Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-05-13
DAY N WALL STREET
Heavy Buying Of Union Pacific
Causes Comment Among the
Spectators.
Price Goes Up to High Figure
To.day-.The Market was
Nervous.
But Little Northern Pacific on
the Market.-Settlements
in London.

AA kOAVVus
New York, May 13.-The news from
London of settlement with the shorts
in Northern Pacific was received here
with great satisfaction. The course of
prices was strongly upward generally at
the opening here. but there were a few
exceptions. showing sharp losses. Union
Pacific opened points higher, Delaware
& Hudson sl4, st. Paul. 31s. Louisville
and Missouri Pacific 21s Atchison ",
American Tobacco 2. Continental To-
bacco 2A, Amalgamated Copper. 2.
American Linseed, preferred. 6, United
States Steel i. Tennessee Coal. Southern
Railway, preferred, New York Central,
United States Steel preferred, lost from
/ to 1s..
Developments in the Northern Pa
lcific situation were awaited with the
keenest interest, but it was the general
opinion in Wall street today that it
would be some time before the question
OF control would be definitely settled It
is believed one of the party to the con-
troversy holds control thru preferred
stock and several intricate legal points
are involved concerning the right of the
directors of the company to re-
! tire preferred stock at par and
thus deprive it of its voting
power. Heavy buying Of Union Pacific,
which is UP To so has not been explain
! ed continued today. and during the
first half hour the trading price rose on
transactions to 123 The rise in Union
Pacific was accompanied by a similar
but not as an extensive movement in
amalgamated copper which after the
4 opening at 116aa sold to 120S ar adj
vance Of 5s4 as compared with Fridays
close. II subsequently declined 10 1855.
There were selling orders in Union
Pacific above 120 and stock fell back to
1 11612 but an immediate rally followed.
1 Toward noon the market became quiet
4 er and weaker and generally declined on
small transactions
There was no sale of Northern Pacific
I. cornmon until 1870 when there was a
sale OF 100 shares made at $50 an adj
vance of 10 points from Fridays last
: sale
The rally after o'clock gave place to
a renewed decline in the last half hour.
The closing was dull and irregular.
~
!, Stock situation in London.
: London, May 13.-The stock exchane
committee and ]. Pierpont Morgan has
come to the rescue of the shorts
\ Northern Pacific. having decided tina
buying in of Northern Pacific be sus-
pended for the present. The making
Up" price was fixed at 140 for common.
Morgan lending Northern Pacific at
l"evens'' that is. for nothing. Americans
! opened from fraction to eight and one
81 half points. the latter for ST. Paul, over
I Fridays close Reading. Baltimore 81
Ohio, Pennsylvania and Northern Pa
: cific We're the only stocks showing de-
: clines. The latter fell thirteen and one
5 fourth.
Decided satisfaction has been ex-
: pressed on the stock; exchange here over
i the tentative settlement of the Northern
e Pacific crisis. A representative here of
I kuehn. Loeb & Co. said TO the Associat-
< ed Press: There is much nervousness
Y in View of the fact that relief may be
4 only temporary, and another crisis may
Z b. precipi;ated by the action of either
e Morgan or Hartman.
9 The suspension of settlement an
: nounced by the committee this morning
e is Of indefinite duration, but each day
t gained helps liquidation of accounts
e The brokers Worse affected generally
: hold options on Northern Pacific which
d they can realize on in June and July. Ir
e the meantime salvation depends on the
leniency of Morgan and kuehn. Loeb
Co"
1t is understood that Kuhn, Loeb &
Co. as well as Morgan, are quietly lend.
!, ing their shares to their friends who
xL. vv1,-
committee also decided that the settling
n a,,,,,,,,. ir,,a,rsd 4, of r,inor ;,,a,r.
,r 80,