The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-09
THE MYSTERY
OF The ALTON
WHAT MEANS THE STEADY AC-
EMULATION OF ALTON COM
MON.
Buying Believed to Be with the APP
prevail of Il. III. Harriman-1'Strong
and Daring Speculators' Seem to
Be Amusing Themselves-Kuhn-
Loeb Effort to Hold Preferred Stock
Down.
Special to The journal,

s New York, Jan. 9.-The mysterious
.doings in Chicago & Alton stock are
no more clear now than they were
month ago, when it was pointed out
that there was a steady accumulation
OF the common stock going on under
the supervision of B. F. Yoakum and
Edwin Hawley. At that time it was
was cognizant Of the buying and that
it was with his approval.
Ihere is no reason whatever to
change that view. The story sent out
from New York last week about a
merger of Kansas City Southern, Iowa
central, Minneapolis & ST. Louis and
Glover Leaf lacks any sign of official
continuation and is now generally dis
credited. The principal reason for it's
being dlscredited is that such sys-
tenn would do no good to any one of
the roads and that the securities that
would represent such a system would
lind no market whatever.
The move made by Kuhn-Loeb in
oHer1ng an opportunity to the pre-
stock SO that the firm could sell the
control Is the most mysterious move
OF the lot. Manifestly Hartman is
not in control or he would sell it with
out appealing to the stockholders to
give 1t to him first. Moreover, it is
man1festly absurd to suppose for an
instant that any interest is going to
buy Alton at price to justify the
fireworks that have been in evidence
recently In the preferred stock The
fact OF the matter seems to be that,
no matter what happens ultimately
to Alton, certain strong and daring
speculators-namely, Harris, Gates &
Co. and Hawley & Davis have re-
Gently been amusing themselves by
a X n ~ No rs+1 H.
street market. They take first one
issue and then another-preferred
and common---and vary the perform
ance by taking a turn out of Glover
Leaf. This irregularity in the mar
ket does not seem very likely to help
greatly the deposit Of Alton preferred
with Kuhn, Loeb & Co. Hence the
latter firm is credited with having in
splred an item that was sent out on
the street during one of the spasms
of Alton preferred-a viewpoint ad-
vance in two hours-to the effect that
no sale of Alton is at present under
consideration and the price Of Alton
is altogether too high. Wall street
paids no attention to this soto-voce
remark. The stock kept on going.
Inc mystery of Alton Is not solved.
Whatever happens. it may be as
sumed once for all that neither Rock
Island nor Frisco will get the road
The purchase Of Alton was consid-
I cred some eighteen months ago by
Frisco, but the road was refused at
the price put upon it by Mr.. Harri-
man-who was then in a position to
hand over the control of it. Instead
Frisco bought all the stock Of East
ern Illinois at very high price. The
latter will be finished by May, 1904,
to let Frisco into Chicago direct from
st. Louis over a route shorter than
Alton or any other line but Wabash.
/ This statement does not preclude
/ the possibility that B. F. Yoakum
president Of Frisco, is in a pool to buy
control of Alton. " 9