The age-herald., 1901-06-02
HEADLONG BUYING IN STOCK MARKET.  The Whole List Was Buoyant
 and Moved Up AGREEMENT IN PAClFICS  The Market Took on all the Character Istics of the Recent "Boom" f15 4 Period for the
 Session.

New York, June 1.-The stock market made an extraordinary response today to the official announcement of the agree ment arrived at by the conflicting inter ests in Northen Pacific Speculation seemed toHeap to the conclusion that the only impeachment had thereby been re- moved to the return of the level of prices and the advancing tendency which was interrupted by the devastating effects of the corner in Northern Pacific. There was headlong buying of stocks all through the list on a bpoyantly rising scale All things were made fuel for bIillsh enthusiasm 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 in the final dealings to the highest of the day where 1t closed. There was no exception to the strength of the market in the majority of the shares. all seeming to benefit by the day. This was notably true of some of the Southwestern and Southern railways. 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 30,000 shares. The rise in Union Pacific extended to 3a4 during the first hour. There was some reaction midway of the session, but the grangers became conspicuous, led by St. Paul with a 9ss point rise. Rock, Island gained 51a, Northwestern 47s and Great 7 Northern As. There was conspicuous ennue In Northern Pacific. not 8 single transaction being recorded either for the comnon or preferred. Not even a bid and ask was recorded for the common stock at the close The details of the North ern Pacific agreement are not announced ard rumors were numerous pointing to the railroad world as corollaries of the Northern Pacific settlement.
 The stock market has shown more anil nation and consistent strength this week than at any time since the commotion of May 9. Professional operators still form large proportion of the dealings and there have been many movements. especially In the industrial list, that can only be explained on the score of manip- ulation by pools. But, beyond these, there has been a palpable effect produced by a number of favorable developments on which were interpreted as favorable by stock traders in the general situation. There was feeling in the street that the project of an adjustment of the Northern Pacific dispute and of avoidance of fur ther hostilities as an outgrowth was coming to a settlement. The conviction of this was strong before the official an- nouncement, based on a number of infer ences. The arrival of MT. Morgan in Lon don from his vacation fostered it, as his decision upon the matter was essential in any event. So did the fact that confer ences were going on in this city between the parties in interest. The upward move 7. ment in Union Pacific and Southern Pa cihc is accepted as corroborative evil nl1a .ffa af fla ftrrn OvatFf fRcr houses which represent the. contending <-interests to allow the London shorts to settle for the fixed price of 153, where they were honestly unable to make de- livery" relieved somewhat the. fears of further stock market disturbance growing out of the differences 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 exacting all possible deliveries of actual certificates of the stock. The stock is also practically unprocurable in the market The fact was considered significant that the list of collateral for the 5000 900 is- sued of Union Pacific convertible bonds, given in the application to the stock ex- change to list these bonds, did not in- clude any Northern Pacific stock. The in ference was that the stock was thus de- signedly left free to be disposed of in any settlement of the dispute in the Northwestern Railroad territory.
 clause in the mortgage makes it clear that the proceeds of the bond issue may be applied to reimbursing the expense of the Northern Pacific purchases in the in terest of the company. In the meantime the project which is called in Wall street the Greater Missouri Pacific has taken on greater distinctness of outline and ad- mittedly includes a desire and a purpose to secure control of truNk line outlet for the Rockefeller Gould holdings.
 The improvement in monetary condi- tions in London has quieted apprehension there and in Paris there are indications of actual plethora As a. result 1t Is ex- pected various governments will seize the favorable occasion to float loans in Paris following the Russian example. Spain, the Scandinavian countries and Finland are mentioned as in the field,
 The bond market has generally ad- vanced.
 United States refunding 2s and the new 4s advanced 1s per cent over the closing call last week.