New-York tribune., 1901-01-13
fudnrial.
The Financial World.

the Northern Pacihcs ii did not ipterro,.
with strong bull movements in other grouns ..
stocks. No transaction of the magnitude os
that involved in the union OF the ST. Paul Win
the other roads went through wfthout a
hitch somewhere; and often it comes almost AZ
the last moment when everything seems abor+
settled. 1t was so in the famous West Shors
deal. What the of the trouble is in this
case. is not generally known. 1t is said that
someone obiected-the someone being big enourb
to make his objection serious. However, Mr.
Morgan is who generally carries his
point. He knows how to wait and to wait with
out letting go his grip. So while we hear iron,
the best sources that the St. Paul affair is hune
up for the present. we may reasoning from
the past expect that II will finally go through
to the satisfaction OF all concerned.
1t was doubtless knowledge in certain quar-
ters of trouble in this direction. which brought
flood Of selling orders on the market last Mon
day morning and for a time appeared n
threaten a bad mix up. But at the right mo-
ment the r. & o. stocks advanced several
points big buying which stopped the selling
scare among the traders, and the whole market
rallied sharply The only other break during
the week occurred on Thursday just as one did
on Thursday of the week before; and like that
the break followed next day by a general
advance. which was well maintained yesterday.
when the traction stocks led.
1t was on Tuesday that the Southwestern
stocks came TO the front, with Missouri Pacific
in the lead. 1t rushed up five points to ST. and
next day went up six points more. At the same
time M. X. & T.. Texas Pacific and ST. Louis
Southwestern advanced Every big advance In
a stock in these days has to be explained by
some new deal in connection with il: and Mis-
souri, Pacifc's rise was accompanied by reports
of very positive character that control OF the
property had passed from the Goulds to the
Rockefellers; also that the stock would soon
become dividend payer. II control OF the road
has indeed changed hands as reported. it cer-
tainIy is not to its detriment. Mr. George Gould
is amiable gentleman: but we know on good
authority. that man cannot serve two mas
ters. Mr.. Gould is serving in the temple Of So
eiety. and in these days is but a brief visitor
in the forum Of business
On the day that Missouri Pacific made its
greatest advance. large buying orders appeared
in Union Pacific. between 50 and 81; the an
thraeite stocks were also heavily bought; and
Laekawanna fulfilled the prophecy which has
been current in Wall Street for twenty years
viz, that 1T would some day sell at 200. In the
times when Lackawanna was of the leading
trading stocks this prophecy used to be made
regularly whenever the stock was boomed AMI
II was usually followed by a sudden slump.
For years past. however, Lackawanna has been
off the trading list, locked up in investment
boxes The next big move in the hard coal
group was on Friday. when a surprise was
sprung on the Street by the Delaware & Hudson
declaring instead Of the expected per cent
dividend. The stock rushed up trihe Of twelve
or thirteen points; and according to current
rumor there a gnashing of teeth among
number of people whose plans in respect to the
stock were considerably upset by this little
prise. AS D. & H. went up by leaps and bounds.
Ontario & Western was started into tremendous
activity. II streamed along the tape in thou
sands, and the price touched So. In all this the
Reading issues were comparatively quiet and
lower. They have. apparently. been let rest for
a while: and will have their turn again at
convenient opportunity. 1t will be noted that
the buying of the hard coal stocks follows con-
certed plan. and indicates the pushing through
OF scheme which will be seen in it's eenpIste-
ness in the establishment of that single central
selling agency which has long been tried for
and never yet reached
Friday in addition 10 its D. q H. surprise.
was distinguished by another outburst in Union
Pacific which lifted it to Sc: and yesterday 1t
touched s. making thus a rise OF eight points
in the week, which comes on top of that figure
OF so which some time ago was thought 70 be a
possible top for II before the present bull specu-
lation should exhaust itself This is doing pretty
we'll. The rumOrs which accompanied this last
rise were rather wild. A moderate one was that
the dividend would be raised to 3 per cent,
other. that control of the road had been bought
by the Northwest. which would convert the
stock into a debenture bond of its This
column has had tolerab1y correct information
on Union Pacific, from the completion of the
reorganization onward, and all II can say now
is that from those sources from which fnvaria-
bly, correct information has been obtained, the
word comes now. in substance: We know ab-
solutely nothing of the truth faisity of any
of these rumors." So it will have to go at that.
However. if one will look at the earnings Of
Union Pacific. he may come to the conclusion
that a per cent dividend is within sight. The
meeting is six weeks away.
In respect to the Atchsons it may be said
they have been comparatively quiet. Also it
may be added. that if the earnings of the road
keep up to their present level through the rest
of the fiscal year. before that year is out the
common stock will sell at so. and the preferred
at par above.
The hitch in the ST. Paul business did not pre-
vent a very lively advance in Rock Island tr
in Burlington: but doubtless it had some effect
on the Eries which road. as is understood, is to
he the eastern end of the combination. They
sagged off 10 some extent, and. have been rather
quiet. Erie first preferred, however. will all the
same sell close up to so as a per cent stock;
and as to the common. it will continue TO be one
of the best trading stocks in the market-a
purchase reactions for some time to come
Yesterday, the fractions had a great day TO
themselves. and Manhattan did something more
than justify the prediction made for 1t in this
IL saIy