Evening star., 1901-11-19
FINANCE AND TRADE
Stocks Sold Off Under Realizing and
Short Selling.
HITCH IN NORTHWESTERN DEAL
Fears of Legal Complications on
Part of Minnesota.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. November 1s.-The opening
Of today's stock market reflected a desire
for lower prices on the part of the profess
sional element and a further effort to take
profits by commission houses. London sold
rather more than she bought; but the vol
Tune Of business was not large.
The engagement of an additional million
gold for export had depressing effect,
and there was still evidence of unrest,
growing out Of the hostilities toward the
northwestern settlement.
The legal aspects Of the controversy are
too complex for immediate solution and the
efforts to that end are by no means unani-
nous. 1t is cited that Mr. Hills previous
attempt to control both Northern Pacific
and Great Northern brought out such a
sweeping opinion from the court as to dis
courage the entire project
The new transaction is vastly different as
to method, but without material difference
as to purpose. Recognizing the difficulties
it is thought the managers of the enter
prise Will go to considerable lengths to
compromise with or placate the opposition.
The political side of the case Is less feared
than the judicial side Leading lawyers diff
fer In their views as to the chances for
success on the part Of the state of Mime
sofa, but the company's legal advisers are
sanguine of the ability of the scheme to
Withstand test.
completing the transaction, 1t Is interest
ing to reflect upon the positions of the re-
spective properties now parties to the con-
tract. Mr Morgan has been given assur-
ances that all the parties In interest are
willing to have Northern Pacific preferred
stock retired In January, but the basis for
TINS retirement was an exchange into
stock of the new company.
ma 10 Oft lyal Ial af,
ferred stock will hesitate to accept such an
exchange and January is too near to have
the matter definitely adjusted.
There are other difficulties ahead, and 1t
seems quite likely that numerous smaller
plans in other directions will be shelved
and all efforts concentrated upon the north
western situation.
Some plan that will meet with general ap-
proval will yet be devised, and there is no
occasion for fear, as the result OF this first
halt
All Of the stocks directly interested were
heavy today under professional selling.
Reading again led the list in point Of ac-
tivfty, being bought in round amounts in
spite of heavy realizing in certain quarters
Predictions Of higher prices are confidently
made, and, as elsewhere in the market,
combination is limited at as proper climax
to the present movement.
There was a fair buying demand for Erie
and the higher priced coal shares. VAN
derbilt issues were irregular, and the south
western group was heavy as the result OF
the poor showing made by Missouri Pa
eific: In this last named territory there is
likely to be a protracted delay in merging
the various Gould properties.
Traction issues were strong during the
morning and toward the end of the day.
Rumors of large short interest in Metro
.politan Traction were heard and the buy
ing In Manhattan was partially due to a
desire to offset losses in the first named
stock. The industrial list was irregular,
but advances in Car Foundry, American
Locomotive and Pressed Steel Car stocks
gave no sign Of having run their course.