainty that with the eee'fi0a1
,1uipping of the road. the earnings VIII sIe"'4-
increase-it is asserted they VIII De oet"eVH
and = nor cent on the stock. II this calcuia
tion should prove correct, such earnings "ouN'
nut Manhattan up to 165 or 10
rJetropolftan was sold, previous to elec1io'
and immediately after IL. for the same reason
that Manhattan was bought Undouoleu'
good sized short interest was made N Ih7 s-01i
this way, and its lively jumping Within tue pa1-
dav or two probably represents a GOVERNS
movement which the insiders woud kho" "0
enough how 10 make Gs hot as possible Jus
tice Jerome's warm utterances concerhlns 'N'
METROPOLITAN Company had the eHect OF
rninding the older generation OF Wau street 'iiA'
he had the Jerome blood in him: and there "els
few characters who in their day. attracted n'o47
attention in Wall Street than the Jeron'eS
Larry and Leonard The former-the rallef u
Justice Jerome-was not money set''.'
Leonard was but terrible spender also Do'H
were eccentric characters in their respectise
wavs. and have transmitted their traits 10 the'.
children-as witness the Jerome here SOU u
Larry: and Lady Randolph ChurcnlA oaUsit
of Leonard on the other side: and her SON