New-York tribune., 1902-08-10
firauriul.
The Financial World.

he
stock Exchange closed fer Coronation Dav
As explained last week most of the business
doing on the Exchange for the moment is doua
in a small number of stocks. and by few
houses; the traders were more than willing
to make an excuse for Saturday holiday and
the commission house men were quite agreeable
as they are not doing over much themselves.
There are some signs. however. of a broaden
ing tendency in the market, and on one or two
days IN the past week the trading extended over
quite a respectable list Of issues One of the
difficulties which meets commission house trad
ing at this time is the enormously high prices
of stocks which for years have been the leading
specuIatives. A few hundred shares bought OF
ST Paul. Illinois Central, Louisville and Nash
Vile New-York Central, Rock Island, and other
stocks which could be named, eat up money
wholesale; so much so. that 1t is said the CON-
mission houses viii have to double Up their capi-
tai to safely do the same amount OF business
which they did when these stocks were down to
moderate figures. The high prices have another
drawback. in the fact that if a customer buys
lust at a time when there happens TO be a long
IuII in the movement of the particular stock he
has purchased. the interest eats him up Doubt
less it is in recognition of this 1act that the peo
Die who have bought the Rock Island property.
propose to distribute their holdings to the public
in a sufficiently diluted form to make 1t easy
Nothing more definite than was known last
weet, has come out concerning the union Of the
St Louis San Francisco road with the Eastern
Illinois. hut the general impression still remains
that this purchase is but a link in a chain, and
that later, some other company. larger than
either viii turn up in possession OF ootn roads.
which it's own system will unity and consol-
date The building of a branch line 20 con-
meet two systems as unrelated as the san Fran
cisco and the Eastern Illinois, winch IS now
talked about seems very inadequate explana-
ton of the purchase; whereas there would De
logical combination in the absorption OF both oy.
say the Missouri Pacific
The pIan bv which the Louisville and Nash
vile will be brought into closer relations Win
other Southern roads. is probably on the eve OF
publication The action of the stock lndlcates
II On Friday it had risen above 1ol, though
realizing sales brought it a point OF 50 lower
II ia denied officially that the LIlnols Cenlral
tn he interested in the new combination. As
Mr. Morgan controls the Southern, ana also tne
r louisville. il is understood that the southern
pf11 ba a principaI party; and if the Atlantic
Coast line and the seaboard Air Line also hg-
,,re in the combination which is strongly limited.
- v,o,,1d disclose an interesting condltlon OF
things: being nothing less than Iorinal an
nouncennent that companies hitherto supposed 10
be a,tagonistic had been brought under the
same control
Another combination. but OF inferior lHpor-
| tance. is the rumored absorption OF the HOeAlns
vaIIev bv the Erie. The stock OF the former
| company had lively advance the olHer DAY
rurnins ND to 1O6. and next morning falling 10
os again going 10 par later. about which nSuTe
| a. CLOSED Friday. The traders promptly TOOK ad-
/ vantage of this TO work up movement IN EEls
/ stock itself. which has been in the dumps LOr
| souos time past: and from 3o carried Il @oo'e
| 40 One advantage OF operating IN THESE 40"
nrteed shares is that the interest does h0t GU
sur,e one while waiting for an upward HONel--0-e
g. +ban Texas Pacific is another OF the 10"
nricAd issues in which a bull movement Is une-1F
wav and a legitimate one. The crop condl1lons
,rg the line of the road are reported 70 De most
a,causnt and year of big earnings may lalE4y
ne assumed to be assured 10 the company texas
Pacific has been often referred TO here a. s'o0A
! which looked like promising puFchase-
| -rbs Younger GouIds are reported TO oe neh4hd
.ba r,overuent in it: and 1t IS they also "lo a-7
! credited with having the pool IN missouri "a
| ct6c. which stock however. has lately SAO"~
| signs OF q good deal Of realizing N 'Ae s1u
| oA5cs IN which their Missouri Pacific IS handed
80 ar,1ar,a, are also said TO have a pool IN
| ,Torbattan- and $50 was spoken of for the s'oeA
an the threatening cloud of an engineer s'r-Ae
| spoiIed the market for H.
"A an example of what can be done II ms
market. dominated as it is by plans IOr l--7- So
| combinations absOrptions. etc, II may = - 80
| .,o,a5 thar a sudden whirI in Illinois Ceh'Ea.
| from 165 to 40 on Thursday was ths WIN =
| a sort Of impromptu pool. made up All1ISNs
| morning; and the stock bought Was al s--
| around no. yet after the selling the pI.-7 80
| 800 III under the momentum given BY thls
| -ora+cb nooI's operation Afterwards 1t zen
| hacl- Probably the pool netted something less
- four roints on the turn. Sudden move
r-ar+. like this may be worked in other stoeAS'
Pennsylvania for example
rra Atchison stocks have been Kept Wen U
the front. the common at one time crosS-N9 81
| The preferred shows signs OF beng taken AO--
of for an advance, and no or IL IS IAehlIol-eu
-, +bs objective point. This may do for trad-ls
,,ar.I,, hut for investment the investor VIII 20
batter by buying the new deoenturss' W.
some ahead of the preferred stock L'7! a.
o1Ared In amounts at figure Whlcn hels "
cent whereas the preferred stock Wou-I ga
less at going figures. and stl4i less a' 1L7
ones spoken or ,oo
Rock Island is nominally quoted arouH- AoV
.,,-,irofI, because business in it is confined u
- hi5s of the party which has corralted Inc
.ol, T+ has been said in defence or the NV
tor that there is nothing new in 1t except 'N
s1-e+ar, Of vesrfng permanent controI IN us PA
farra5 directors. or rather in a majority Oh -.
This certainly is new. and most ingenious ot &
nurnose intended. The Street viii note VIZ" :
toast Tho connposition Of the Board "l7A az
nounced who are 10 be the preferred u-- ~ =.
ar5 who the merely common directors IL
TER have the privilege Of looking on - -
he expscted therefore. that the printed i- -
tta rsosrd will show after each name the inl'l-
n which will be necessary lot
.orract information. Otherwise the Hi'71--.7
-. -o,,nanv's securities might D.