The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-15
Special to The Journal.

Special to The Journal.
New York, Aug. 1.-THE sensation Of the
week has been SCanadian Pacific. A fierce
bear drive, started in mistake and finished
out because it had to be; deliberate attempt
to corner the stock against the bears; al
ultimatnm from a powerful bank; and then
en- increased dividend. This is the record of
tho week in this peculiar and almost mys-
ferrous security.
the price of Canadien below 100. When he
discovered that the prominent house that
was going to close its doors was the Mon
treal Stock Exchange, and that it merely in
tended to close its doors every day thru
August at noon instead Of later. he made
haste to cover his shorts The mel; that fol-
lowed his lead were not so lucky They went
home at noon on Saturday short anywhere
from $4,000 to 5000 shares. London had
followed the lead by selling long stock OF
course the brokers that sold Tor london ,i aG
the certificates were coming from London
a trip that takes eight Gays. There was
therefore a considerably short interest of this
kind. Such a short interest is dubbed
''technical."
On the whole the situation was easy for an
energetic pool. 1t is not known just bow the
tip circulated, but Sunday was very busy
day for the gentlemen who went home short
Of Canadian. They ransacked New York for
stock that could be borrowed, They tele,
eraphed their friends in Montreal and
Toronto for stock-and messengers to bring
It down for delivery Monday They passed a
bad twenty-four hours. Visions Of Northern
their dreams. The tip had certainly gone out
that loaned stock would be called In on
Monday-and then there would be trouble for
the shorts.
Weird and Wonderful Tales.
The opening was weird and wonderful Tho
floor of the stock exchange had varied
assortment Of highly colored tales. The in
terest most often named as the aggressor
against the shorts was the Bank Of Montreal:
credited with the intention Of calling in the
stock it was suppt sed to have loaned for the
account Of Lord Strathcona Its presidents a
man whose name In his own country Is far
beyond tho suspicion Of stock-jobbing 6. 1t
became definitely known, however, that Ger
tain stockholders Of Canadian Pacific had
called in the stock they had loaned. The
movement not heavy. Neither the Bank
of Commerce nor tho Bank OF Montreal de.
liberately countenanced the calling in OF
stock of their own. The story that these two
banks had loaned out stock held as collateral
and called it in on Monday is the yeriest TOM
myrot. No bank would dare loan stock
pledged in this way. The circulation of the
canard is fair illustration of the fever of
unrest that beset the bears on that morning.
Retort Of Canadian Bank.
It is, however, a fact that one banking in
stitution of New York sent word to one OF
the Canadian banks that If 4 cortler was at
tempted in Canadian Pacific the bank zafore-
said would throw out Canadian Pacific from
its list Of acceptable collaterais: It lis also
that, while perfectly innocent and ignorant
of any attempt to corner the stock, 1t would
be happy to take up any loans that tie New
York bank saw fit to throw out on the ground
that they were backed by Canadian Pacific
For cold calm assurance, the replyH1Sf the
Canadian bank is now quoted on Wall"stree,
as o. classic: .--... g.. = e. w.
The rally of Monday morning soon passed
away. Wild talk ceased as soon as the bears
found 1t possible to get the stock. Everyone
thought the episode closed. The directors
were to meet that afternoon, and everyone
expected the regular dividend: ~ a',-
Q. p. Dividend Increased. :"
And instead the directors Of Canadian Pa
cfc increased the dividend to per cent
Moreover, they Issued to the public annua
income account that perfectly justified the
increase. Wall street thought 1t knew some
thing about railroad directors: It certainl,
never expected to see the day when railroad
directors would meet and raise a dividend
without some kind Of q demonstration in TIT
stock market to help things along. 'Th-
Street concluded that tho demonstration
would come next -day-but 1t failed to ma
teriallze. Wall street began to wonder VIVA
manner of men it is that run the destinie
of Canadian Pacific. r..
Then the Street settled down to ROUTINE
and began to study the following figures will
view to finding out, If possible, why thi
particular stock had sold higher than Penn
eylvania when 1t was a 5 per cent stock ant
failed to sell as high when it raised to
s per cent basis. For the sake Of comparison