Waterbury evening Democrat., 1894-11-22
FURRY IN THE STOCK EXCHANGE

.
 The Announcement That Buriington's Div.
 idend Was Per Cent First Sent tn.
 stock Up. and When the Truth Came
 Out Prices Took a Tumble.
 NEW YORK, Nov 22.-The whole spec ulative world has been discussing for weeks the quarterly dividend which it was expected the directors of tho Chicago. Burlington and Quincy road would de- clare at their meeting at Boston on Nov. 21. The stock has been a per cent one in quarterly payments of 1L per cent Trade on the granger roads has been poor of late. The bears insisted that the Bur lington would really be straining a point If 1t paid per cent or reduced the quarter ly payment to per cent.
 The board of directors. with all the re- ports and data before them, went into sc- cret session at noon yesterday, with the reporters on the various newspapers on the outside. Among those waiting was c. W. Barron of the Boston News bureau. which makes speciality of financial news.
 In a few moments after the meeting began the telephone in the Boston News bureau rang. and a voice something like that of Mir. Barron announced that the 1L per cent dividend had been decided upon. In a flash the news was upon the central wire in waiting and was in the financial news agencies in this city. An other clicking of the koys. and the tickers on the exchange floors and in dozens of brokers officers told the same story.
 Sudden Boom Upward.
 The stock had closed the night before at 8 bid. It was then at 73l&, and with fast and furious bidding and selling the r.rfra eT. nlI N,, Dozens of brokers had been given orders to buy for the expected rise if the stock remained in the per cent class and to sell for the expected drop If it fell to the per cent class. In the climb from B : to 74sz no less than l6, 500 shares had been dealt in.
 Then came a halt. Was the news cor. rects Private wires to Boston did not con firm it. Those who knew 1t was not true enjoyed the chance of n lifetime to sell on the sure knowledge of a coming drop
 The brokers who were bidding one above the other in their hurry to get blocks of stock before it climbed too high found their offers to purchase snapped at by willing sellers.
 The stock might have gone up a few points further had not the telephone boys frantically motioned to the hustling and excited brokers on the floor that n check uldIc bttl tnc game. ne boys were getting the calmer. later in- formation which was then trickling into the offices. Tho price started down, but before 1t had reached the starting point of 731z 13, 900 more shares had been sold, or a round total of 30, 900 shares, on which the tricksters were ready to enjoy n pleas
 ant Thanksgiving.
 When the directors came from tho coun-
 oil room and announced that the current -F .N. road did not warrant more than n per
 cent annual dividend. the revised news
 was sent out. Away prices started on the decline, and during the remainder of the | day Burlington went down and down to
 a closing figure of 7O1= on a total after | noon's sales of G5. 900 shares
 This was the opportunity of the trick | sters, who could buy back at 70 the stock which they had sold at 74 only an hour or
 less before, and thus pocket the very hand. | some differesce of S4 per share between top and bottom prices, with fractional profits all the way up and down as far as | the nerve of the operators would carry them.
 Indignation at the Trick. There was indignation deep and bitter
 whom 1t was explained that the first tele phone message in the voice of Mir. Bar. | ron was n clever fiction. Some refused tC believe that thero was any in Barron, but insisted that the professional news pur | veyors had originated and profited by
 the trick. Principals and brokers had l wordy wars when they met as to which
 should stand the loss from the orders that | miscarrled. There was talk of an inyes tigation by the governors of the Stock Ex change, hut that body could not see very
 we'll where they could begin, as they have | no official authority over the news ticker | services, which had misled the rushing herd of speculating brokers.
 Nor was the opportunity of the sharp | CTS confined to the one stock. The whole
 market-and the grangers particularly
 moved in sympathy. so the efforts of tht
 insiders might havo covered the entirt flow with profit.
 Whoever they were. they were seeming | ly well informed that the dividend was tc bo at per cent, and they plunged boldly The telephone authorities are making | an investigation, with slim chances of e | capture, and for n time brokers will b6 loath to operate recklessly on points taken from a mysteriously loaded tape \ coo | S1O0, 900 or moro was neatly raked of the | green tablo of tho big Broad street McntG Carlo by the tricksters.