The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-19
Activity of Northern Pacific Pre-
ferred Puzzled the Stock Ex-
change and Gave Rise to All
Manner of RumorS
MARKET WENT DOWNWARD
LATE IN THE DAY
Early Gains With Some ExCep-
tons Were CanCeIIed-TWo
Hundred Shares ofLake Shore
Sold at FurtherAdvanCe of Two
PointS-RaiIWay Bonds Firm

New York. Oct. 1S-Attention was
wholly centred on the Northern Pacific
today and the more the operators in
stocks studied the problem, the more
they did not understand it. The con-
tiued activity of Northern Pacific pre-
ferred opened in strong contrast to its
stagnant condition up to yesterday
ever since the corner in the common
stock was the occasion of interest on
the subject.
The conjecture expressed itself in
forming rumors that would give a
plausible explanation of this develop
ment. The conclusion seemed unavoid-
able that actual steps were being TAX
en- in the Northern Pacific settlement,
although there were some observers
bold enough to claim that the tran
sactions in Northern Pacific preferred
did not represent genuine transfers OF
the stock at all. Another rather fetched
explanation was that the new Burling-
ton Railway incorporated yesterday
would exchange it's stock for the bonds
which were issued jointly by NorthEn
Pacific and Great Northern in exchange
for the Burlington stock purchase. This
operation would be in effect to cancel
the whole Burlington deal and thus re-
move the cause of conflict for control
of Northern Pacific, But this would
not explain the absence Of a single
share of Northern Pacific common in
the dealings. That it might be sat
isfactory solution to some of the capt.
talists concerned in the venture was
not doubted.
The broad intimations from sources
usually accredited to Morgan influence
es Of the undoubted right of the North
ern Pacific Company to retire North
ern Pacific preferred at their option
caused an uneasy feeling that the whole
dispute was in danger of breaking out
again, although the urging Of such a
claim without enforcing it might be de-
signed to exert moral influence upon the
opponents of the settlement The source
of the selling of Northern Pacific pre-
ferred continued to be shrouded in mys-
terry, and the fact that Hartman brok-
ers were employed in some of the SELL
ing added to the confusion of senti-
ment. AS it is believed that the Nor
gan-Hill claims to absolute control
rest entirely on their holding of ma
jority of the common stock with pro
posed retirement of the preferred 1t
was ingeniously suggested that their
holdings Of the preferred might be
coming upon the market. But this
would not explain the advancing price
of the preferred which reached 1OS 7-S
at one time today. This served also to
'efute the suggested retirement at par.
The late course of the market was
generally downwards resulting in re-
luccing or wiping out the ear
y gains except in special in
etances, notably Brooklyn Transit
md Amalgamated Copper There
was another sale of 200 shares
of Lake Shore at a further advance Of
10 points. There was strength in Lack
awanna, the Minneapolis and St. Louis
stocks, the Commercial stocks, Leather
preferred and other less prominent
stocks. TOmorrow's bank statement
with decrease in cash indicated of less
than two million dollars, viii depend on
the loan account.
The railroad bond market was pref
ty firm owing to the demand for some
of the convertible bonds. Total sales
Par value s., O65 GOO u S. Bonds were
all unchanged on the last call.