The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-18
AN EMPHATIC RECOVERY.
Action of J. P. Morgan in the North
ern Pacific Matter the Cause.
NlPpER WAS AGAIN ON THE MARKET
It's Initial Appearance Since the Great
Squeeze Followed by Violent
Bound in Prices.

New York. July 17.-Early knowledge Of
the terms Of AR. Morgans letter nominal
ing the members of the Northern Pacific
board Of directors to fill the vacancies TO
be created was undoubtedly the case OF
the emphatic recovery In prices OF stocks
today The first intimation Of the news
came 10 the street through the open buy.
ing Of round amounts OF various stocks hy
brokers generally understood to net for
both the Morgan and the Hartman inter.
ests. The fact Of this buying was cyl-
dence Of the satisfaction felt by both par.
tics to the Northern Pacific contest over
the terms Of settlement provided for 10y
Mr.. Morgan's action, aside from the strong
assurance felt from the personality of the
now members of the board that fair and
satisfactory adjustment would be secured.
The additional recommendation for the i'm
mediate reconstruction Of the board, rather
than to await the regular meeting in De-
tober, was additional cause for the relief
of the speculative mind The conviction
that an early settlement of the Northern
Pacific controversy was at hand, which per
meated the market all the morning, was
crystallized by the rather spectacular de
vice of sale of 200 shares of Northern
Pacific common stock on the board. The
price was lis. The mute record on the
tape coming smoothly from the ticker with
the quotation jumping in With the routine
transactions OF the market, was eloquent
of the most disastrous peril that ever
threatened values in Wall street. The laSt
of the struggling transactions In the sto X
which followed the sale for $1,000 casa IN
the elimination of the corner In the panic
os May 8. was made on june b when tne
stock sold at $50 which was the settle
ment price offered the shorts. since that
time the stock has disappeared from tAc
market and there has not been even 4
ance of the stock on the tape was imme
diately followed by a violent bound IN
prices There were occasional pauses ia
the movement bur no notable rccesSiOns In
prices New buying orders came Into the
market In successive instIllments for cnor-
nous blocks The stocks of the railroads
Immediately affected were naturally the
leaders in the movement hut the strength
spread TO other parts of the market aud
all other conditions were ignored
runlor that the steel strike would be set.
tied within forty-elght hours entirely failed
of confederation, but the recovery In the
steel stocks continued without interrupt
ton. The news of the day pointed to
additional recruits for the striking em'
ploycs Of the anthracite coal companies
hut the early weakness in the cnilerS was
wiped out and the stocks made bouyant
advances over last nights level. extending
in the cSse of Erie first preferred to Us
The declaration Of the first dividend on
this stock Of ~ per cent, presumably Tor
the half yearly period, helped the advance
stock would he placed on ! per cent
basis from the outset The extreme rise
over last night in st Paul reached aA
Union Pacific rs; Southern Pacific Az and
Atchsun 49,.
Rock Island rose points in sympathy.
There were many other advances In the
fractions of , to AZ the southern, South
western, trunk lines, coalers and less i'm.