The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-10-19
NORTHERN PACIFIC DEAL
IS A MYSTERIOUS AFFAIR.
Believed that Actual Steps Are Being
Taken in the Settlement-Course
Of Market Downward at Close.

New York, October tS-Attcntion was
wholly conferred on the Northern Pacina-
question today and the more the .s,,ttators
In st0lhgSMudicd tho problem the more
they did not understand it, The continued
activity Of Northern Pacific preferred, IN
strong contrast to It's stagnant condition
up to yesterday evening, since the corner In
common stocks was tho occasion Of inter
est in the subject. The conclusion seemed
unavoidable that actual steps were being
taken in the Northern Pacific settlement,
although there was some bold enough to
claim that the transactions In Northern
Pacific did not represent genuine transfers
Of the stock. This Interpretation was
strained. but 1t serves to illustrate the com.
pletely mysuhed conditions In the street.
Another rather far-fetched explanation
was that the new Burlington railway, in
corporated Wednesday, would EXCHANGE ia
stock for the bonds which We're issp ,,i
gontlN by Northern Pacific and Great
Northern IN exchange for the Burlington
stocks purchase This operation would be
in enect to cancel the whole Burlington
deal and thus remove the cause OF contiict
Tor control of Northern Pacific But this
would not explain the absence OF single
share of Northern Pacific common in the
dealings, That IL might prove n sntts.
factory solution to some of the canltallsts
concerned In the venture was not doubted
The broad limitations from sources usual
" accredited to Morgan influence of the
undoubted right of the Northern racine
company 10 retire Northern HO,ihc caused
an uneasy feeling that the whole dispute
was In danger of breaking ont again al
though the urging of such n claim, with
out enforcing II, might be designed to exert
moral influence upon the opponents in the
settlement. The source Of the selling OF
Northern Pacific preferred continued 10 be
shrouded In mystery and the fact that Har-
Timan brokers were employed In some Of
the selling added to the confusion of sen.
timent, whether designedly or no.
As II Is believed the Morgan Hin claims
TO absolute control rests entirely on their
holding OF a majority OF the common stock
with proposed retirement OF the pre-
ferred, Il was suggested that their hold
lngs OF the preferred might be coming on
the market But this would not explain
reached 10SA at one time today rms
served also to refute the suggested retire
mcnt al par Other suggestions was that
valuation above par might be designed for
that OF the intended securities holding COM
panY.
Il was significant that in all this whirl
Of ninor md suggestion there was no fur
ihei suggestion that the plans for COM
WuntE Of interests were to he taken up
wetrr Aey let OF when the May cyclone
Interrupted them.
me late course OF the market was gem
sfaiy downward, resulting in reducing or
wiplng out the early gains except in special
instances, notably Brooklyn Transit ana
Amalgamated Copper There was another
sale Of 200 shares OF Lake Shore at a fur
ther 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. Tomorrow's bank state.
nient. With a decrease in cash Indicated
less than s2,oo0,0o0, will depend on the loan
account.
IKE railroad bond market was pretty
firm. owing to the demand for some Of the
convertible boLds. Total sales, par value,