The Washington times., 1901-11-10

Northern Pacific preferred at first was
very strong, but during the latter part
OF the week It dra gged somewhat. Moth
ing definite has been diVulged as to the
fate of this stock, but the general impress
sion has been that its weakness in the
stock market must indicate that opposi-
ton to its retirement at par has been
Withdrawn. II Will be well not TO place
too much confidence in this theory. The
stock cannot be retired at par except for
cash. If Mr.. Morgan should desire to
take the step there seems to be little
doubt that he could have the directors OF
the company retire it at par for cash
without the consent of the holders of the
company; or. in other words, the Union
Pacific people. But 1t Goes not seem prob
able that Mr.. Morgan has the requisite
cash at hand for such a large undertake
ing. And, Furthermore as harmony is
supposed to prevail between the Morgan
interests and the Union Pacific people IL
Is not likely that Mr.. Morgan would wish
to take any such step, even II he had the
funds. The other way to retire Northern
Pacific preferred would be q bond issue.
Such an issue cannot be made without
the consent of q majority Of all the stock
holders. preferred and common alike, and
the Union Pacific people are supposed to
have such majority. The Union Pacific
people are understood to have paid an
average of 107 for their preferred stock
It IL hard to believe that they would be
willing to accept bonds for their holdings
at par. which would make their transac-
ton show heavy net loss. Therefore II
is fair TO presume that either the stock Is
not to be retired at present or that it will
be retired well above par. and with the
consent OF the Union Pacific interests.
The Atchison securities have been
among tho most active and buoy
ant. The common sold yesterday at S5.
and the preferred two or three points
above par. The public has been a rather
heavy buyer OF both securities, and the
short interest has been forced to cover in
. Ia..
full. In addition TO these two classes of
purchasers, however, and indeed more i'm
portant than either of them at the out
set was fine pool buying. The Gates fol-
lowing is said to be heavily long of both,
and the Berwind people have been con-
spicuous purchasers. The renewal of
the Berwind operations in the stock nat
urally has renewed the gossip regarding a
probable Pennsylvania end to the situa-
ton. President Ripley is reported to have
said yesterday that as far as he knows
there is no deal between the AtchisOB and
the Pennsylvania. This does not prevent
the possibility that Pennsylvania people
may be absorbing the Atchison securities.
and, indeed this seems entirely likely
The investment buying Is based on the
fine earnings Of the company.
One OF the interesting developments OF
the latter part OF the week was the in
crease in activity and strength of the in
dustrial securities generally. Peoples Gas
recovered well yesterday. Sugar was
doomed to 100 after selling around ll6 on
the day before. The Steel securities were
both stronger than at any time before in
recent weeks. And so the story might be
continued No particular developments
are reported in tbe Industrial situation,
and IL seems probable that the better
showing of the securities is due entirely
TO the strength OF the general market
The industrials are sure to advance to
a certain extent when the railway list is
booming.
The same may be said of the New York
traction securities, which had a great
boom yesterday, becoming the most con-
spicuous feature of the market in fact
These stocks have been weak for a long
time, and apparently with good reason
The declines have perhaps gone far
enough. At any rate they are not likely