The sun., 1904-08-28
sossIIs or WALL STREET.

l = 7-,-sa Z -S-.-------~ II-FFT
-The market" said ono Of It's impartial
critics last week, "may have the appearance
| at times of being overbouaht. II you would
| call 1t that, and there ls undoubtedly large
| bull account. but the bull account Is being
carried on very cheap money. Any specu-
| latlve calculation that does not give this fact
| the Significance 1t deserves Is defective With
money worth no more than ! 10 people are
| not easily Influenced to sch their stocks.
| What would they do with their money!"
The stocks OF the granger railroads most
concerned In the wheat situation OF the North
west we're conspi cuous last week for strength
st. Paul was the leader Of the group, showing
a net advance for the week OF bX per cent.
Chicago and Northwestern common ad-
vanced ~ per cent. and Northern Securities
ended the week with net gain OF points.
The disposition OF Wall Street has been
steadily to disoredit reports OF crop damage
from any SOURCE whatever. scepticism as to
the authenticity Of expert crop estimates
being most pronounced on the part OF the
Western stock market element. This ele-
ment is composed largely Of graduates from
the grain markets Of 81. Louis and Chicago
who know crop killing as speculative science.
There are men, for example. now prominent
as members OF the New York Stock Exchange
or as managers Of big Western wire houses
here. who remember Phil Hellery's place
hard by the st. Louis Board Of Trade where
the crowd was gathered to destroy crops or
double them as suited the speculative opera
tlon In hand. II was considered huge
joke to start drought from Hillery's place.
There was fine touch OF humor In doing
that. 1t Is scarcely to be wondered at that
an old st. Louis or Chicago grain man In Wall
Street takes his crop news with salt
Tn ha rronn In an "a reoently n n anAot,1a.
tive way Of the low-priced railroad stocks
there is recognized the foroe Of an Argu-
ment that has been put forth at one time or
another In the past year by some Of the most
discerning members Of the financial COM
munity. They have been saying that the
big speculative money is to be made In the
low-priced stocks. 1t Is but ten years ago
that Atchison was selling around s. Mis-
souri, Pacific around as. Northern Pacific
as low as 8. Union Pacific around 10 and
Southern Pacific below 20. Burling gton at
that time was thought to be high at rs and
st. Paul was in the same class, selling around
90. The stocks that presented the greatest
speculative opportunities ten years ago
have now become investment securities.
and their prices are governed largely by
the comparison Of their yield per oentum
with the value Of money. Corresponding
possibilities arc offered In low-priced stocks
to day. and while those who seek to dis
count the future will fall upon many disap-
pointments. 1t will be possible. no doubt.
ten years from now to mako comparisons
quite as interesting as are made to-day be-
tween present values and those Of ten years
ago.
stock. becoming invariably moro pronounced
as the buying demand increases. made posi-
BILE yesterday a somewhat sensational demon
stration on the long side Of st. Paul. It sd-
vanced nearly two points to . price higher
than any previously reached on this move
mont. In the course Of these operations the
volume of trading became heavy, a. oom-
pared with tho average for many weeks
past. transactions In two hours approximat-
Ing 10000 shares. Brokers. oven those who
had been bulling st. Paul consistently for
a long time. protested yesterday that there
was too much manipulation In It. but tho
was feasible only because Of
conditions previously created b the market
by . steady absorption Of thu stock. Tho
floating supply in the past fev. months has
been reduced to small proportioIa. the amallest
perhaps. ever been known. For Q while,
In fact during the greater par OF the short
session. operations In st. Paul occupied spscu-
ative interest to the exolusbn of pretty
much all else. Tho Gates contingent wa
he middle Of the week to bull g. Paul, Res.
ing. Pennsylvania and several bther stocs.
Il would have been believed. D doubt. aat
5t. Paul was used to obscure tperatior OF
another character elsewhere idthe raroad
list except for the fact that exensiv' profit
aking In other stocks under cove Of t,s great
strength Of st. Paul seemed impdsthe yester-
lay, the narrowness Of the ge%rAl market
orbidding.
Until shortly before the c,o4, The On.
husiasm was confined almost wSly 70 St.
Paul. the general market respoding in
,ery perfunctory manner to y advance.
,ther stocks at times showing potive weak
less In the last few nainutes1 trading.
,owever. general buying orde, began to
ome in rapidly. The heaviest yre In Read
ng. On large purchases by Wolf Bros.
nd Charles Minzesheimer Il lo. Reading
dvanced abruptly in the lasffve minutes
II trading to se}t. the highest pyoe yet touched
n this movement. and closd at the top.
|milar orders. only on a soIewhst smaller
cale appeared in Pennsylvhia, Steel pro-
erred. Union Pacific and OF or two other
tocks. As to whether the late buying
riders were OF voluntary and impulsive
rigin. or had been distributed as q part
the manipulation. person. whose opinions
sually are trustworthy such matters
isagreed. Many believed at any rate.
hat a concerted attempt hid been made to
lose the market with a display Of great
nimation and strength FOR sentimental
easons. Tactics OF this character frequently
re the preface to more petentious opera
ons on the following MonRy.
II the public is at all responsive. the effect
such closing as the maItet made yester-
ay should be to bring in lot OF outside
uying orders for the openina DON Monday.
Union Pacific will sell exlividend 2 psr {.
snt. on Wed nesday.
There has been a stubborn short account
, st. Paul ever since It bean to, appear
rat there would be serious sAprtaEe In the
heat production of the Northwest. The
,ock has advanced steadily In tAe face OF
II unfavorable crop news. and the short
,tercst has been badly whipped .rt
Steel preferred was relatively heavy until
the last few minutes Of yesterdays session.
hen II advanced sharply to ot on q COM
small volume of tadng. The
tal transactions appro KIM atai but 10000
lares 1t was learned YESTERDAY that several
'ominent Pittsburg houses hid sold Steel
referred freely on Friday for lpth accounts.
I'd also that one Of the most prominent OF
ese houses. having returneda big line Of
proved stock but a short tim, ago. is again