The San Francisco call., 1901-10-19
EASTERN MARKETS.
Nc7v York Stock Market.

NEW YORK. Oct. 1s.-Attention was wholly
centered on the Northern Pacific question to-
dav and the more the operators in stocks
studied the problem the more they did not
understand it. The continued activity Of
Northern Pacific preferred. in striking con-
trast % its stagnant condition up TO yester-
DAY ever since the corner OF the common
stock was the occasion OF interest in the street.
Conjecture exhausted itself in framing rumors
tllel s, soul1 siN ~, i1ei,,loT7 seemed unavoid-
able tEat active steps We're being taken IN tfe
Northern Pacific settlement although there
were some observers bold enough to claim that
the transactions in Northern Pacific preferred
did not represent genuine ItaIlsIets ol tIIe pr
al ali. Tbs Interpretation was strained, but
IL serves TO illustrate the completely mystlned
condition in the street. Anotner ratner Iar-
fetched explanation was that the new Burling-
ton railway incorporates Wednesday would eA-
change its stock the bonds which were is
sued Jointly by Northern Pacific and Great
Northern in exchange for the Burlington stock
purchase. This operation would be IN erect
10 cancel the whole Burlington deal and thus
remove the cause Of conflict for control OF
Northern Pacific. But this would not explain
the absence Of n single share Of Northern Pa
cihc common in the dealings. That it might
be q satisfactory solution to some Of the cap
doubted. The broad intmations from sources
usually accredited to Morgan influences Of the
undoubted right Of the Northern Pacific Com
pany 10 retire Northern Pacific preferred caused
uneasy feeling that the whole dispute was
urging Of such claim without enforcing 1t
might be designed TO exert moral influence
upon the points in the settlement
The source OF the selling in Northern Pacific
preferred continued TO be shrouded in mystery
and the fact that Hartman brokers were
employed in some Of the selling added to the
confusion of sentiment whether designedly or
20. AS IL is believed that the Morgan-IIill
claims absolute control rest entirely upon
their holding OF a majority Of the common.
stock with q proposed retirement Of the pre-
ferred. il was ingeniously suggested that their
holdings of the preferred might be coming
upon the market. But this would explain
reached 1CSs at time to-day. This served
also TO relute the suggested retirement at par
Another suggestion that a valuation above
par might be designed for the stock in the
terms Of exchange with the stock of the in
tended securities holding company. It was
significant that in all this whirl of rumor and
suggestion there was no further sugges-
tion that the plans for community of interest
were to De taken Up where they left off when
the May 3 cyclone interrupted them. The
course Of the market was generally downward
gains except in special instances, notably
Brooklyn Rapid Transit and Amalganaated
Copper. There was another sale Of 200 shares
Of Lake Shore at a further advance Of II
points. There was strength in Lacka wanna
the Minneapolis and St. Louis stocks. the Iowa
Central stocks. Leather preferred and other
less prominent stocks. To-morrow's bank
statement, with a decrease in cash indicated
Of less than two million dollars. will depend
upon the loan account. Total sales were 516. 01t
shares.
The railroad bond market was pretty firm,
owing TO the demand for some Of the converti-
bic bonds. Total sales par value, 81. 065. coo.
United States bonds all unchanged on
the last call