The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-10-23
STOCKS AND BONDS.
The Market Closes Irregular and
Uncertain.

New York, Oct. 22.--Waiting on the
Northern Pacific settlement best de-
scribes the condition of to-day's stock
market. AS the conviction is general
that the final steps in the settlement
must await the presence in this city
of j. P. Morgan and as that gentleman
was reported still in the Northwest on
his return across the continent, the
outlook for immediate activity in the
stock market was not promising.
Whether any significance attaches to
the fact that out of the Northwest
came the influence which moved the
stock market to strengthen the activ-
ity late in the day can only be sur
missed. There was no clearly defined
explanation of the movement, but it
grew and spread from the Chicago and
Northwestern stocks and embraced the
principal railroads in the Northwest
and the Vanderbilts all the way to the
seaboard. Northwest itself rose an ex-
IRENE s points, the preferred 10. Chi
cago, St Paul, Minneapolis and Omaha
10, the preferred IS, Chicago, Milwau
kee and st. Paul 3 and the preferred
Az. Considerable sympathetic effect
was produced by this at the last, re-
sulting in advances of as much as a
point in some of the Pacifics. gran
gers and high priced specialties. New
York Central and the so-called junior
Vanderbilts advanced l to IL.
An impression has gone abroad that
the development pending in the Van
derbilt system is to take the form of a
melon cutting for the benefit of Lake
Shore. The recent increase in the val
uation of subsidiary stocks held in its
treasury provides material for large
extra disbursement which would oper-
ate indirectly to the benefit Of New
York Central. The pamphlet report of
the Great Northern Railway, notwith-
standing the large decrease in net
earnings reported as a result of last
years spring wheat shortage, con-
tanned so fiattering an account of the
conditions in that region, and the large
movement of immigrants thither that
liz was an important influence in the
rise of all the Northwestern railroads.
Great Northern preferred itself fell
liz at the first, owing to the showing
of net earnings, but recovered with
the late movement in the group. There
was continued speculation in Amalga-
mated Copper, the stock receding early
on the decline in raw copper in Lon
don and the further spread in the price
of futures below that for spot, indi-
eating the expectation of a coming fall
in price. Amalgamated Copper, how
ever, recovered with the late buying
movement in the market.
Large lending of money on CALL COM
ing from the banks affiliated with the
Standard Oil party was interpreted by
the spectators as an indication that
the recent attitude of opposition to a
speculative advance by that party had
been modified. The banks received
payments for an additional half-mil
lion of gold at Pacific points, and there
currency to the South was falling off,
although $275,000 was deposited at the
sub-treasury for transfer to New Or
leans. From a money standpoint the
further violent rise in foreign exchange
was not reassuring. There seems to be
something like a rush of cotton this
week to export points, but this has not
had the slightest effect in the checking
of the advance in exchange which
would quickly reach the gold export
basis at the recent rate of progress
The expected movement of gold from
London to Paris also set In to-day and
there were large additional shipments
to Berlin, marking the continued
money disturbance at those centers. A
triangular process of remittance from
New York to Paris for the repayment
of loans contracted in the Northern
Pacific trouble and in preparing for
the coming Paris stock exchange set
Element are said to be an influence in
the movement of gold from London to
Paris. The market closed somewhat
irregular.
Railroad bonds were Irregular To-
tai sales par value, $2,745,000. United
States old as declined " per cent. on
the last call.
Total sales of stocks to-day were
379,500 sh.lres, including: Atchison. 49,
600; Erie, 5000; New York Central IA
500; Northern Pacific, 5000; PennsyI-
vania, $500; st. Paul. 10000; Southern
Pacific, 24,300; Southern Railway, 1000:
Texas Pacific, $500; Union Pacific, S5.-
800; Amalgamated Copper 500: Peo-
pies Gas. 10000; Sugar, $500; United
States Steel, $500.