The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-18
VERY LIKE A BOOM
is THE ADVANCED Ia THE STOCK
DSOh Ss1 BA YES
TERDAY's TIEANsAsTIoNs
DUE TO NORTHERN PACIFIC
Renewed Confidence Follows An
nOuncement by j, p Morgan of
Nomination of<New Board
of Directors.
Closing.

Closing
Bar silver, New York; be-. -. 5sD M
Call money, New York.e.;.. .21h 49, IA
NEW YORK. July317 ! Ear,v tno,,,
edge of the terms of Mr.. Morgans letter letter
nominating members of the Northern pa
cific board of directors to fill the yacan-
ctes to be created was undoubtedly the
cause of the emphatic recovery In nrice
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 Harri-
man interests. The fact of this buvine
was evidence of the satisfaction felt nv
both parties to the Northern Pacific con-
test over the terms Of settlement provid-
ed for by MorganS action, aside from the
strong assurance felt from the PERSONAL
ity of the new members Of the board
that a FAIR and satisfactory adjustment
would be secured, The additional recon-
mendation for the immediate RECONSTRUCT
non of the board, rather than to await
the regular meeting In October, was an
additional cause of relief to the specula
tive mind. The conviction that an early
settlement of the Northern Pacific trouble
was at hand, which permeated the mar
ket all the morning, was crystaIized nv
the rather spectacular device of a sale of
200 shares of Northern Pacific copomon
stock on the board The price was 1l8
The mute record on the tape coming
smoothly from the ticker with the quo
tatiop jumbled in with the routine trans
actions of the market was ELOQUENT of the
end of perhaps the most disastrous quar-
rel that ever unsettled values in Wall
street. The struggling transactions in the
stock which followed the sale for 81, 600
cash in the elimination of the corner in
the panic of May was on June 8, when
the stock sold at $50 which was the set
tlement price to insiders by shorts Since
that time the stock has disappeared from
the market and there has not been even
nominal
pearance 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 recess
sions in prices. New buying orders came
into the market in successive instaliments
in enormous blocks. The stocks of the
railroads Immediately affected were nat
urally the leaders in the movement but
the strength spread to other parts of the
market and all other considera tons were
ignored. A rumor that the steel strike
would be settled within forty-eight hours
entirely failed of confederation but the
recovery in the steel stocks continued
without interruption.EzT news of the
day pointed to additional recruits for the
striking employees of the anthracite COM
panies, but the early Weakness in the
coalers was wiped cut and the stocks
made buoyant advances over last nights
level, extending in the case of Erie first
preferred 21s. The declaration of the first
dividend on this stock of ~ per cent,
presumably for the half-yearly period
helped the advance although there had
been talk that the stock would be placed
on per cent basis from the outset
The extreme rise over last night in ST.
Paul reached 934, Union Pacific 77s, South
ern Pacific AZ, and Atchison 43s. Rock
Island rose points in sympathy. There
were many other advances in the rail-
road list and among the New York trac-
lions of to 412, the Southern South
western, trunk lines, coalers and less i'm
portant groups all being represented.
Among the industrials and specialties
United States Steel got 22s over last night.
the preferred 2, Sugar u, General Elec-
trio and Colorado Fuel Sc, North Amer
lean 3A, and Western Union and Anal
gamated copper 2ls each. The strength
in the corn market today ceased to inf1u-
ence the stock market. Subtreasury OPP
erationS yielded an additional large
amount to the money market Now
York exchange at Chicago fell rather sig
nificantly and abruptly from 25c premium
to 10c, discount as a result of the easier
gaoney &C nditions in New York Stocks
closed strong and active near the top.
The bond market became active late in
the day, in sympathy with stocks Total
sales, par value, SO, 100, 0O0> United States
refunding Is and the old As and new Is
advanced "A per cent on the last call.
STOCKS.
Furnished by Charles H. F. Smith &
Co., members of the New YORK. Stock
Exchange, Pioneer Press building, who
nave direct wires to Chicago and New
York. Closing prices are bid: