The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-19
NORTHERN : PACIFIC
CIPAL TOPIC-oE INTEREST
IN WALL STREET
Fl
PREFERRED STOCK IS ACTIVE
tn
General Crowd of Spectators Abso-
IuteIy in the Dark as to
Position of the
Insiders.
PREFERRED STOCK IS ACTIVE
Closing.
E-slo- TL.,-


Friday. Thurs
Call money, New York ......s-3I2 3-Si5
NEW YORK, Oct. IS.-Attention wss
wholly conferred on the Northern Pacific
question today and the more the opera
tors in stocks studied the problem, the
more they did not understand it. Toe
continued activity of Northern Pacific
preferred in strong contrast to its stag
nant condition UP to yesterday even since
the corner IN the common stocks, was the
occasion of the interest in the stock Con-
lecture exhausted itself in forming ru-
mors that would give a plausible expla-
nation of this development The conclu-
sion seemed unavoidable that actual steps
were being taken in the Northern Pacific
settlement, although there were some OBJ
servers cold enough to claim that the
transactions in Northern Pacific p eferred
did not represent genuine transfers of the
stock at all. This Interpretation was
strained, but it serves to illustrate the
completely mystifled condition in the
street. Another far-fetched explanation
was that the Burlington railway ineer-
porated Wednesday would exchange it's
stock for the bonds which were issued
Jointly by Northern Pacific and Great
Northern in exchange for the Burlington
stock purchase. This operation would be
in effect to cancel the whole Burlington
DEAL and thus remove the cause of con-
f1ict for control of the Northern Pacific
But this would not explain the absence OF
L
mon in the dealings That it might be a
satisfactory solution to some of the cap~
italists concerned in the venture was not
doubted. The broad limitations from
sources usually accredited to Morgan in
fuences of the undeubted right of the
Northern Pacific company to retire North
ern Pacific preferred caused an uneasy
feeling that the whole dispute was in
danger of breaking out again. although
the urging of such a claim without en-
forcing 1t might be designed to exert
moral influence upon the opponents in
the settlement. The source of the SELL
ing of Northern Pacific preferred contin-
Ted to be shrouded in mystery and the
fact that the Hartman brokers Were
employed in some of the selling added
to the confusion of sentiment whether
deSignedly or not As it is believed at
the Morgan-Hiil claim to absolute con-
troll rests entirely on their holding of a
majority of the common stock with
proposed retirement of the preferred, it
was ingenuously suggested that their
holdings of the preferred might be coming
upon the market. But Inis would not ex-
plain the advancing price of the pre-
ferred, which reached 1885 at one time
today. This served also to refute the sug-
gested retirement at par. Another sug-
geStion was that a valuation above par
might be designed for the stock in the
terms of exchange with the stock of the
intended securities holding company. 1t
was significant that in all this whirl of
rumor and suggestion, there was no fur
tHef Suggestion tAdt the plaRSs Tor COM
munity. of interest were to be taken up
where they left off when the May cy-
clone interrupted them. The late course
of the market was generally downward
resulting in reducing or wiping out the
early gains except In special Instances,
notably Brooklyn Transit and Amalga-
mated Copper. There was another sale
of 200 shares of Lake Shore at further
advance Of 10 points. There was strength
| in Lackawanna, the Minneapolis & ST.
Louis stocks, the Iowa Central stocks,
Leather preferred and other less promi-
nent-stoeks. TomoFrow's bank statement,
with a. decrease in cash indicated of less
than $2,G09,0Oe, will depend upon the loan
account. a.-, -2g-e~ -s
The railroad bond market. was pretty
firm owing to the demand for some Of
the convertible bonds Total sales, par
value, &, 065, 600. United States bonds were
all unchanged on the last call.
STOCKS