The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-11-10
FINANCIAL AND COMMERCIAL
SATURDAY, Nov. Q.

SATURDAY, Nov. Q.
The dealings In securities this week a.
well as the course Of prices reflect a decided
increase In both professional M public
interest In the market. The transactions
In stocks have averaged nearly q million
shares a day. while in bonds they were
nearly twice as large as last week. not
w~ithstanding the suspension of business
on election day. Without doubt the result
Of the election has had some effect upon
the market for securities. The mere fact
that the event il over has removed a di-
verting factor, and at the same time the
decision in favor Of honest and decent gov
eminent has naturally created a moro
hopeful feeling on the part OF every one.
II Ia possible that sufficient importance
has not been accorded to these circum-
stances in analysing the present condition
Of affairs in Wall Street.
The most important development having
a direct bearing upon values is the settle
meht Of the controversy over the North
western railway situation. It seems proba-
BILE that an official announcement Of the
agreement that has been reached in his
matter will not he made. The public will
learn Of the programme that has been
agreed upon az various steps are taken
in IL from time to time. Although the
annual meeting OF the stockholders OF the
Chicago. Burlington and Quincy Railroad
Company. which convened this week. was
adjourned until Thursday of next week,
it is perfectly well understood that several
members Of the Union Pacific gement
have been elected directors OF the COM
pany. The new board will probably be
announced after the adjourned meeting
next week. On the day before that meet
ing the directors OF the Northern Pacific
company will act upon certain parts OF
the general proposition which require
their approval. There is reason for be-
lieving that the Union Pacific board has
already taken formal action upon its part
of the arrangement.
The programme in brief Ia that outlined
in this column several weeks ago, namely.
the formation Of a proprietary company
which will take over all OF the Great North
ern preferred and all Of the Northern Pa
cihc common stock. As Union Pacific
interests hold nearly half of the common
stock of the Northern Pacific company.
they will obviously obtain representation
in the proprietary company. II Is possible
that they will be accorded a greater rep
resentation in the controlling company
thar they would be entitled to upon a strict
pro rata apportionment according to the
stock deposited. With this accomplished
the Union Pacific will not only have a voice
in the management Of the Burlington sys-
TEN and in the corporation controlli-S
Great Northern and Northern Pacific,
but. what il equally important. the Chicago,
Burlington and Quincy company will entee
into an agreement with the Union Pacific
company regarding territory and trafhc
relations for a long period of years. The
adjustment OF any differences tina may
possibly arise undo this agreement will
be referred to an arbitrator. who stands
second 10 none in the railroad and financial
world, and whose reputation for fairness
il Unquestionable.
The relations Of the 81. Paul and the
Chicago and Northwestern systems 10 this
new combination nave not been definitely
ascertained but there il reason for believing
that their interests have been fully pro-
tected. As is well known, capitalists
largely Interested in the 81. Paul company
are also influential in the management
OF Union Pacific, while the Chicago and
Northwestern company Is thoroughly IN
accord with the entire programme Tor
establishing permanent amicable rela-
lions etw-en all 81 the transportation
lines in IN. northern half Of the | nited
States west 81 chicago The details Of
the retirement 81 Northern Pacific pre-
ferred stock are still carefully guarded,
but that transaction j. n part of the pro-
ramme aud a formal announcement
regarding II may be expected IN the near
future The effect Of 'h" agreement that
has h.--n reached l. possibly more far
r.aching han will he generally appreciated
until results are shown M trafic returns,
for ~ must b. obvious hat the strict main
tsuauce 81 rates and the economical roul-
ing 81 business are included ~ The arrange
msut h+t we-.u IA" -IN arg systems that
have bs-n mrutiou'-l
The dealings u tniun Parlhr common
during the last four Hud a hall dave reached
ia. enormous total ~ 90 Uu -har'~ Slmul.
|tanruu-lN. overt 81 O0olVUui 'H" o"nN"rubi"
.l@r cent bonds of ice ,"n.,auN have been
deal, m ~ Paul hAs h'-.u active aud haS
advanced a. RAPIDLY a. Iuiun parihr Tie
movement iu o.. huwc,"r haf is-n over