The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-11-21
BROKERS ALL AT SEA.
Northern Pacific Stock Jumps
High and Worries Them,
90 NOT KNOW ITS CAUSE
Other Stocks Favorably At
feCted by the Boom.

New York, Nov. 20.-It IS not often
that a movement in the stock market
attains the volume and the price move
ment of that Of today 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 sys-
TENS. OF which the floating supply in
the market IS always much larger than
that Of the more firmly established Iail-
road properties in the earlier settled por-
tons Of the country, but the very fact
OF the enormous floating supply OF these
stocks hampers the price movement To-
day S sales of Northern Pacific loot up,
according TO the customary approximate
calculations, 81. 500 shares for the com
mon stock and $500 shares Of the pre-
ferred stocks, q total of g7I400 shares
The common stock rose an extreme %
and the preferred 61s. Various causes
doubtless served to congest the specu a
ton IN these stocks. For one reason
there was but languid interest in the
general market, and the eager army OF
operators and spectators VINO are
watching for available openings failed
TO find any until the movement IN North
ern Pacific developed. The volume and
character Of the dealings IN the stocks
however. precluded the idea Of a purely
speculative operation. No Authentic news
was disclosed 10 explain the movement
such rumOrs as were heard being prompt
ed rather by the effort TO explain by
guess work II 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 favortts theory, however, was that
the buying Of Northern Pacific repre-
sents a process of TRANSMISSION q inter
ests between the different trans-conti-
mental railroad lines or, more immediate
", the Northern and Northwestern
routes. Such q process is on the lines
of what has already been accomplished
on large scale in the eastern Trunk
Line field, and is in accordance with the
best accepted theory for solution of
competitive problems in railroad Nc That
some important development VIII be
forthcoming is undoubtable BY the tes-
timony of the tape. The movement IN
Northern Pacific had dominant innu-
enCe on the whole market, and pulled
it up effectually from the reactionary
tendency which had overborne it during
the early part OF the day. This was due
TO the continued heavy pro1it-taking and
10 very large selllus Tor LONDON account
after a light buying movement for that
account in the early dealings. IT 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 tempo
rary shortage in the supply available
for borrowing purposes. and would add
materially to the ADVERTISEMENTS Of a
short interest. The prohibiting contin-
ued to a degree, even after the general
tendency had become strongly upwar5.
and some Of the prominent stocks prac-
tically failed 10 respond At all The
movement IN the Iron and Steel stocks
was exceedingly irregular and a number
of other specialties which have had re-
cent notable advances. hung back today
AS a consequence. the days net changes
were exceed ingly uneven. and not a few
declines were mixed IN with the nota-
bic gains. The couspicuously strong
stocks. besides the Nor horn Pacific.
were the Union Paciics. Grost Northern
preferred. the Atchisons. Missouri Pa
cific the Denver and Rio Grande and the
Baltimore and Ohios Among the INDUS
trials and specialties tina steel and Wlre
stocks. Federal Steel. Tobaccos. Peoples
Gas, Sugar and Interna tional power were
conspicuous. After a sharp reaction on
proht-taking. tire Northern Pacidcs raj
lied. carrying the whole market with
them and the closing was very animated
and buoyant at about the top level
Closing prices of stocks were as follows.