The Montgomery advertiser., 1901-07-18
WALL STREET REVIEW
EMPHATIC REcovERTEs IN
 PRICES OF STOCKS.
Knowledge of Contents ofMorgan's Letter Nominating Men to Fill Vacancies in N. P. Direc-
 tory The Cause.

NEW YORK. July 17.-Early knowledge of the terms of MT. Morgan's letter nom cific Board of Directors to fill the va cancies to be created was undoubtedly the cause of the emphatic recovery in prices of stocks today. The first intima- ton of the news came to the street amounts of various stock brokers gener- ally understood to act for both the Nor gan and the Hartman interests. The fact of this buying was evidence of the sat isfaction felt by both parties to the Northern Pacific contest over the terms of settlement provided for by MT. Nor gan's action, aside from the strong assur- ance felt from the personality of the new members of the board that fair and sat isfactory adjustment would be secured. The additional recommendation for the immediate reconstruction of the board rather than to await the regular meeting in October was additional cause for re- lief of the speculative mind. The con- viction that an early settlement of the Northern Pacific controversy was at hand which permeated the market all the morn ing was crystalized by the rather spectac- ular devise of sale of 200 shares of Northern Pacific common stock on the board. The price was HIS, the mute rec ord on the tape coming smoothly rom the ticker with the quotation Jumping in with the routine transaction of the mar ke was eloquent of the most disastrous peril that ever unsettled values in Wall Street. The last of the straggnng trans actions in the stock which followed the sale for S1 900 cash in the cuimination or the corner in the panic of May was mace on June 3. when the stock sold at l5o; which was the settlement price onered the shorts. Since that time the street has disappeared from the market and there has not been even nominal quota tion for it. The reappearance oi the s.ock on the tape was immediately followed by a violent bound in prices There "ere Occasional pauses in the movement but no notable recessions in prices. New buying orders came into the market m successive installments for enormous bIocks. The stocks of the railroads i'm mediateIv affected were naturally the leaders in the movement. but the strength spread to other parts Of the market anu aiI other considerations were ignored. rumor that the steel strike Wouio ,ea pe set os corroboration, but the recovery m the steel stocks continued without interrup- tion. The news of the day pointed to au- ditional recruits for the striking empioyes early weakness in the coalers was wiped out and the stocks made buoyant ad- yances over last nights level, extendinS' in the case of Erie first preferred; to das & The declaration of the first dividend on this stock of IF per cent. Presumaoiy for the half yearly period helped the ad= vance, although there had been talk that the stock would be placed on per cent.
 
 over last night in St. Paul reached 9A: Union Pacific .77s. Southern Pacific 41S nnints in sympathy. There were many Other advances in the railroad list and among them New York Fractions Of 2g 4Ih, the Southern. Southwestern, Trunk lines. Coalers and less important groups all being represented. Among the indus, si us, trials and specialties United states steel got 2as over last night, Sugar 4%, Gen. eral Electric and Colorado Fuel 5h. North American 3% and Western Union and Amalgamated Copper 2ls each. The strength in the corn market today ceased to Influence the stock market sub-treas, amounts 10 the money market. New York exchange at Chicago fell rather signifi- cantly and abruptly from 2c premium to IOc discount as a result of the easier money conditions :n New York: Stocks closed strong and active near ass the top. Tdt ,, sales 1par value), 8, 100000. United States refunding 2s and the old 4s and new As advanced F per cent on the last call.