The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-21

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Bar silver, Ne WORK. Ga q
Call money, New York.-....3S115a-5 55h-i1b
NEW YORK, Nov. 20.-It is not often
that a movement in the stock market
attainS the volume and price movement
of that of today in the Northern Pac-
if1c stocks. Occasionally in the past there
have been sales in a single day of an
imposing aggregate of some of the large
" capitalized Western railroad systems
OF which the floating supply in the mar
ket Is always much larger than that
of the more firmly established railroad
properties in the earlier portions of the
country but the very fact of the enorm-
stocks hampers the price move oTee
ment TOday's sales of North
ern Pacific foot according to
the customary approximate calcula tons,
20l 500 shares for the common stock. and
Is, 800 shares Tor the preferred stocks a
total Of 81, 400 shares. The common
stock rose an extreme 61a and the pre-
ferred Els. Various causes, doubtless
stocks. For one reason there was but
languid interest in the general market
and the eager army of operators and
spectators, who are watching for avail
able openings, failed to find any until
the movement in Northern Pacific devel-
oped. The volume and character of the
dealings in the stocks, however pre-
Guided the idea of purely speculative
operation. No authentic news was ois-
closed to explain the movement, such ru-
ulors as were heard being prompted rath-
er by the effort to explain by guess work
It was alleged that it had been deter
mined TO retire the preferred stock at
par. as the capital has the right to do
under the terms Of its issue. The IA
Vorite theory however, was that the
buying of Northern Pacific represents d
process of TRANSMISSION of interests be-
tween the different trans-oontinentaI rail-
road lines, or more Immediately, the
nRTfhEH~1 and northwestern
is On the lines Of what has already been
accomplished on a large scale in the east
ern trunk lines and is In accordance with
the best accepted theory for a solution
of competitive problems in railroading.
That some Important development will
be forthcoming is indubitable by the
testimony Of the tape The movement
in Northern Pacific has dominant in
fuence on the whole market, and pulled
it up effectually from the reactionary
tendency which had 0Yerborne it during
the early part of the day. This was due
to the continued heavy profit taking and
to very large selling for London &C
count, after a light buying movement for
that account in the. yearly dealings. 1t
stocks and especially of Northern Pa
cific, which have Sold for foreign ac-
count since the eleel9n. are now on the
ocean. This would create a temporary
shortage in the Supply available for bor-
rowing purposes, and would add mater
tally to the eTnba TT1ass n1ents of a short
interest. Inc Dr0TlE Taxing continued TO
degree, even after the general ten
-dency had become strongly upward and
some of the PROMINENT stocks practically
failed to respond at all The movement
in the iron and steel stocks was exceed
ingly Irregular and number of other
sDecialties which have had recent no.
table advances, hung back today. AS a
consequence, the days net changes were
exceedingly uneven and not a few de-
cIines were mixed in with the notable
gains. The cOnspiciously strong stocks,
besides the Northern Pacifics, were
the Union Pacifics, Great Northern pre-
ferred the Atchison, Missouri Pacific,
the Denver & Rio Grandes and the
baltimore & Ohios. Among the industrials
and specialties the steel and wire stocks,
federal steel, tobdccos, peoples gas,
sugar and international power were con-
spicuous. After a. sharp reaction on
profit taking, the Northern Paciflcs rallied
carrying the whole market with them
and the closing was very animated, and
buoyant at about the top level.
Profit taking was in evidence in the
bond market and prices are generally
lower Total sales. par value, g, OPS; GEO.
United States SIS coupon declined "A and
the new As H. The old As advanced x
% STOCK Quotations.
Furnished by Charles H T. Smith &
Co members of the New York Stock
exchange, Pioneer Press. building, who
have direct wires to Chicago and New
York. Closing prices are bid: