The Washington times., 1901-11-15
TRADERS EAGER TO SELL.
Liquidation Follows the Northern
Pacific Settlement,
Prices Break Violently on the Gull
minntion of the Upward Movement
Usually Inactive shares Reccde
RauidIy - Severe Losses Scored.

NEW YORK. Nov 1.-THE rather vio-
lent break in prices in todays stock
market seemed to be chiefly owing to the
ordinary practice Of professional specu-
lators Of selling on the announcement
of what is described as good news.
Certainly, the announcement of the final
settlement of the long-existing tangle IN
the Northwestern Railway situation can
only be classified under that mead.
In a ma>,re. the formation of the
Northern Securities Company is only an
other step forward in the general prog
ress of events. in which another instance
WIS the organization Of the United States
Steel C,of-u,.--tion The new company, or
ganized primarily to hold The control OF
the Northern Pacific and Great North
eru companies will actually hold the
control of every traRscouincntal line
with the single exception Of the Atchi-
son. Topeka and Sante Fe. 1t is not like
" that the controlling interest in the
latter company will ever appear in antaS-
onistic or even unduiy competitive atu-
tude toward the other lines.
as regards the Northern Pacific set
tlemcnt little moro can be said than that
the chief parties in interest followed the
only lines that were left open TO them
1t is obviously their policy, while retain
ing control of the railway lines involved
10 create some security that viii be at
tractiye to the public at large, and
through the means OF which they WIN De
able 10 liouidate their holdings OF North
ern Pacific shares.
That the new security Will be attractive
10 the public there can be no question. In
the curb market today The stock was
quoted at a substantial premium. ana
there can be little doubt that. in view OF
the collateral behind the issue. its market
value will be materially enhanced with
Tie course OF tine. With the retirement
of Northern Pacific preferred at par me
way would appear Ia be clearly open for
the establishment Of the common stock
upon a not smaller annual div dend basis
than OF per cent. and ii is matter OF
common knowledge that the question oI
the distribution OF the pronts on Great
Northern preferred his been more OF
less embarrassing subject TO the manage
ment OF that property when political lean
ings were taken into consideration the
gist of the whole matter, however, is that
stability OF rates, the question Of further
railway construction IN the W est ana "a
general harmony Of management nave
been established with no probability ol
any further arrangement
As already noted, the weakness OF To-
days market in the face OF the announce
mCnt of the sett leme Mt Of lnlS important
question cannot be accounted for. except
upon strictly technical and professional
lines IL is Wall Streets habit TO buy in
anticipation Of, and to realize proilts upon
the elimination of an important develop
ont and this practice was risidly OBJ
served in today's dealings.
-AEe market opened comparatively qulCl
ana displaying irregular tendencies, which
later developed into positive and material
weakness in the railway list the most
shares, Missouri Pacific. New York Cen
tr;sl, 81. Pa;h, and Union Pacific.
LiuGidation was general .-d seemingly
urgent. Some ordinarily Inactive stocks
such. for example. as Western Union
broke violently. and the local traction
stocks. which have been the centre OF
interest for some days reacted sharply
The money marKet was very firm through
out The day in its call loan division al
though there were again liberal offerings
of money on call.
Sterling exchange continued exceedingly
strong and the conditions in that direc-
tion indicated additional shipments of
goid by Saturday steamships. The
Treasurys : statistics or the country
foreign trade for October were particu-
larly interesting. ImpoTtadons OF for
eign merchandise increased nearly SG.
100000, while exports decreased nearly
rs ,Jia In consequence, while our eX-
ports exceeded our imports by S6t,eD0,VlJ,
the excess of the former was still near
ly S29.OJ0,c1e below last years figures.
London was an unlmportant factor in
the local market for while furnishing Il
somewhat lower range Of prices for
American stocks, foreign arbitrage houses
were on balance buyers 10 q small extent
here.