The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-18
VERY GOOD GAINS MADE
SHARE PRICES HELPED BY THE
NORTHERN PACIFIC SETTLEMENT.
First sales of the stock in over n
strength of the Market.

NEW YORK. July 17.-Early knowledge
Of the terms OF Mr.. Morgan's letter nomi-
mating the members OF the Northern IA
cific board OF directors TO I'LL the vacancies
to be created was undoubtedly the cause
Of the emphatic recovery in prices in stocks
to-day. The first intimation of the news
came TO the street through the open buy
ing of round amounts OF various stocks
by brokers generally understood 10 act
for both the Morgan and the Hartman in
terests The fact OF this buying was evil
dence OF the satisfaction felt by both par
ties TO the Northern Pacific contest over
the tepns Of settlement provided for by
Mr. Morgan's action aside from the strong
assurance felt Of the strong personality OF
the board that a fair and satisfactory
adjustment would be secured. The convic-
ton that an early settlement Of the North
ern Pacific controversy was at hand. which
permeated the market all the morning. was
crystallized by the rather spectacular de-
vice of a sale of 200 shares of Northern Pa
cifc common stock on the board The
price was lis. 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 transac-
tons In the stock which followed the sale
for $1,000 cash in the elimination of the
corner in the panic of May was made on
June 3, when the stock sold 1JO. which
was the settlement price offered by the
insiders to the shorts. Since that time the
stock has disappeared from the market and
there has not been even a nominal quota
ton for it, The temperance of the stock
on the tape was Immediately followed by a
violent bound In prices There were occa-
slonal pauses in the movement, but no
notable recessions in prices. New buying
orders came into the market in successive
installments. The stocks of the railroads
Immediately affected We're naturally the
leaders in the movement, but the strength
spread to other parts of the market. and
all other considerations were ignored
rumor that the strike will be settled within
forty-eight hours entirely failed of cor
roooration, but the recovery in the Steel
stocks continued without interruption The
news or the day pointed TO additional re-
cru1ts for the striking employees of the
anthracite companies. but the early weak
ness in the coalers was wiped out and the
stocks made buoyant advances over last
nights level extending I'm the case OF Erie
first preferred to 3ls. The declaration of
the first dividend on this stock Of III per
cent. presumably for the half YEARLY
period helped the advance. although there
mad been talk that the stock would be
set. The extreme rise last night in
St Paul reached ga. Union Pacific 77s
Southern Pacific Az and Atchison 4ss. Rock
Island rose points in sympathy There
were many other advances in the railroad
list and among the fractions of TO Az
the Southern, the Southwestern, trunk
lines. coalers and less important groups all
being represented. Among the industrials
and specialtes United States Steel got pa
over last night, the preferred 2. Sugar AN
General Electric and Colorado Fuel 5iS
North American 3}4 and Western Union
and Amalgamated Copper 21s each The
strength in the corn market to-day ceased
10 influence the stock market Stocks
closed svrong and active near the top
Bonds became active and strong late in
the day In sympathy with stocks. Total
sales at par value were 100000 United
states refunding twos and the old and new
tours advanced 4 per cent on the last call.
Following are the days share sales and
the closing bid prices: