The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-04

tCDlbOu v '''' ~ Noiioih " ~ OF .
Canadian Pacific. 74L Northern Pacific pr. 51s
Chesapeake 4 Ohio. 27I ontario & west.... 1914
Erie con. aap...... ID Pennsylvania. .... 6Sh
Erie LIST pf.......... 4dL Reading. LIST q pee. 14is
Illinois Central. ....109 st Paul ............ 99S
Kansas & Texas. l5A South Railway. 1lN
Lake Short. ......lSl "a south Railway pr. 81
Louisville & Nash. 631 Union Phcino. ...... l8's
New York Central. 1l3 Wabash pf......... 2
FRIDAY. Sept. 8.
Tho phenomenal speculation in st. Paul COM
mon to-day was undoubtedly the result of a
carefully considered and adroitly executed pro.
gramme. Dealings in that stock aggrceating
100000 shares, or rs . cent. of the total trans.
actions. and n net advance in the price of
81 points, were not entirely natural. nor
can they be accounted for logically. The
movement was ostensibly based upon an
alleged decision Of the management to
declare an extra dividend OF ! y cont. for the
last ak months OF last year. which action. it
was inferred. would place tho stock upon a5R
cent. basis. This may be done. for recent and
present earnings would seem to justify q
moro liberal distribution Of profits; but those
who are familiar with the character Of the
present management of the st. Paul Company
know that the question OF an increase in the
dividend will not be definitely decided until
the directors meet to consider 1t next
Thursday. Assuming. however. for the pur-
poses OF analyzing to-day's stock market, that
the Street Is correct in its assumption that
certain of the directors of the st. Paul Com
pany, who are perhaps more influential than
others In shaping its policy, have Informally do
cided to increase the dividend or declare an
extra one. is 1t reasonable to suppose that
they would have delayed making the pur-
chases OF tho stock attributed to them to-day
until the present timei II so-called insiders
desired to increase their holdings Of st. Paul
common because Of increased earnings, which
are certain. or an increase in the dividend.
which seems probable. they would not have de-
layed their purchases to q day when tho facili-
tics OF the Stock Exchange were literally taxed
to create a furore in that stock.
The movement in st. Paul started after tho
close Of business yesterday, when a brokerage
house representing the largest individual oper-
ator in the market bid d = cent. more than the
closing price on the Stock Exchange for a
round amount OF the stock. This proceeding
lent color to ~incipicnt reports Of an increase in
the dividend and stimulated extensive purchases
Of the stock for both accounts when business
was resumed on the Exchange this morning.
The chances are that the covering of a
largo short interest was a factor IN the ad-
vance that followed: and as the professional
element fought the improvement at each
fractional advance. only to confess defeat
at a further advance, a largo part OF
the unusual activity Is readily accounted
for. st. Paul may become q s y cent. stock. and
as such investors may consider 1t cheap at par;
but those events did not occur to-day. hence the
conclusion is inevitable that the stock tape
simply recorded a bold. skilful. and adroit
manipulation.
1t was effective not only in st. Paul. but
throughout the list. 1t is TO be noted. however.
that the highest prices recorded for many
stocks were made at or soon after the open.
ing. The final advance in st. Paul to 80 APP
peared to invite fresh realizing and ut the
same time compelled tho covering of shorts
put out during the middle OF the day. Some OF
the operations for short account were anything
but logical. For example. traders sold c., b. and
Quincy because they regarded the July state.
ment OF tho company. showing an increase in
net earnings for tho month OF nearly 300. 600
as disappointing. II the company was able To
make that showing considerably in advance OF
an unusually heavy crop movement, its present
and future earnings. with Its remarkable re
Operative power. can better be imagined than
expressed in nRures by those familiar with the
fluctuations in tho trafic returns of the
, company. Exceptionally strong features OF
the market other than st. Paul were Louisvill,
and Nashville. Omaha common. and Western
Union. In the last named and in Louisville ant
Nashville the liquidation of considerable hold
1 ings are understood to have been completed. TIL,
market for Western Union wac also Influenced
Z by tho enormous Increase In the business o
the company In consequence of the revival IL
general business. while that for Louisville ant
Nashville was stimulated by prospects of a re
. sumption Of dividends. Profit taking was an
' parent in a number Of stocks. particularly Suga,
refining, which closed Oh v cent. lower tina,
yesterday. A number OF stocks that mad,
modest contributions to the largest days bust
ness recorded Of late attained distinction be
cause of the progress made toward higher prices
Among them were Illinois Central. metropolitan
. Traction. Minneapolis and st. Louis common
2 Rio Grande Western, and the United State
Rubber stocks. The closing was In the mai,
b strong, though at recessions for the majority n
q the list from the highest prices recorded.
Final sales compare with those OF yesterda,
as follows:
Sept. 9. Sept. g. Sept. Q. Sept. 6
A.T&sFe. l5a l67. Nat Lead pr o log
A.TSsFep 33i2 Sd Nor Amer. Sc 81
Am Cot OIL. 26is s Norf & Yves ID Id
Am S Ref ..l57 l54Ts Norr & 1914 az
AIMS Ref p.llSk lis y w COM. 1867 2
Am Tob... 94a o5 n Pao com. l7s II;
!. Am SpM M. ldk l4AiS Pao pf... FOL 6Oi