Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1894-11-22
A WALL STREET TRICK.
Thousands Won and Lost on a
False Tip by Telephone.
FURRY IN THE STOCK EXCHANGE,

The Announcement That Burlingtons Div
idcnd Was Per Gent First sent the
'foch Up, and When the Truth Came
Gut Prices Took a Tumble.
NEw YoRE, Nov ae.-The whole spec
Native world has boon discussing for
weeks the quarterly dividend which 10
was expected the directors OF the Chicago,
Burlington and Quincy read would do.
clare at their meeting at Boston on Nov
"a. The stock has boon a per cent one
in quarterly payments OF ~, per cent
Trade on the granger roads has been poor
OF late. Tho bears insisted that the Bur
lington wonld really DO straining point
II 10 paid per cent or reduced the quarter
ly payment to ] por cent.
The board OF directors, with all the re.
ports aud data before them. went into so.
crot session at noon yesterday with tho
reporters on tho various newspapers on
the outside, Among those waiting was
G. w Barron 81 tho Boston News bureau,
which makes specially OF financial
news
Ia few moments after the meeting
began the telephone IN tho Boston News
bureau rang, and a voice something like
that OF Mr. Barron announced that the
! "a per cent dividend had boon decided
upon in fash tho news was upon the
central wire in waiting and was In the
financial news agencies IN this city An
other clicking Of tho keys, and the tickors
on the exchange floors and In dozens OF
brokers' officers told the Same story.
sudden Boom Upward.
Tho stock bad closed tho night before
Mt . Il 81.
fast and furious bidding and selling the
prioo rose TO 49,, all in few minutes.
| Dozens of brokers had been given orders
60 buy for the expected rise II tho stock
remained in tho per cent class and to
sell for the expected drop If II fell to the
4 per cent class. In the climb from 73 y
TO 7l5s no less than 10 500 shares had
been dealt in.
Then came a halt. Was the nows cor
reefs Private wires TO Boston did not con.
/ firm &C. Those who knew 10 was not true
/ enjoyed the chance of lifetime 60 sell on
the sure knowledge Of coming drop
| The nIokors who were bidding one abov,
| tho other in thoir hurry to get blocks oil
stock before it climbed too high found
their offers to purchase snapped at by
willing sellers,
The stock might have gone up few
points further had not the telephone boy
frantlcally motioned to the hustling an,
excited brokers on the floor that a check
mate had been called on the game. Tn
boys were getting the calmor, later in
formation which was then trickling int
the Offices. Tho price started down, hu
before II had reached the starting poln
of 73l9 b. coo more shares had been sold
or a round total Of 30, 900 shares, on whiol
the trickstors were ready TO enjoy pleas
ant Thanksgiving.
When the directors came from the coun
Gil room and announced that the curren
business Of the Burlington and Quinc
road did not warrant more than a be
cont annual dividend, the revised new
was sent out. Away prices started on III
decline, and during the remainder OF II
day burlington went down and down
closing figure Of 70is on total ate
noon sales OF 90, 600 shares
This was the opportunity Of the triol
ster5. who could buy back at 20 the stoo
which they had sold nt "a only an hour q
loss before. and thus pocket tho very hanc
some difference of 81 per share betweo
top and bottom prices. with fractions
profits al the way up and down as far q
the nerve Of the operators would carr
them.