The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-21
Ftna,lCial.
TIE STOCK MARK ET.
Enormous Business in Northern Pa
ctflc Stocks-Prices Go Up.

j cific Stocks-Prices Go Up.
New York, Nov. Cot is not often
that a movement in the stock market
attains the volume and price move
ment of that of to-day in the Northern
| Pacific stocks. Occasionally in the past
| there have been sales in a single day
of an imposing aggregate of some OF
the largely capitalized western railroad
systems, of which the floating supply
in the market is always much larger
than that of the more firmly establish
ed railroad properties in the older ana
longer settled portions of the country.
But the very fact of the enormous
floating supply of these stocks nam
pers the price movement. To-days
sales of Northern Pacific foot up, accord-
ing to the customary approximate cal
culations, POI, 800 for the common stock
and 1880 shares for the preferred
stocks, a total of or, 400 shares. The
common stock rose an extreme ga and
the preferred 6H. Various causes doubt
less served to congest the speculation
in these stocks. For one reason, there
was but languid intres tin the general
market, and the eager army of opra-
tors and spectators who are watching
for available openings failed to find
any until the movement in Northern
Pacific developed. But the volume and
character of the dealings in the stocks
precluded the idea of purely specula-
tive operation. No authentic news was
disclosed to explain the movement. 1t
was alleged that it had been determined
to retire the preferred stock at par, as
the company has the right to do under
the terms of it's issue. The favorite
theory however, was that the buying
of Northern Pacific represents process
of TRANSMISSION of interests between the
different trans-continental railroad lines
or, more Immediately, the Northern and
Northwestern rotes Such a process is
on the lines of what has already been
accomplished on a large scale in the
eastern trunk line field, and is in ac-
cordance with the best accepted theory
for the solution Of competitive problems
in rairoadi That some important
development will be forthcoming is in
dubitable by the testimony of the tape.
The movement in Northern Pacific had
a dominant influence on the whole
market and pulled it up effectually
from the reactonary tendency which
had overborne it during the early part
of the day. This was due to the con-
tinued heavy profit-tallng and to very
large selling for London account, after
light buying movement for that ac-
count in the early dealings. 1t is be-
lieved that very large shipments of
stocks, and especially of Northern Pa
cific, which have been sold for foreign
account since the election, are now on
the ocean. This would create a tenn
porary shortage in the supply avail
a BILE for borrowing purposes, and would I
add materially to the embarrassments !
of a short interest The profit taking |
continued to a degree, even after the |
genral tendency had become strongly |
upwards, and some of the prominent |
stocks practically failed to respond at |
all. The movement in the iron and |
steel stocks was exceedingly irregular |
and number of other specialties. |
which have had recent notable ad-
vances, hung back to-day. AS a conse-
quence the days net changes We're ex-
reedingly uneven, and not few de-
clines were mixed in with the notable
gains. The conspicuously strong stocks
besides the Northern Pacifcs We're the
Union Pacific, the Denver and Rio
Trande and the Baltimore and Ohios
Among the industrials and speciaIties
he Steel and Wire stocks, Federal
Steel the Tobaccos, Peoples Gas, Sug-
II, North American, and International |
Power were conspicuous. After a sharp
'e-action on profit taking the Northern
oacfics rallied, carrying the whole
market with them and the closing was