The age-herald., 1901-10-19
CHIEF INTEREST .." IS IN ONE STOCK zss-'.
  Market Deals Largely in North ern Pacific Preferred INTERCOURSE DOWNWARD Sales of Lake Shore at an Advance of 10 Polnts-The Bank State
 ment Will Show
 Decrease.
INTERCOURSE DOWNWARD

New York. October 1s.-Attention was wholly centered on the Northern facihc question today, and the more the opera tors in stocks studied the problem. the less they understood 1t. The continued ac- tivity of Northern Pacific preferred, Tn strong contrasts to it's stagnant conoilioh up to yesterday evening since the corner in the common stock, was the occasion of interest. Conjecture exhausted itself in forming rumors that would give a plausible explanation of this development. The conclusion seemed unavoidable that actual steps were being taken In the Northern Pacific settlement, although there were some bold enough to claim that the transactions In Northern Pacific did not represent genuine transfers of the stock at all. This interpretation was strained, but it serves to illustrate the completely mystifed condition of the street.
 Another rather, far-fetched explaina- ton was that the new Burlington Rail- 2 road incorporated Wednesday would ex- change it's stock for the bonds which were issued Jointly by Northern Pacific and Great Northern in exchange for the Burlington stock purchase. This opera ton would be in effect to cancel the whole Burlington deal, and thus remove the cause of conflict for control of North ern Pacific. But this would not explain the absence of a single share of North ern Pacific common in the dealings. That 1t might be a satisfactory solution to some of the capitalists concerned in the venture was not doubted. The broad in- timations from sources usually accredited to Morgan influences of the undoubtful right of the Northern Pacific Company to retire Northern Pacific caused an uneasy feeling that the whole dispute was in danger of breaking out again, although the urging of such claim without en- forcing 1t might be designed to exert moral influence upon the opponents in the settlement.
 The source of the selling of Northern Pacific preferred continued to be shroud- ed in mystery, and the fact that Harri- man brokers were employed in some of The selling added to the confusion of sentiment whether designedly or not. As 1t is believed that the Morgan-Eill claims to absolute control rests entirely on their holding of majority of the common stock with a proposed retire ment of the preferred, 1t was ingeniously suggested that their holdings of the pre- ferred might be coming on the market. Dut llllS WoulQ IOl eApldln ln6 duVdnc- Ing price of the preferred which reached l08h at one time today. This served also to refute the suggested retirement at par.
 Another suggestion was that valua- tion above par might be designed for the stock in the terms of exchange with the stock of the intended securities holding company. It was significant in all this whirl of rumor and suggestion that there was no. further suggestion that the plans for community of interests were to be taken up where they left off when the May 9 cyclone interrupted them.
 The latter course of the market was generally downward resulting in reducing Sor wiping out the early gains, except in special instances, notably Brooklyn Rapid Transit and Amalgamated Copper. There was another sale of 200 shares of Lake Shore at further advance of 10 points. There was strength in Lackawanna, the Minneapolis and St. Louis stocks, the Iowa Central stocks, leather preferred and other less prominent stocks. Tomor- rows bank statement with a decrease in cash indicated of less than $2,0OO. 900 will depend on the loan account
 The railroad bond market was pretty firm, owing to the demand for some of the convertible bonds.
 Total. sales, par value, $2, 065, ,000
 United States bonds were all unchanged on the last call