The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-10
LII ALONG TIE LINE.
l Rally in Prices is Becoming
Apparent.
London Takes the Lead in Boost
ing the Market.


financial world was much reassured to-
day by the announcement made last
night that the shorts in Northern Pa
cific were to be settled with at $50,
thereby ending the corner in the stock.
Brokerage offices were filed with specu-
lators at an early hour. and to some of
the large houses admission was to be
had only by ticket. Before the New
York opening interest centered in Lon
don quotations, and when these came
much higher than yesterdays New York
close the better feeling became stronger
and the New York opening prices were
awaited with a confidence in marked
contrast to the complete demoraliza-
tion that prevailed on every hand yes
terday morning
A dispatch was received from London
saying at 10:45 in that city all Ameri-
can securities were higher, with St.
Paul quoted at a price equal to 20
points advance, and Union Pacific
showing a rise of 10 points. The 1890
prices in London, the figures given are
the New York equivalent with the
changes from yesterdays New York
close, were as follows:
Atchison 701z, advance 31z; Canadian
Pacific 9S3s, advance rs; st. Paul 15911,
advance 1914; Illinois Central 1873, ad-
vance 172; Louisville & Nashville 965s,
advance III: Union Pacific preferred
United States Steel 407s, advance IS;
do. preferred 923z, advance 81; Ana
conda 455s, advance 35s; Northern Pa
cific sold in London at a price equiv
alent to 1341k in New York
The London p. M. quotations
showed further advances, Atchison pre-
ferred being up SIS, Baltimore & Ohio
25s, Mexican Central 23s, Louisville Ia
and Chesapeake & Ohio 23s.
The first quotation on the ticker tape
recorded a sale of Amalgamated Cop
per at 108, rise of points, and this
was followed by q sale of Reading firsts
at 717s as against 20 at yesterdays
close. and sale after sale of va
rious stocks showed higher prices the
trade opened and the worst was over.
The anxiOuSly looked for opening of
Northern Pacific was a transaction of
800 shares at $50, and this was taken
as an indication that all of the minor
holders of the stock had decided to
settle with the shorts at the figures
agreed upon by J. P. Morgan & Co. and
Kuhn, Loeb & Co. Amalgamated Cop
per rushed up to 1107z and st. Paul
sold at 155, U. S. Steel preferred at 90,
Louisville at 9972, Union Pacific at 95,
Atchison preferred at 95. Burlington at
1888, and Missouri Pacific at 100. all of
these figures indicating substantial i'm
prOVements from last night.
In spite of the better tone, however,
the market was very feveri5h and price
changes after the first squirt became
wide and erratic. There was much
of the holders of Northern Pacific to
be easy with the shorts meant more than
a. temporary truce between the conflict
ing interests. Many securities have sold
at their high record figures recently on
the belief that they would enjoy much
benefit from one or the other of the
vast consolidation schen es for which
different railroad managers were work
ing, and some hesitation to buy was
caused by fear that the hostilities de-
ve1oped during the Northern Pacific
contest might delay Indefinitely or pre-
vent altogether the plans for extensive
combina tions of railroad capital under
closely centralized management.
CHEERING NEWS.
At about z0:2O the cheering news was
given out that the stock exchange had
officially announced the successful pass
ing of all clearing sheets and the honor
ing of all checks given by exchange
members yesterday. This announcement
effectuaIly disposed of the rumors cur
rent yesterday that certain houses
would be unable to meet their obliga-
tions on yesterdays contracts. The
trading became so feverish around 1920
that it was very hard to follow the price
changes. but there was a notable ab-
sence of the rush to sell which was the
distinguishing characteristic yesterday
morning.
Amalga1nated Copper held firm around
no. Southern Pacific at AZ, AtehisOn at
70. the preferred at SO, Manhattan at
1O915 Brooklyn Rapid Transit at rs and
Louisville around 96sz. Steel on large
transactions kept close to AZ. Rock Is
land fell back from the opening price of
$50 to Al T. Continental Tobacco was
strong, selling at 9415, Pennsylvania sold
at 145 and Texas & Pacific at Al.
Southern railway recovered to % and
Canadian Pacific touched par. There
was sale of 100 shares of Northern Pa
cifc at Isl. At 10:45 the market show
ed a quieter tone with prices holding
steady
There was heavy selling of the steel
stocks said to be for the Chicago ac-
price huctuated from Al to AZ for the
common and from 81 to 90 for the pre-
ferred About II o'clock the general list
became stronger, Union Pacific rising
from 921s to "a and Missouri Pacific up
to 1O1.
There was a further clearing of the
financial atmosphere when it was an
nounced that an order to show cause
obtained in the supreme court, direct
ing certain persons to show cause why
they should not be restrained from
trading in Northern Pacific, would not
$50 having been accepted as satisfac-
tory
Arthur R. Linberger, who obtained
the order. said that in light of the set
tlement n ade with the shorts the order
would not be served, and that the nat
ter would be allowed to drop.
Most of the buying this morning was
believed to be for investment account,
as commission houses deprecated trad
ing on margins for the present
The transactions on the exchange con-
tinued quiet but with a firm under
tone up to 1880, and then the further
reassuring news was given out that J.
P. Morgan & Co. would renew at per