The age-herald., 1901-10-20
STOCK MARKET. WAS UNSETTLED. Northern Pacific Puts Operators
 in Puzzled Mood COPPER WAS QUITE STRONG ;, Upward Movement In Stocks lnausur- ated Last Week Was Checked at
 Beginning of This Week.
 Bonds Improve.
COPPER WAS QUITE STRONG

. New York october 19.-There seemed to be a pause in the large operations III Northern Pacific preferred that nav. given character to the stock market TOT two days past and the professional trad ,,ado uncertain work with the stock ,r +h. ohsence of A bearish leadership The stock opened unchanged and ao- vanced a point. dipped two points anu fuctuated doubtfuliy. This unsettled the whole market and semi-stagnatioh se''ieo ova,. the dealings. Amalgamated Copper was an exception and was strong anu active throughout with only occasiohai slight fluctuations. The buying was con centrated in character and was attributed to Boston account supposed to be cover ing by shorts There was no news to ac- count for the movement beyond the in- sistance by copper interests that the com pany's stocks on hand were not unduly large. Sugar and Peoples Gas showed some sympathy in the late dealings Amalgamated Copper rose three points and closed within shade of the best. This stock held the market against the disappointment of the increase in pank loans revealed by the weekly staten ehI It is confidently assumed that tnls IS que to re-borrowng incident to paying OH sterling loans, which has kept the ex change market firm all week in spite or largely increased supplies Of cotton anu wheat bils ,,
 A further withdrawal of gold for Berlin from the Bank of England today ihoi, cates a continuance of the cohuilio,i oA hardness in foreign money markets "n,en has been responsible for enforcing thls paying off of sterling loans The market closed irregular and dull. |,
 The animated upward movement III stocks which was inaugurated Tn the ia. ., fer part of last week was checked at the beginning of this week. and tnere was considerable back set as a result or eh' nroft-taking by last weeks buyers.
 The reports set afioat last week point ing to the renewal of extensive plans or additional consolidation In the trahs-coi tinental roalroads, were dlscreolteo % py the emphatic denials from buyers me disposition to revive all the old ruinols which fed the speculative furor Of last snrinp seemed to awaken uneasiness Tn the minds of some of the great hnanclai powers, with the fall pressure upon the m money market still unrelieVed ana the efforts to awaken an actlVe DUH speouia- ton were discouraged. But much lnter- est has been felt all through the week in the Northwestern railroad situation, and there has been some degree or eXctemeht' although of a suppressed character oWihe to secrecy maintained as to the actual developments There have been many Tn dications that the situation in that held is developing and changing, the most inn pressive of which was the sudden activity of Northern Pacific preferred in the stock market after period of almost ab- soiite- stagnatien- ever since the Northern Pacific corner and the shutting panic of May O. The public is quite uniformed as to what steps have been taken toward B solution of the tange which resulted from the conflict for the control of Northern Pacific, beyond the appointment os the conciiation members of, the board as recommended by J. P Morgan. Tho task Of settlement is hard to work out.
 Meantime the situation, so far as the public was informed continued to be one of armed neutrality, with each interest jealously guarding its holdings of securi ties to insure their advantage. The liberal supply of Northern Pacific preferred stock which found it's way to the market on Thursday pointed unmistakably to a relaxation of the solicitude with which every available share has been held after securing every security market in the world to secure it.
 Prices to which the securities were pushed by that wild scramble and the enormous accumulation reflected in the volume of the transactions in them left no doubt that vast amounts of capital had been locked up in the struggle. Where the capital came from the financial world has never known definitely. No subse- quent capital issue by any of the railroad companies concerned has revealed any provision for the money expended in the wholesale purchase of Northern Pacific stocks in the open market at that time The heavy borrowings from foreigners since revealed by the sustained demand for foreign exchange with which to re- pay them point to the conclusion that much of it has been carried by bank loans here and abroad. The embarrass ment of this condition is obvious and wal the basis of the credence given to last weeks rumors of the formation of se curity holding corporation to hold the se curities of the roads cornered and Ire lease large amounts of capital"
 II Is not difficult to deduce that this phrase deals with the fact that a corpora. ton which owned a majority of the stocks of these roads would be able to oHer minority of it's own stock to tht puphc without losing that control which would be multiplication of the process usea Ill the control of Burlington by Nortnern Pacific. This important nrob rem ana its bearings on the mt1,ev ana eAcnange markets have been the nro,,,, week. "'ion or the
 Railroad bonds and investnen+ so,,,u,
 ss generally have been improved in de. Stato ato ana a,n nave risen in prices. IJnited .'os,ss : auvanced A per cent over tb<