The Savannah morning news., 1901-07-18
STOCKS AND BONDS.
Trading in N. II. Resumed with
Market Strong. and Active.

New York. July 17-Early knowledge
mating the new members of the Northern
Pacific Board of Directors to fill the va
cancies to be created was individually
the cause of the emphatic recovery in
prices of stocks to-day.
The first intimation of the news came
to the street through the open buying of
round amounts of various stocks by
brokers generally understood to act for
both the Morgan and Hartman inter-
ests. The fact of this buying was evil
dence of the satisfaction felt by both
parties to the Northern Pacific contest
over the terms of settlement provided for
by Mr.. Morgan's action, aside from the
strong assurance felt from the PERSONAL
ty of the new members of the board that
a fair and satisfactory adjustm ent would
be secured. The additional recommended
ton for the immediate reconstruction of
the board rather than to await the reg
ular meeting in October was an addi-
tional cause OF relief to the speculative
mind.
The conviction that an early settlement
of the Northern Pacific controversy was
at hand, which permeated the market all
morning, was crystalized by the rather
spectacular device of a sale of 200 shares
of Northern Pacific common stock on the
board. The price was 118 The mute rec
ord on the tape coming smoothly from
the tickers with the quotation jumbled in
with the routine transactions of the mar
ket was eloquent of the end OF perhaps
the most disastrous quarrel that ever I'M
settled values in Wall street The last
of the struggling transactions in the
stock which followed the sale for 81, 900
cash in elimination of the corner in the
panic of May was made on June 3, when
the stock sold at 15O which was the set
Element price offered by the insiders to
the shorts. Since that time the stock
has disappeared from the market and
there has not been even a nominal quo
tation for it.
The temperance of the stock on the
tape was Immediately followed by q vio-
lent bound in prices. There were occa-
sional pauses in the movement but no
notable recessions in prices. New buy
ing orders came into the market in sue
cessive installments for enormous blocks.
The stocks of the railroads Immediately
affected were naturally the leaders in
the movement, but the strength spread to
other parts Of the market and all other
considerations were ignored. A rumor
that the steel strike would be settled
within forty-eight hours entirely failed of
confederation, but the recovery in the
steel stocks continued without Interrupt
ton. The news of the day pointed to
additional recruits for the striking en-
ployes of the anthracite companies, but
the early weakness in the Coalers was
wiped out and the stocks made buoyant
advances over last nights level, Nxtend-
ing in the case of Erie first preferred
3b. The declaration of the first divi-
dend on this stock Of ~ per cent, pre-
sumably for the half yearly period help
ed the advance, although there had been
talk that the stock would be placed on
a per cent. basis from the outset. The
extreme rise over last night in st. Paul
reached 81, Union Pacific 7N. Southern
Pacific Az and Atchison AZ. Rock Island
rose 8 points in sympathy. There were
many other advances in the railroad list
and among the New York fractions of 2
to AZ. the Southern, Southwestern, Trunk
lines, Coalers and less important groups
all being represented.
Among the industrials and specialties
United Stats Steel got 27s over last night,
the preferred 2 Sugar Az; General Elec-
trio and Colorado Fuel 5A. North Amer
lean 81 and Western Union and Anal
gamated Copper 21A each.
The strength In the corn market to-
udy CtdStQ 10 lhlluNHtS the HiOCh HldIhtl.
Subtreasury operations yielded an addi-
tlonal large amount to the money mar
ket. New York exchange at Chicago fell
rather significantly and abruptly from Is
cents premium to 10 discount. as a re-
suit of the easier money conditions in
New York. Stocks closed strong and
active near the top.
The bond market became active and
strong late in the day in sympathy with
stocks. Total sales, par value. $780,
OO0 United States refunding % and the
old As and new As advanced Y per cent.
on the last call.
The total sales OF STOCKS to-day were
1,04i 800 shares, including Atchison, 72.5OO
do preferred. 22,500; Chesapeake and
Ohio. 500; Rock Island. $500; Erie, g.
500 do first preferred, 10.700; do second
preferred, $500; Louisville and Nashville.
1900; Manhattan. 1910; Missouri Pacific
o. Tno. nrtarto and XVaotorr 1n0. Dana