The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-07-18
THE MARKETS.
Wall Street Review.

New York. July F.Early knowledge Of the
terms of MIR. Morgan'S letter naming the new
members OF the board Of directors Of the North.
ern Pacific 10 he created was undoubtedly the
cause OF the emphatic recovery in the prices Of
stocks today. The first intimaton OF the news
came TO the street through the open buying Of
round amounts OF stock by Morgan and Hartman
brokers The fact Of this buying was evidence Of
the satisfaction felt by both parties to the North.
ern Pacific contest over the terms of settlement
provided for by Mr.. Morgan's action aside from
the strong assurance felt from the personality
OF the new members of the board that a fair
and satisfactory adjustment would he secured
The immediate reconstruction of the board rather
than to await the regular meeting in October
was an additional cause OF relief to the spcCula.
tive mind. The conviction that an early settle.
mcnt of the Northern Pacific controversy was at
hand, which permcated the market all the morn
ing, was Crystallizcd by the rather spectacular
device Of sale Of two hundred shares Of North.
ern Pacific common stock on the board. The
price was lis. The mute record on the tape
coming smoothly from the ticker with the quota.
tion iumbcd in with the routine transactions
OF the market was eloquent of the end of perhaps
the most disastrous quarrel that ever unsettled
values in Wall street. The last Of the strag.
Cling transactions in the stock which followed
the sale for $1,000 cash in the elimination OF
the corner in the panic Of May was made on
June 3, when the stock sold at l50 which was
the settlement price offered by the insiders to the
shorts. Since that time the stock has disap.
peared from the market and there has not been
even nominal quotation for il. The re.appear-
anCc of the stock the tape was Immediately
followed by a violent bound in prices There
were occasional pauScs in the movement, but no
notable recesSions in price. New buying orders
came into the market in successive installmcntS
for enough blocks. The stock OF the railroads
Immediately effected were naturally the leaders
in the movement, but the strength spread to
other parts OF the market and all considerations
were ignored rumor that the steel strike
would be settled within forty-cght hours failed
entirely Of COnOhoration, but the recovery in
the steel stocks continued without interruption.
The declaration Of the first dividend this stock
Of ll2 per cent, presumably for the half yearly
period, helped the advance, although there had
been talk that the stock would hsplaCcd on 1
per cent. basis from the outset, The extreme
rise over last night in st. Paul reached 9a4;
Union Pacific, ~: Southern Pacific, AZ, and
Atchison, i2s. Rock Island points in sym
pdthy. There wcle many other advances in the
railroad list and among the New York fractions
| OF to AZ, the southern, southwestern, trunk
| lines, Coalers and less important groups all being
| represented, Among the induStrias and special
ties United States steel got 2's over last night:
| the preferred ,; sugar. iSs; General Electric and
| Colorado Fuel, 5ig; North American 3%, and
| Western Union and Amagamated Copper, 2B
| Total sales, l,Oli,500 shares.
The bond market became active and strong
| late in the day on the sympathy with stocks
| Total sales par value, SlO,O0O
United States rciundinc 2s and the old Is and
| the new As advanced "a per cent on the last
| call.