The Montgomery advertiser., 1901-10-19
WALL STREET REVIEW
NORTHERN PACIFIC PUZZLES
 THE SPECULAToRS.
The More the Stock ;s Studied Dy the Operators the Less IS us
 Movements Understood.

cantered on the Northern Pacific question ,o day end the more the operators . a,d moi studied the problem the more they dia ho, ,ndar.tand fl The continued activity ot Northern Pacific preferred in strons SU S,anday to its stagnant con%diI'on % ,hp hp common stock was inc occasion of interest in the supFe.' The conjecture exhausted itsel1 m loIIis lnn.,io, vnors that would give a plausible expianatioaa ns thts seveiopment The conclusion seemed unavoidable that actual steps were peins .sne. , in the Northern Pacific settlement, Mtnousn there was some bold enough to claim that the transactions in Northern Pacinc dlo not ieRR RR resent genuine transfers oa,neS oa @ bnt it serves to illustrate the completely mystiheo cohui- tion in the street ,..,a- xva. that inc new Burlington Railway incorporates Wednesday would exchange its s.ock TOT @ ule bonds which were lssusb Mortbsrn in exchange for the Burlington stcck purcnase. s Snia tion would be in effect to cancea . .he cause of conflict for control of Northern Pacinc. put this would not explain the absence oI sl .h ole share of Northern Pacific common Tn the deaiings That 1t might be a satisfactory SO lution to some of the capitalists cohSernsu , '" the venture was not ooup.eI,i, o,,, nccredited to Mofgan influences of the undoubted rlgnt Si the Northern Pacific Company to retre ,ot noi ,ho ern Pacific caused an uneasy feeling Inat . e,,e whoIe dispute was in danger of breaking out again. although the urging or sucn cialI" without enforcing it might be designed 10 eX K ert moral influence upon the opponents m m the settlement The source Of the seulns , ol Northern Pacific preferred continued 10 pc shrouded in mystery and the fact that Harrl- man brokers were employed in some or the selling added to the confusion Of sentlnent whether designedly not AS II IS peheNeu that the Morgan-Hill claims to aosolute COT trol rests entirely on their holding Of ma, Tetireuent of the preferred, 1t was lngenl- ousIy suggested that their holdings or tne preferred might be coming on the ninkeI. Frt this would not explain the adVahcnns nrice of the preferred which reacned IVo . at one time today. This served also 10 relute the suggested retirement at par. Another sus. gestion was that a valuation above par niRh' he designed for the stock in the terms or eX- change with the stock of the intended securl- ties holding company It was slgnlhcant til.l. , ;r all this whirl of rumor and suggestion there was no further suggestion that the plahs TOT @ community of interest were to De takeH up where they left off when the May cyclone interrunted them. The late course or tne market was generally downward, resuitIls III III reducing or wipinG out the early gains eXcept In special instances. notably brooklyh lIansil !l and AmaIgamated Copper. There was ahother h saIe of poo shares of Lake Shore at further advance of 10 points. There was strenGtn 1T, II, Iarkawauna the Minneapolis and St Faui stocks the Iowa Central stocks. Leather pre- ferred and other less prominent stocks. loG- G morrow's bank statement, with uecrsa s9s n l cash indicated of less than two million ooiials ,v,i danend on the loan account
 The railroad bond market was pretty n1 nrn owing to the demand for some or the convert ible bonds.
 Tinted States bonds were all unchangeu oi the last call.