The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-07-18
- - - . = 70 lsE7
STOCKS AND BONDS.


the terms Of Mr.. Morgan's letter, nom
mating the new members OF the Northern
Pacific board of directors to fill the vacan-
:cies to be created was individually the
cause of the emphatic recovery in prices
of stocks today. The first intimation OF
the news came to the street through the
open buying of round amounts OF various
stocks by brokers generally understood to
act for both the Morgan and the Harri-
man interests. The fact of this buying
was evidence of the satisfaction felt by
both parties to the Northern Pacific con-
test over the terms of settlement pro-
vidcd for by Mr.. Morgan's action, aside
from the strong assurance felt from the
personality of the new members OF the
board that fair and satisfactory adjust
mcEt would be secured. The additional
recommendation for the immediate con-
struction of the board rather than ia
await the regular meeting in October was
an additional cause of relief to the specu-
lative mind. The conviction that an ear
ly settlement of the Northern Pacific con-
troversy was at hand, which permeated
the market all the morning. was crystal
lied by the rather spectacular device OF
sale of 200 shares of Northern Pacific
common stock on the board. The price
was 11S. The mute record on the tape
coming smoothly from the ticker with
the quotation jumbled in with the routine
transactions of the market was eloquent
of the end of perhaps the most disastrous
quarrel that ever unsettled values in
Wall street. The last of the struggling
transactions in the stock which followed
the sale for 81 900 cash in the elimination
of the corner in the panic of May 8 was
made on June 3, when the stock sold
at $50. which was the settlement price
offered by the insiders to the shorts.
Since that time the stock has disappear
ed from the market and there has not
been even a nominal quotation for it. The
temperance of the stock on the tape
was Immediately followed by a violent
bound in prices. There were occasional
pauses in the movement, but no notable
recessions in prices.
The news of the day pointed to addi-
tional recruits for the striking employees
of the anthracite companies, but the ear
ly weakness in the Coalers, was wiped
out and the stocks made buoyant ad-
vances over last nights level, extending
in the case of Erie first preferred 3b.
The declaration of the first dividend on
this stock of TX per cent, presumably
for the half yearly period, helped the
advance, although there had been talk
that the stock would be placed on a
four per cent basis from the outset. TH,
extreme rise over last night in ST. Paul
reached on, Union Pacific ia, Southern
Pacific Az and Atchison 4as. Rock ISL
and rose points in sympathy. There
were many other advances in the railroad
list and among the New York fractions
of 2 to Az. the Southern, Southwestern,
Trunk Lines, coalers and less important
groups all being represented. Among the
industrials and specialties United States
Steel got 2% over, last night, the pre-
ferred 2, Sugar Az. 2,
The strength in the corn market today
ceased to influence the stock market. Sub
Treasury operations yielded an addition
al large amount to the money market.
New York Exchange at Chicago fell rath-
er significantly and abruptly from 25
of the easy money conditions in New
York Stocks closed strong and active
near the top.
The bond market became active and
strong late in the day in sympathy with
SlOckS. IOtaI safes par Vdiuc, 9o,iVo'VVV
U. S. Refunding rs and the old as and
new As advanced Il per cent on the last
call.
The total sales Of stocks today were
1041 800 shares. including Atchison. a.
500: do preferred 22,b00; G. and o.. $500:
Rock Island. $500; Erie, 4S,500: do first
preferred 10. 700: do second preferred, 81
AGO. l.. and NJ, 1900: Manhattan 1O.1OO;
M. O. p, 21.70O; c. and W., $500; Penn
sylvania, q 800; Reading. 1900 do first
preferred. 5.40O: st. Paul, $500; South
ern Pacific. 91.O5O: Southern Railway. 21.-
500: Texas and Pacific $500; Union Pacif-
ic. 154.70O; Copper. 200; B. r. T.. 12.1O0;
Peoples Gas. 10.S00; Sugar, $4,000; T. S..
Steel 102 100: u S. Steel preferred, 49,
100: Western Union, 6,400.