The San Francisco call., 1901-10-20

ndently assumed that this is due 10 reborrow-
4ti7 alIcloent too payment oi sterling loans
MnIeh has Aept lhe sAcnanse market arm IA
"eeA IN spite Of a-Eee.S Increased supplies ot
cOtun wheat bias. a EurInvI wItnuraW II
o. sO!o iur be'ttn tr04n The Dd..A ot r.nSianu
To-Day INDICATES q continuance ol the KIND ot
haruiiesS IN IOrelgu lnarhetS ~hicn mas been
responsible FOR entorclng tnis paying on OF
sterling market closed irregular
anu dulI- ne antnatsu upNaru mUN ement IN
stocks which was usuraled IN the latter part
OF last MSeA was cneNheu al the beginning Ot
this week and Inere was a CONSIDERABLE bacKset
as a result OF the pront-takIng by last week :
buyers ne report set aFiOat last Week point
ihk 10 the renewal oi extensive plans % al
uiN0nsl CONSIDERATIONS IN the transcontlnental
railroads We're disCre0Ited by the einpnatlC de-
mails IrVm oriclaI sources. The disposition IL
revive ali the oiC rumors which leo lne sprcu-
lative IuroT OF spring seemed 10 awaken
uneaStneSs In the minus OF some OF the great
financial powers with the iall pressure upon
the money market still unrelieved and the
eHort 10 awaken active DulI speculation
was discouraged. much interest has been
Ielt al through the week in the North
western raliroau situation and there has been
some degree OF excitement. although OF a sul
pressed ensracter. owing 10 secrecy maintained
as 10 the actuai uevetopments There have
been many Indications mat the situation ia
that field Is developing and changing, the most
Impressive OF whtcn was the sudden activity
OF Northern Pacific preferred ia the stock mar
ket alter a period OF almost absolute stagna-
tion ever since the Northern PactfiC contro-
Nersy and the resulting panic Of May The
pubic Is quite uniformed as TO wnat steps
have been taken toward a solution OF the
rangle which resulted IRON the conflict for
control OF Northern PacIfiC beyond the ap-
poIntment OF the concIlIation members OF the
board recommended by J. p. Morgan The
task a settlement remained tor tais con
citation board 70 work ont. Meantime the
situation. tar the public informed.
continued 10 be one OF armed neutrality. with
OF securities TO insure their ADVANTAGE. The
liberal supply Of Northern Pacific preferred
stock which found its way into the market
on Thursday pointeA unmstakably 60 a re
taxation OF the solfcitude with which every
available share has been held after securing
every security market in the world TO secure
IL. The prices 10 which the securities were
pushed By that Wild scramble and the enormous
accumulation reflected in the volume OF the
amounts OF capital has been locked up In the
struggle. Where the capital came from the
financial nm world has never known definitely
No subsequent capital issue by any OF the rail-
road companies concerned has revealed any
provision Tor the money expended in the whole
sale purchase OF Northern Pacific stocks In the
open market at that time. The heavy bar
rowings from foreigners since revealed BY the
sustained demand for foreign exchange with
that much OF II has been carried by bank
loans here and abroad. The embarrassment Of
this condition Is obvious and was the basis
OF the color given 10 last weeks rumor OF the
formation Of security holding corporation TO
release large amounts OF capital IL Is not
difficult TO deduce that this phrase deals with
the fact that a corporation which owned a
minority OF the stocks OF these roads would be
able to orrer a minority OF its own stock 10
the public without losing that control which
would be a multiplication OF the process used
In the control OF the Burlington by the North
ern Pacific. This important problem and Its
bearings on the money and exchange markets
have been the dominant influence on the re-
pressed speculation Of the week In the money
market the renewed movement OF currency
TO Southern points has marked the belat ed
movement Of cotton 10 market In large volume
With the completion of the payments for re-
deT1ption OF Government bonds under the
Treasury Departments late offer the re-
quirements OF the sub-treasury at New York
have begun TO make inrosds upon the money
market again The probable extent OF these
requirements IL awaited to make clear the fu-
ture OF the money market which seemed to
be reassured last week. A number OF special
transactions also have 20 be considered. in
Guiding the purchase Of $50. 10000 OF Penn
sylvania Company bonds and a $40 Oe1 0lD pay
ment on account Of the pending soft coal com
bnation. Some uncertainty over the future Of
railroad earnings has been Indicated The
clouds Of dependency seem to have lowered
over the German markets again this week and
tn Paris there has been quite an acute dis
turbance growing out OF the upset In the cop
Per markets in part and Influenced also By
the prolonged Industrial crisis In Russia in
which French capital Is heavily involved. In
our own market the violence Of the disturb
ance IN the copper stocks has been mitignted
though the speculation IN them continues fever
ish and unsettled
Railroad bonds and Investment securities gen
risen in price
United states % advanced a per cent over
the closing call of last week