The evening world. [volume] (New York, N.Y.) 1887-1931, 1894-08-17
LOOKS LIKE A TRICK.
Bears Get Nipped on False Re-
! ports from Boston.
Burlington and Quincy Div ,dend Not
Reduc d, as Reported.
Wall street Thinks There Was .
stock-Jobbing Scheme.

Wall street brokers are discussing
with considerable interest what they re
card as a stock jobbing scheme in con
nection with the announcement of til,
burlington dividend to-day.
l. was well known that the Burling
ton directors were to meet in Boston
to-day, for dividend purposes. but there
was a doubt in the minds Of some, az
TO the amount Of this dividend.
1t was also understood that the d.
rectors OF the Chicago, Burlington and
quincy, road would notify the Boston
Stock Exchange OF the dividend DECIDED
upon to be pah Sept. 10. and that the
officers OF the Exchange snould make
the public announcement.
This morning burlington stock in this
city opened at "a IL, and at IL o'clock II
had climbed up to "A Ia Members OF
the Exchange were on the watch for
the dividend advancement from Boston.
and were taken by surprise when one OF
the following on its slips:
oulNCYs RATE OF REVENUE REDUCED.
Boston Special.-The c., %. Il Q. directors have
sselared quarterly dividend Of per cent. pay
RMS IS a reduction of X per cent from the
last distribution.
The effect of this report was to send
the stock down full point from "a Ia
to ~ IA, and cause every brokerage
house with Boston connexions to rush
queries over the wires as to the reason
while another Wall street news agency
had sent out similar report to that
given above.
A quarter of an hour later the news
nouncement, put forth the following:
QuiNCY'S DECLARATION OF DIVIDEND PRE-
MATURE.
Boston special.-The declaration Of the Quincy
n ttl4nh Ia uttra
Il was read in The board. and then notice was
withdrawn
Right on the heels of this, and leaning
particularly on the last sentence. came
the following from rival agency here:
c., u. 4 Q.
Boston Special.--Ths rumor which has gained
S ,ni7 In New York to the effect that the
change and then withdrawn is not true Can
assure you positively that no word has been
received by the Stock Exchange from the Burlins-
ton ofbca up to this hour, 1910 p NJ.
And then came the expected official
announcement which all the agencies
sent out to the erect that the c., b. Il
q. directors had met and declared the
regular quarterly dividend of IA per
cent. This news was received with a
shout of satisfaction by the brokers on
the floor of the Exchange, and the
stock began to jump UP until 1t reached
Then came = despatch from Boston
explaining the error In this way:
rhs prematur. announcement that the c.. II.
4 9. directors had reduced the rate OF the quar-
tsr'y dividend was due to the circulation Of ru-
NOR to that effect on the door Of the Bohon Stock
Exchange. This was at once teleeraphed a. an
oHciai notice over the private wires OF New York
banknE houses. which furnished the information
TO tho news agencies. and by private telephone
to members Of tho New York Stock Exchange.
The e., d. a Y. dividend was not announced.
NOR was IT. known BY anybody until l,.so. when
IL was read from the rostrum.
The telegraph operator Of the New York house
wired TO New York long before the announce
lnent that por cent had been declared, which
Sas purely CROSSWORD on his part
The opinion which prevails here Is
that somebody over In Boston tried to
work = smart game in New York. but
that their plans miscarried.