The Montgomery advertiser., 1901-06-02
WALL STREET REVIEW
BUoYANT FEELING IN THE
 STOCK MARKET.
Extraordinary Response to the ohi- cial Confirmation of the Settle ment of the Northern
 Pacific Squabble.

the ouiciai announcement of the agree ment arrived at by the conflicting inter ests in Northern Pacific. Spectators seemed to leap te the conclusion that the only impeachment had been thereby removed to the return to the level of prices, and the advancing tendency which was interrupted by the devastating ef- fleets of the corner in Northern Pacific. There was headlong buying of stocks all through the list on buoyantly rising scale. All telegrams were made fuel for kbuliish enthusiasyn and any news which seemed to threaten values was ignored. The market took on all the characteristics of the, recent boom" period and after absorbing all offerings to take profits rose vigorously again the final dealings to the was no exception to the strength of the market. but some of those stocks which have been advanced sharply of late were profits. This was notably true of some roads.
 The early spurt was most sensational in Union Pacific and the United States Steel stocks and Atchison. The first sales of United States Steel were 5000 shares. The rise in Union Pacific extended to 3% reaction midway of the session, but the Changers became conspicuous led by St. Paul with 9% point rise. Rock Island an of in s Paai not single transactions being recorded either for the common or preferred. Not even bid and asked was recorded for the com mon stock at the closing. The details of the Northern Pacific agreement are not announced and rumors were numerous, pointing to wide reaching adjustments all through the railroad world as corol- laries of the Northern Pacific settlement. The whole northwestern railroad system, it was said, would come into one har- the same control would be found in the Union Pacific system. The Union Pacific, said the gossips. would detach the South ern Pacific for the benefit of a Pacific out let for the Gould southwestern system, and content itself with the Central Pa cifc. The operator who was regarded as the market leader during the recent dealings and bought thousands of shares of many different stocks all around the room. The bulls declared that great sources to the direction of this operator to inaugurate a new bull movement. The bank statement showed an unexpected in- loan expansion was taken as an indica- tion that all important liquidation in the stock market had been completed and measures were being taken for renewed operations in the market. The gains in the prominent stocks run from 1 to 3 points or over.
 There was an enormous absorption of Union Pacific convertible bonds as well as
 The stock market has shown more anil nation and more consistent strength InlS Week Indu dL any If1nC since the COfn- motion of May g. Professional operators still form a large proportion of the deal- ings and there have been many move ments. especially in the industrial list, that can only be explained on the score of manipulation by pools. But, beyond these there has been a palpable effect produced by a number of favorable de- velopments on which were interpreted as favorable by stock traders in the gen. eral situation. There was a feeling in the street that the project of an adjustment N<<Rk kHx<x Iln ance of further hostilities as an out growth was coming to a settlement. The conviction of this was strong before the Der ar0ts of inferences. The % arrival n of of Mir. Morgan in London from his vacation fos- tered it, as his decision upon the matter was essential in any event. So did the fact that conferences were going on in this city between the parties in interest
 The upward movement in Union Pacific and Southern Pacific is accepted as cor banking houses which represent the con- tending interests to allow the London shorts. to settle for, the fixed price of to make delivery" relieved somewhat the fears of further stock market dis | turbance growing out of the difficulties of the shorts, but the wording of the offer makes it clear that there was no | relaxation of the closeness with which the rivals were exactfng all possible de- lIyeries of actual certificates of the stock.
 
 able in the market. The fact was consid- cred significant that the list of collateral | for the $10O, ,000.00o issued of Unien Pacific convertible bonds, given in the applica- | tion to the stock exchange to list those | bonds did not include any Northern Pa- cific stock. The inference was that the | stock was thus designedly left free to be I disposed of in any settlement of the dis pute in the northwestern railroad terri tory. A clause in the mortgage howev- | CT. makes it clear that the proceeds of the | bond i9glla may be QDnliAd f0 ratrn hllrainR | the expense of the Northern Pacific pur- chases in the interest of the company. In the We5I meantme, s1r the RFoject which ,s called | Pacific" has taken on greater distinct
 ness of outline and admittedly includes a desire and ,a purpose 6 to . sec1re % control of | feller southwestern system to the Allan 1 tic. Both the Erie and Delaware, Lacka-
 wanna and Western seems from the movement of their stocks to be aimed at | by this project The Advance in this group | of stocks under the buying supposedly for
 this purpose has had stimulating effect | buying of Atchison and revival of the | rumor that this was for account of the Pennsylvania in retaliation for the Gould
 by the great trunk lines proprietors is | taken for granted. The interests thus
 brought into conflict would be partly
 ern Pacific dispute. Suggestions of fric- | tion along the same lines are found in
 the rumors of Illinois Centrars plans for | entering the Chicago-St Paul-Granger field through the Minneapolis at St. Louis, and the Iowa Central and the report that | a large purchase of Ohio bituminous coal lands is supposed to be for Gould ac- count Apparently the speculative trad CTS have returned to their old interpre- | tation of these developments and indicat- | ing the extension of Community of in- terest" rather than the later interpreta- | tion induced by the Northern Pacific in-
 cident, of harmful rivalry between the great railroad powers. It is to be said
 up by these causes have also enjoyed the
 advantages of remarkably strong show | inSs Of net earnings for April.
 In fact, their first movement was m
 response to the earnings statements. Atcthison. Southern Pacific, St; Louis
 Southern Railway were all affected from
 that cause. The generally favorable | character of the April statements of net
 earnings and of the May gross earnings list. The continued good prospects for the cereal crops and the reports of serious | damage to foreign crops had a strength | ening influence on railroad stocks. The supreme courts decision In the so-called insular cases was negatively strengthen ing, since a contrary decision upsetting present considerations would have been opposed to the fixed distaste of capital for change. The action of the Cuban I convention on the Platt amendment was | at first regarded as a favorable factor in the market. The continued ease of mon- | ey indicated a growing accumulation of idle funds and a prospect of increased | efforts to find fixture for them. For this pectedly heavy was little regarded. The favorable effect of the gold movement upon foreign markets was a reflex infiu-
 ence here. The improvement in none