The Washington times., 1901-10-22
LITTLE OUTSIDE INTEREST
Northern Pacific the Principal Fea-
ture of the Market.
No News Regarding Action on Pre-
fes'red stocis--tmnIrnmnt Cop
peg operS Firm, EGi siurnp~ Later
.--SeneraI Tendency Uncertain.


peg opers Firm, BGi siurnp~ later
.-ssener:,I Tendency Uncertain.
NEW YORK, Oct 2L-Tt would be diff
ficult to conceive Of more uninterestinS
conditions than those which prevailed in
today's stock market. Genuine outside
interest in the dealings appeared to he
entirely absent. In two or three stocks
pool maRipulations resulted in price move
meuts which were comparatively eXten-
sive. but for the most part the usually
active stocks moved up and down within
small fractional limits.
It would be impossible of course to
assign any definite tone to a market pos
sessing such chara cteristiCs. Neither was
1T possible to assign definite reasons Tor
the more extensive movements in prices
10 which reference has been made. Nir-
tuaIly no more definite light was thrown
uuon the situation over Sunday in North
ecn Pacific affairs. 1t is now commonly
accepted as a fact that one of the par
ties in interest intends. or rather will en-
deayor, to bring about the retirement of
the preferred stock under the terms on
which it was issued-namely. at par.
Whether the interests associated with
the party In question viii cooperate with
II remains to be seen. and it seems to be
also an open question whether the par
tics of the other part. whose chief inter
ests are In the preferred stock, viii con-
sent to such a measure. There seems to
be no question as to the right of the
company to issue call FOR the retire
ment of the preferred stock at par in
January of the coming year, or at the
same time in any year. Tor the next
sixteen years. 1t is not clear. however.
in what manner The holders Of the pre-
fg- hs .s.Vfa1 nj
in their shares. even should such call
be issued. il might perhaps be possible
for the company to suspend dividends
upon the preferred should the holders Of
that issue prove recalcitrant. but after
such a contest as has been waged for the
control OF Northern Pacific property the
mere question of one or two years divi-
dcnGs on Norti-rn Pacific preferred
would seem to be small matter.
= On the whole, however. the opinion
seemed, to prevail that whatever is done
in Northern Pacific affairs will be 50 ar
ranged as to avoid a recurrence of the
friction which led to such disastrous re-
suits last May. Beyond any question the
uncertainty in this respect is at the mo-
ment the chief factor in restricting ac-
tive dealings in the market and in pro-
ducing the present profound stagnation.
Northern PACIFIC preferred continued the
conspicuous feature of the market and
in therearly dealings it enjoyed a further
conspicuous advance, nearly all OF which
was lost before midday.
After Northern Pacific preferred, Anal
gamated Copper absorbed the bulk of
speculative interest In that irStance also
there was little which was in eligible to
the public at large that could be cited in
connection with the varying movements
in the stocks loan TOD
opened firm. but subsequently declined
sharply on active dealings. The move
ments elsewhere among the specialties
We're, very irregular. Pacific Mail was
firm and Peoples Gas was conspicuously
strong. General Electric on the other
hand. declined sharply. and Tennessee
Coal and iron was weak The course of
the last named stock might have been in
part que to the sudden death of a director
OF the company, who at one time was also
q very large stockholder. but it is com
monty understood that his interests were
long ago reduced to nominal proportions.
The fluctuations in the industriais and
the dealings were of little Significance
International Paper was weak on reports I
OF Inc organization OF new competing /
companies. The steel issues opened firm I
but subsequently reacted and moved with 4
iE natraw limits during the remainder of /
the day. Nothing of interest occurred 1
among the local traction stocks
Apart from Northern Pacific the dealings
IN the railway list were without interest
Southern Pacific and Union Pacific were .
firm, as was Baltimore and Ohio. Other /
wise a ther sagging tendency s-as com i
mon. and st Paul showed the same nuz-
Zlfng uncertainty Of movement which /
fas characterized the dealings in that /
stock for the last ten days London was /
only q small factor in this market the
operations on balance for foreign account !
resulting in sales Of about 1900 shares of /
stocks
Money on~-caI was extremely easy I
throughout the dag, and sterling exchange 4
continued steady. The railway traffic re- /
turns submitted made satisfactory show |
ings, notable exhibit being thar of the /
ST. Louis and san Francisco Company. |
None OF the days Developments, how /
ever. could be cited as directly account /
able for the movements in stock market 1
prices
The trading retained its sagging ten /
dency virtually throughout the day. and 1
the weakness became more general and /
pronounced in the afternoon. There was, /
however. 10 increase in activity. and for /
prctraeted periods the trading was virtu- /
ally suspended.