New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-20
MANHATTAN PUZZLES ALL.
r BOUNDS Up TO THE HIGHEST PRICE
SINCE 1898.
TONS AND NEW CONCESSIONS TO
EXPLAIN ACTIVITY

Manhattan furnished genuine sensation to the
srast Yesterday. and a mystery as well for no
1nianatlon Of its remarkable advance has vet de-
rioned although the air Of the financial district
e thick with rumors. AT one time last Saturday
,orning Manhattan was selling at 122IL and bv the
close Of Tuesday II had advanced to 142A It's OPEN
ing yesterday was wide 5000 shares being sold
simultaneously at 1922 to 14S. The next sale was
n 1e9 shares at 14S the next 200 at 1871 and in
twenty minutes the stock had touched 150 at which
figure 1.s}2 shares were sold Then. under a vast
volume Of realizing sales. the price eased off to 147
bv few minutes after Il O'Clock
Before the close Of the second hour n had aget,
advanced 10 l49l2. and in the early afternoon il
got I'd 10 1919, the high level Of the dav The
close ar 149, A net gain for the day Of s7s
points ana advance Of 162+ points from the low
level n Saturday The other traction stocks also
advanced sharply, apparently in sympathy with
Manhattan. Brooklyn Rapid Transit shot up to
s. and closed at 62S4, ~ points higher than on
Tuesday. Metropolitan advanced to 1881 closing
at a. net gain Of SIS points for the day Metro
polsn Securities closed at 1225s sos points above
tuesdays close. The general list was stimulated
in the afternoon trading by the strength of the
fractions. and few of the standard stocks closed
with substantial gains
SOME OF THE REPORTS.
Each Of the various reports put out to account
for the advance in Manhattan had its believers
and supporters. One theory, heard in influential
snd wei informed quarters. although not popu-
stg believed. was that the movement was being
agneered by powerful bull pool. which was
putting up the stock with the object OF causing
q advance in the whole market Other observers
Insisted that corner was being worked all sorts
Of guesses being made the identity of the
shorts who it was alleged were being squeezed"
said prominent broker:
There isn't much Manhattan stock floating
sround. The Gouids have most Of il. This corner
has been worked before, and always in the same
way M;tnhattan stock in easy times, is easier to
borrow than any other on the market You can go
have IL in charge There has been lot of il loaned
i5 ana now @ Rey s are o calling It in at "a an 0Pportune
It freely when there IS a lot OF IT out call For II
these scrambles the same Stories have been c:rcU-
lated; aoout New-1ork Central control especially.
years size this up as a corner in Manhattan.
That is all il is
The corner rumor, however was not widely
credited and it said also that it was still pos
sible to borrow Manhattan stock from Gould bro
kers. As TO the report that the New-York Central
Railroad would take the Manhattan and guar
sntee 6 per cent on the stock, prominent official
Of the Central said: THE New-Ycrk Central has
idea Of taking over the Manhattan and no inten-
lion Of entering into any traffic agreement with it.
The Central has been mentioned in connection with
The Manhattan many times. but there is more
in it today than there has been IN the past
GENERAL TRACTION COMBINATION.
CircunstantIaI reports were circulated that the
Securities Company was to take over
system. Asked about these stories leading Metro
politan interest said: don't anything about
it A rumor. which found respectable sup
port was that the Interborough Rapid Transit
Company tIhe Rapid Transit Tunnel Company was
10 lease the Manhattan, guaranteeing or pei
cent dividends on its stock. August Belmont and
other prominent directors OF the subway company
declined discuss this story, and President Gould
OF the Manhattan refused TO comment any Of
the runors affecting his company, the most ambi-
uous Of which had it that all the traction COM
panies. including the Interborough were TO be COM
"ined INTO = single system. Another suggested eX-
BlanatIon OF Manhaytan's rise uuconfrmed
poriant concessions from the Rapid Transit Com
mission, enabling it 10 build some important spurs
A rUmor to ft the advance in Brooklyn Rapid
Transit was that that company to be leased by
the Pennsylvania Railroad Company. which con-
tg-s me Long IStald railroad company
The tracing In Manhattan the floor of the Ex-
change was interesting II was said that the buying
was apparently in the hands of q well organized
clique and that the floor was covered so well-oue
Of brokers taking Of all offers Of stocks in
lots from 100 up 800, another in lots from 500 to
too. and so on-that the trading controlled.
Manhattan has been 2 / per cent dividend basis
since 1898 In 1897 paid ~ cent dividends, and
Tor several years prior 10 SS II had paid per cent
It's price yesterday the highest which it has
sold since 1898, when il sold up to 174zz-
William Barclay Parsons, chief engineer Of the
Rapid Transit Commission, was greatly interested
yesterday in the TumOr that the Manhattan and
tunnel lines were TO be controlled by one manage
menr he said.
The time is comiug-I can't say when it will
get here-w1en all the strictly local passenger lines
In this city viii be operated as one system ana
under management. with transfers from one
road 10 another. That would be a great thing for
the travelling public, and IL to viii come
about evolution in transportation. When !
say this I DO wish 1t 10 be understood that l
know about any plans for such a combination. |
simply regard il Of the inevitable things or
tne future
so7a