New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-30
fiuanriaI.
The Financial World.

of two per cent turns; and with Individual
stocks when there is OverselIing for much more
than two per cent was in Louisville
the other day. when the short interest was
treated to rapid rise OF six points. Yesterday
on the appearance of a bank statement consd
cred unfavOrable there was a general selling
movement; but il soon turned and the mar
ket brought TO a steady close. This is about the
way it has acted through the week. In the
balanced state of opinion in respect to the ont
look. it is rather easily turned either way.
Evidently the bearish element considered that
the top of the rebound had been reached a vrest
ago for the selling started in rather strong on
Monday; but the market was saved from a
break by the effective handling of Manhattan
and st. Paul the former most conspicuouslv
the stock being up from 1J1 TO los. on enor-
nous trading The effective work with these
and two three other leading issues rather
punished the hears, and offset the inclination
to sell induced by the quarrel between Messrs
Gould and Hartman.
Official announcement of the lease of the Man
haitian to the marlborough Company was made
on Wednesday. 1t is now generally understood
in the Street that the scheme was the suggestion
Of Mr.. John D Rockefeller and that in the car
ryng of it out. he has had the principal part
The union of the two concerns. each of which
is equipped for making the long haul is SORT
Of mutual insurance If the Subway road does
not get the expected amount of business il ulUz+
be because the Manhattan takes it: if the Man
haitian loses. it must be because the Subway
gains; so both being united whichever loses or
gains. it comes to the same thing in the end.
1t does not seem that the Manhattan people
under any illusions as to the value OF the
guarantee, since those who are bulls ON Man
haitian stock lay stress solely on the growing
earnings of that property. insisting that it can
guarantee itself. In this belief they argue that
ultimately the stock must sell much higher
whatever it may do temporarily The almost
open appearance of Mr.. John d. Rockefeller in
the deal as a principal owner of Manhattan
stOck-and presumably also interested i'm the
InterborOugh company-directs attention TO this
great capitalists liking for city properties The
gas supply Of New York is practically in his
hands
Some very vicious attacks made on the
Gould and Hartman stocks when these gentle
men started firing circulars at each other Some
one made dead set at Union Pacific, parti,u-
larry at the preferred stock. apparently with the
idea OF finding it unprotected. In this. however
the sellers were mistaken, Common and pre-
ferred We're we'll supported. The argument that
the quarrel would extend beyond the immediate
cause Of it, which was the motive for the soil
ing. is not wholly without truth. and in or-i-
mating this latest row. Colorado Fuel maintains
its consistent record as a cause of disappoint-
ment. dissension and misfortune.
Originally it came into existence in connection
with the building of the Denver and Rio Granda
Railroad; and when Palmer-Cieneral Palmer he
was caIIed-came on from Colorado with his rail-
road projects. the iron works company was part
and parcel Of the outfit. Woerishoffer took him
up and in the boom times of $780, they ex-
plotted the Colorado properties for all they we're
worth-and a great deal more Then the COL
nd Ir1ar oTIav ed
openly and violently; and the latter retired Per
manentIy from Wall Street. leaving unsavory
memories.
Not Iong after Woertshorer died. and Colorado
Fuel drifted around a sort of derelict until
some people who thought-as many others hays
10 their cost-that there was something big in
the property. persuaded Mr.. Edward Berwind TO
acquire an interest and take charge of it
Berwind rich. a successful coal miner
familiar with the iron business. d good execu-
tive. 1t seemed that Colorado Fuel was all right
with him. But Berwind lived here. the property
was out there. long range management did not
work; and after struggling with the thinS with
much disgust and vexation for TWO or three
years he was more than willing to listen 10 a
proposition that Mr.. John Osgood should take
hold
Osgood had made great deal Of money IN
very short time in coal mining i'm CoioTad"
and Iowa. He took hold fun of confidence. He
bought the stock largely. and got up a huI
pool in it, Berwind. who knew enough OF Os-
good to dstrust him, promptly unloaded an his
stock on him and the pool. with disastrous re-
suits. Since that time these gentlemen express
their opinions of each other without the aid ot
circulars
The bad times following 1884,; came on Colo
RADIO Fuel became unstable at almost any price
Osgood, loaded with it at high prices, went
dead broke His brokers had to carry him. and
this unpleasant experience led 10 more roVs
and some litigation.
Then the times turned prosperity rose IN a
tidal wave, even stopped over on the Colorado
Fuel property: and Mr.. Gates fell under the
deadly spell. Seeing visions, he and his asso-
ciates bought enough stock TO eutitle them 10
an equal representation in the directory; and a
paper drawn up (thiS is NT. Gates own
statement naming the directors 10 be elected
When the election came. Mr.. OsSood. TO whom
all proxies had been turned over. elected nine %
his own men four of the others,
Mr. Gates had his first taste of the Colorado
poison Thoroughly enraged. he and his party
bought overwhelming majority of the stock,
determined TO take possession at the next cleo
tion. which last August. When the time
came. a rabid local sentiment backed 10y six
shooters and injunction sent them back dis
comfited.
Mr.. Gates had had enough, and promptly
there appeared on the scene MesSrs. Gould Har-
riman and Hawley. The fate Of this strangely
"hoodood" property seemed now settled Not
all Even this combination could not resist
the spell; and before the time comes 20 act,
they fall to open Quarreling. issue circulars
calling each other liars Tin parliamentary terms).