The Savannah morning news., 1901-10-19
, STOCKS AND BONDS.

New YORK, oct. 1S.-AttentiOn was
wholly centered on the Northern Pa
cihc question to-day and the more the
operators in stocks studied the problem
the more they did not understand it.
The continued activity of Northern
Pacific preferred in strong contrast to
its stagnanf condition up to yesterday
ever since the corner in the common
stock was the occasion of the interest
in the subject. Conjecture exhausted
itself in forming rumors that would
give plausible explanation of this de-
Velopment
The conclusion seemed unavoidable
that actual steps were being taken in
the Northern Pacific settlement, al
though there were some observers bold
enough to claim that the transactions
in Northern Pacific preferred did not
represent genuine transfers of the stock
at all This Interpretation was strain
ed, but it serves to illustrate the COM
pletely mystifled condition in the street.
Another rather far fetched explanation
was that the new Burlington railway
Incorporated Wednesday would ex-
change its stock for the bonds which
were issued jointly by Northern Pacific
and Great Northern in exchange for the
Brlington stock purchase. This opera
ton would be in effect to cancel the
whole Burlington deal and thus remove
the cause of conflict for control of
Northern Pacific. But this would not
explain the absence of a single share
of Northern Pacific common in the
dealings. That 1t might be a satisfac-
tory solution to some of the capital
lists concerned in the venture was not
donhted. The broad intimations from
sources usually accredited to Morgan
influences of the undoubted right of
the Northern Pacific company to retire
Northern 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 enforcing 1t might be designed
to exert moral influence upon the OPP
ponents in the settlement. The source
of the selling of Northern Pacific pre-
ferFed continued to be shrouded In
mystery, and the fact that Hartman
brokers were employed in some of the
selling added to the confusion of SEN
timent, whether designedly or not.
AS it rs believed that the Morgan
Hill claims to absolute control rests
entirely on their holding of a major
ity of the common stock with a pro-
posed retirement of the preferred, it
was ingenuously suggested that their
holdings of the preferred might be
coming upon the market. But this
would not explain the advancing price
of the preferred, which reached 1857
ut one time to-day. This served also
to refute the suggested retirement at
par. Another suggestion was that
valuation above par might be designed
for the stock In the terms of exchange
with the stock Of the intended securi-
ties holding company. 1t was signifl-
cant that in all this whirl of rumor and
suggestion there was no further sug-
gestion that the plans for community
OF interest we're to be taken up where
they left off when the May 8 cyclone
interrupted them. The lat course of
the market was generally downward,
resulting in reducing or wiping out the
early gains except in special instances,
notably Brook yn Transit and Anal
gamated Copper.
The railroad bond market was pref
ty firm, owing to the demand for some
Of the convertible bonds. Total sales,
par value. s2.D65,000. United States
bonds Were all unchanged on the last
call.
The total sales were $4,000 shares,
including Atchison. 21,50O; Chicago and
Great Western, 1900; Erie, IL 400;
Missouri Pacific, 1900; New York Cen
trail, 5000; Northern Pacific preferred,
40 5000; Pennsylvania, 1890; Reading,
$500; st. Paul, 34,400; Union Pacific,
So, 600; Amalgamated Copper, $500,
Brooklyn, 1900; Sugar, 3e.5O0; United
states Leather, $500; United States
Steel, $500.
New York stock and Bond List.