The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-06-04
New York Stock Market

New York, June 1.-The stock market
made an extraordinary response TODAY
to the official announcement of tbe
agreement arrived at by the conflicting
interests in Northern Pacific. Specu-
lation seemed to leap to the conclusion
that the only impeachment had been
thereby removed to the return to he
of prices and the advancing ten
dency which We're Interrupted by the
devastating effects of the corner in
Northern Pacific. There was headlong
buying of stocks all through the list
on a buoyantly rising scale. All things
We're made fuel for bullish enthusiasm
and n news which seemed to threat
en- values was ignored. The market
ook on all h characteristics OF the
recent boom" period, and after alb
sorbing all offerings to AXE profits rose
vigorously, again in the final dealings
to the highest Of the day, where it
closed.
There was no exception to the
strength Of the market, but some of
these stocks which have been advanced
sharply Of late were kept steady by the
offerings to realize profits. This was
notably true of some Of the southwes-
tern and southern railroads. The early
squirt was most sensational in Union
Pacific, the United States Steel stocks
and Atchison. The rise in Union Pa
cific extended to 81 during the first
hour. There was some reaction mid
way in the session, but the
beeame conspicuous, led by ST. Paul
with a sS point rise. Rock Island gain
ed 81, Northwestern AZ and Great
Northern preferred AS.
There was still a conspicuous absence
Of dealings in Northern Pacific, not a
single transaction being recorded eth
er for the common or preferred. Not
even a bid m asked was recorded
lor the common stock at the closing.
The details OF the Northern Pacific
agreement are not announced and ru-
mors were numerous, pointing to wide
reaching adjustments all through
the railroad world as corrollaries OF the
Northern Pacific.
The whole northwestern railroad sys-
tenn. 1t is said. would come into one
harmonious control and repetition of
the same control would be found in the
Union Pacific system. The Union Pa
cific, said the gossips, would detach the
Southern Pacific for the benefit Of a
Pacific outlet for the Gould southwes-
tern system and content itself with the
Central Pacific.
The operator who was regarded as
the market leader during the recent
boom was very conspicuous in the
Ody . ucdlluSS dnQ DOuSQC IQOuSanOS OF
shares Of many different stocks all
around the room.
| The bulls declared that great hnan-
cial powers had entrusted large re-
sources to the direction Of this opera
tor to ~inaugurate a new bull move
ment-
The bank statement showed an un-
expected increase in cash reserves. and
the large loan expansion was taken as
an indication that ali important liqui-
dalton in the stock market had been
completed and measures were being
taken for renwed operations in the
market. The gains in the prominent
stocks u from 1 to 3 points or over.
There was an enormous absorption OF
Union Pacific convertible bonds as well
as of the stock The principal activity
in the railroad bond market has been
in some OF the speculative issues, which
have generally advanced.
United States refunding 2's and the
new As advanced n per cent over the
closing call Of last week. The total
sales Of stocks today were s2S, 200