The Washington times., 1901-10-19
NORTHERN PACIFIC'S RISE.
Preferred Stock Advances Exten-
sively, but Later Reacts.
One of the Parties to the May Con-
test Thought to Have Reen Buy
fng-ExpiRnntiOns of the Move
ment Sugar Refining Strong.

NEW YORK. oct. 1S.-There was fur
ther very extensive advance in Northern
Pacific stock this morning. which not
only made the security in question the
conspicuous feature of the market, but
which likewise appeared to be responsible
for the tendencies appearing in a number
OF other directions. Notwithstanding the
controversy now waging over the point
between critics, who probably have no in-
terest. directly, in the question, there
would appear to be no doubt whatever as
to the right of the Northern Pacific Rail
way Company to retire at par its pre-
ferreG stock, in whole or in part, upon
any first day of January prior to 1871 1t
is. Of course possible that such steps as
the company might take to enforce this
provision Of the issue of the preferred
shares might be contested in the courts
by holders of the stock averse to turning
il in but 1t is not easy to see upon what
grounds such litigation could be brought.
The fact, therefore that Northern Pa
cific preferred today sold materially
above its point of theoretical redemption
naturally caused attention to centre
around the dealings in that stock. and
the more so inasmuch as observers of
the dealings believed they could detect
the source of the buying in one of the
parties to the May contest Cor the control
of the property. 1t was suggested, with
some authority. that the true explanation
of the course of the stock was that while
there was no doubt as to the right of the
company to retire the stock at par, the
holders of the preferred would receive the
option of exchanging their stock, dollar
for,dollar for that Of the new proprietary
company.
There were few movements of interest
or considerable extent besides Northern
Pacific. except some of the speciaItles
and Industrial shares. Amalgamated Cop
per was strong, as were Tennessee Coal
and Iron and Pacific Mail Sugar Rein
ing also was bid up smartly on what the
professional element of the street thought
they detected as evidence OF greater mar
mony IN the sugar and coffee trades ! ne
United States steel issues moved wlthln
very narrow limits. In the local traction
group Brooklyn Rapid Transit showed
noteworthy strength, which was not,
however. attended by any actual or
rumored developments in the company
affairs. a.,
strong. but with the course OF the cay
the irregularity which has ATTENDED lIt
dealings there throughout the week again
appeared Northern Pacific reacted sharp
~ from its high level. and the greater
part OF the gains scored in other IN
stances were materially shaded. Strong
features Of the early dealings were DC!a-
ware and Hudson, Minneapolis and St
Louis, Rock island. st. Paul, Union Pa
cific and Great Northern preferred. but
none of the advances made in these cases
was fully retain Al. A large number of
statements Of railway traffic were sub
mitted, and for the most part they were
highly satisfactory showings
g'he money market, particularly for
loans on time, continued active. Sterling
exchange was steady. and the rather
more plentiful supply of commercial bills
was readily absorbed.