The age-herald., 1901-10-27
STOCK MARKET WAS STRONG AND FIRM Increase in Cash Reserve Gives
 It Strength MISSOURI PACIFIC is UP Doubt and Uncertainty Are Still the Prevailing Sentiment In specula- tive circIes-RaIlroad Bonds
 Are In Demand.

New York, October 26-There was a hesitating. irregular stock market today until the appearance of the bank state- fnent on the tape. The unexpected in crease in the cash reserves of the banks of $1, ,592, 300 prompted the bears to cover their short lines and rally the market generally to above last nights figures, although the net changes generally will not be seen to be insignificant. There was positive independent strength in Missouri Pacific, which advanced 1t 2A above last night. There was no news to explain the movement and the sympa- thetic effect upon all stocks was slight. Peoples Gas made good recovery from recent weakness. St. Paul was active and fiuctuating, and received the full benefit of the late covering movement Amal- gamated Copper was heavy throughout with news of the shutting down of the company's mines and In the late dealings the stock broke 2h under last night, in terrupting the recovery elsewhere and making the closing irregular.
 / The sources of the receipts of cash by the banks is mystery, as known move rnents of money indicated a loss of up- wards of s2,500. 900 for the week. The loan item reflected the continuance of rebor rowing by debtors, who are paying off foreign loans. The weekly statement of the bank of Germany shows a recupera- ton in cash resources of over $l2, ,00O coo, with a reduction of loans and contraction of note issues of about equal amounts, but sterling exchange declined in Berlin again today, indicating continued press ure for gold there. There remains some requirements to be filled at New York for remittances to London on account of sub scriptions to the issue of consols an in- stallfnent on which is due November 2.
 The question of gold exports from New York next week Is therefore open one. After falling into lethargic condition early tn'the week the stock market developed degree of activity and strength later. The buying, which was responsible for this advance, s<was large and concen- trated In its source, and congested in few stocks, shifting from day to day from one group to another The move nent was initiated. in the Chicago and Northwestern stocks, sf ifting thence into the Vanderbilts generally, then into St. Paul, Union and Southern Pacific and then into the ooalers. The industrials and specialties have moved Independently as Is. usual in periods of irregularty in the general market notable feature of the market was the evident predominant ing professional character of the opera tions.e Commission houses which usually operate on orders from the general spec ulatiye public, haze been, conspcuously in the back ground during the week. Broksrage houses usually employed by the great financial interests in the street have executed large orders on both sides of the market, leaving the ,ininformed public confused as to, whether those in terests are committed 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 settlement of the Northern Pacific controversy. If insiders have bought stocks for that req son, 1t is for that reason that the public is kept in ignorance. The actual develop ments show condition of that contro- versy 50 far from settlement cs to prom fse prolonged period of negotiation. even with the best intentions fos final peace for the parties interested.
 That negotiations are in actual pro- gross Is clear. but 1t is also clear that these negotiations now are first under taken on a subject which Wall street as- sumed was definitely settled when MT. Morgan announced the members he had chosen to balance the Northern Pacific board of directors. The various state ments given out of authority of Presi- dent Hill of the Great Northern and of the Hartman Kuhn-Loeb interests clearly show divergent views and the holding to them with determination as contrasted with MT. Morgan's expressed conviction that the Northern Pacific board contains within itself all the ele- ments to assure a settlement fair and satisfactory to all interests, comes Presi- dent Hills suggestive assertion that Great Northern as joint guaranteer of the Bur lington purchase bonds Is to be factor in the settlement as well as the contend ing interests among the actual stockhold- CTS in Northern Pacific itself. The Hill Interests have insisted upon their conten- 'tion that Northern Pacific preferred is to be retired in accordance with the power vested in the company under the reor- ganization plan. The effect of this would be to oust the Hartman Kuhn-Loeb in- tcrests from their control which is through preferred stockholdings and ] leave the Morgan-Hill majority of the common stock in control of the company. The Union Pacific party Is equally in- sistent that their control of the disputed property is not to be relinquished. The recent buying of Northern Pacific pre- ferred is supposed to be by this party. It is admitted that numerous legal and technical obstacles exist to the adjust ment of ownership of railroad company by competing or parallel lines. In Its bare outlines 1t seems clear therefore that many difficulties still exist in this puzzling problem. Until they are defi- nitely cleared up a depressing factor will overhang the stock market.
 Importance Is attached to the money disturbance In foreign markets as bear ing ofi the large foreign credits which have been used to cary the large hold ings of Northern Pacific ever since the lock-up in May. Repayments of these credits have continued to sustain the foreign exchange market this week. as for some time past The course of the loan account of New York banks show that the burden shifted upon domestic credit institutions waiting upon the Northern Pacific settlement for relief The usual fall inflow of gold to tbis country is thereby interrupted except as the Australian remittances can be sub