The Montgomery advertiser., 1901-10-27
WML ISfREET REVIEW ARFhr &Sh safehs sFzzkE UP e 4, ,T8os POINTS, ',d5s,, ',a,,
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yIt o,, ,cbd~TiI . ,s ..,T,a1e om,3.a ,... s..,. tatfhW irresffSr Stock market today nntil the appearancef of the bank statement on the tape. The unexpected increase
 te bears rse to oa cover q their shorkplines send -rally the market ne1zer- ally 10 above last nights fgpreS. ifal- though the net changes genefallY Will seem to be insignificant. There wae posi-. tivHfnaepepdent strength in Missouri Pac1fic. which advanced it 2A above last nighW There was no news to explain the movement, and the sympathetic ef- feet upon allied stocks was slight. Peo- ple's, Gas made a good recovery from re- cen0 Weakness. St. Paul was aotivean fuctAsting and received the full benefit mated Copper was heavy throughout, with news of the shutting down of the conpany's mines and in the late deal ings the stock broke 2h under last night, interrupting the recovery elsewhere and making the closing irregular. The source of the receipt of cash by the bankS is mystery as known movements of money indicate, a loss of upward of $2, GO fer the week. The loan item reflected the continuance of reborrowing by debtors. who are paying off foreign loans. The weekly statement of the Bank of Ger many shows recuperation in cash re- sources of over ~$12, ,00o, 900, with Q re- auction of loans and contraction of note issues of about equal amounts, but ster-
 
 today. indicating continued pressure for
 fhsre remains some requirements to be flied at New York for remittances to London oh account of subscriptions to the issue of consois an installment on which is due Nov. 2. The question of gold exports from New York next week Is. therefore, an open one. After falling into iethargic condition early in the week the stock market developed degree of act ivity and strength later. The buying, which was responsible for this advance, was large and concentrated in its source and congested in few stocks, shifting from day to day from one group to an- other. The movement was initiated m the Chicago and Northwestern stocks, shifting thence into the Vanderbilts gem orally, then into St. Paul. Union and Southern Pacific and then into coalers. The industrials and specialties have moved independently as is usual in per iods of irregularity in the general market. notable feature of the market was the evident predominating professional char acter of the operations. Commission houses which usually operate on orders from the general speculative public, have been conspicuouSly in the background during the week Brokerage houses usu- ally employed by the great financial in terests in the State have executed large orders on both sides of the market. leav- ing the uninformed public confused as to to the long or short side of the market Doubt and uncertainty in fact, are still the prevailing sentiment in speculative circles. Some of the buying has been att tributed to progress towards settle ment of the Northern Pacific controversy. If insiders have bought stock for that reason it is for that reason kept in ig- norance The actual developments show a condition of that controversy so far from settlement as to promise a pro- longed period of negotiation, even with the best intentions for final peace of the parties in interest. That negotiations are in actual progress is clear, but it Is also clear that these negotiations are now first undertaken on subject which Wall street assumed was definitely settled when MT. Morgan announced the mem bers he had chosen to balance the North ern Pacific board of directors The various statements given out on author ity of Pre4ident Hill of the Great North ern and of the Hartman K Kuhn- Loeb in- terests clearly show divergent views and the holding to them with determination, as cOntraSted with MT. MOrgans express ed conviction that the Northern Pacific board contained within itself all the ele- ments to secure settlement fair and satisfactory to all interests comes Presi- dent Hills suggestive assertion that the Great Northern as joint guarantor of the Burlington purchase bonds is to be factor in the settlement as well as the contending interests among the actual stockholders in Northern Pacific itself. The Hill interests, have insisted upon their contention that Northern Pacific preferred is to be retired in accordance with the power vested in the company under the reorganization plan. The ef- feet of this plan would be to oust the Hartman Kuhn-Loeb interests from their control, which is through preferred stock holdings and leave the Morgan-IIll majority of the common stock in control of the Company. The Union Pacific party is equally insistent that their control of the disputed property is not to be re- linquished. The recent buying of North crn Pacific preferred is supposed to be by this party. It is admitted that num- gTnA slNVaig. to the adjustment of ownership of q rail- road company by compating or parallel lines. In its bare outlines it seems clear
 therefore, that many difficulties exist in this puZzltng problem. Euul they are definitely cleared up a depressing factor will oVerhang the stock market I'm portance is attached to the money dis turbance in foreign markets as bearing on the large foreign credits which have been used 10 carry the large holdings of Northern Pacific ever since the lock -up in May. Repayment of these credits have continued to sustain the foreign ex- change market this week as for some time past. The course of the loan ac- count of New York banks show that the burden is shifted upon domestic credit institutions, waiting upon th" Northern Pacific settlement for relief The uSuaI fall inflow of gold to this country is there by interrupted except as the Illustration remittances can be substituted. The