The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-18
WALL STREET STOCKS
Emphatic Recovery in Prices
of Stocks.
MORGAN AT THE WHEEL
Settlement in Northern Pacific
Controversy Expected.

New York, July 1l--Early knowledge OF
the terms Of Mr.. Morgan's letter nonli-
mating the members Of the Northern Pa
cihc board Of directors 10 fill the vacan-
cies TO be created was indisputably the
cause Of the emphatic recovery in prices
Of tocks today. The first intimation Of
the news came to the street through the
open buying OF round amounts OF var
ious stocks by brokers generally under
stood 70 act Tor both the Morgan and the
Hartman interests. The fact OF this buy
ing was evidence Of satisfaction felt by
these parties TO the Northern Pacific con-
test over the terms of settlement pro-
vided for BY Morgans action aside from
the strong assurance felt from the per
sonality Of the new members OF the board
that a fair and satisfactory adjourn
rnent would be secured. The additional
recommendation for the immediate re-
construction OF the board rather than 20
await the regular meeting in october
was an additional cause OF relief to the
speculative mind. The conviction that
an early settlement Of the Northern "a
cifc controversy was at hand. Whlch
permeated the market all the morning.
vas crystalized by the rather spectacu-
lar device Of a sale OF 200 shares OF Nor
therp Pacific common stock on the board
The price was 11S The mute record on
the tape coming smoothly from the ticker
with the quotation jumbled in with the
routine transactions OF the market was
e1oouent OF the end perhaps Of the most
disastrous quarrel that ever settled vol
res in Wall street. The last OF the stras-
g1ing transactions in the stock which fol
lowed the sale for s. 900 cash IN the cul-
r1,nation OF the corner in the panic OF
Nav s. was made on June 3. when the
stool, sold at 15G which was the settle
ment price offered by the insiders TO the
shorts. Since that time the stocks has
disappeared from the market and there
has not been even a nominal quotation
for It. The temperance Of the stock on
the tame was Immediately followed by
q violent bound in prices. There were
occasional pauses in the movement but
no notable recessions in prices. New buy
ing orders came into the market in sue
cessive installments for enormous blocks
the stocks Of the railroads Immediately
aAected were nearly the leaders in the
movement but the strength spread TO
other parts Of the market and al other
considerations were ignored. A rumor
that the steel strike would be settled
within forty-eight hours entirely failed OF
corrobora ton. but the recovery In the
steel stocks continued without Interrupt
! ton. The news OF the day pointed % ad-
ditional recruits for the striking employees
| OF the Anthracite companies, but the
| early weakness Of the coslers was wiped
/ out and the stocks made buoyant adj
vances over last nights level extending
IN the case Of Erie preferred 3 Is. The
/ declaration Of the first dividend on this
/ stock OF II per cent presumably for the
half yearly period. helped the advance,
although there had been talk that the
stock would be placed on a four per cent
basis from the outset.
The extreme rise over last right in ST.
/ Paul reached "a; Union Pacific, u.s.
: Southern Pacific. 4 IL; Atchison. 3-8
/ Rock Island rose eight points in sym
psthv. There were many other advances
+ IN the railroad list and among tho New
York fractions Of 2 to 4 II. the Southern,
Southwestern trunk lines, coalers and
less important groups. al being repre-
pecially United States steel got 2 SO over
last night. the preferred 2; sugar. 4 So
/ General Electric and Colorado Fuel. -
North American 3 "a and Western Union
and Arnalgamated Copper 2 Is each
The strength n the corn market today
ceased 70 influence the stock market
/ subtreasury operations yielded an sddi-
tional large amount TO the money market
The New York exchange at Chicago fel
rather Significantly and abruptly from
&c premium 10 10 discount as result 81
the easy money conditions IN New York
stocks closed strong and active near u'
top.
The bond market became active anf
strong late IN TIE day IN sympathy viii
stocks. Total sales. PAR value. $1,000.
United States refundlng IS and Old q
and new IS advanced IA per cent on tn
last call.
c-r--f-- v,-4~er ~ s4oct-S we're as follows