The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-18
GOSSIP OF WALL STREET.

When stocks are etagnant and followers
Of the market are debating whether the next
swing will be for higher or lower pri ces. 1t
Is interesting to compare the income returns
on standard securities. Measured solely bv
present dividends one Of the cheapest rail.
way stocks In list OF ten active dividend
payers Is Atchison and the dearest is Reading.
yet both OF these stocks have been bulled
during the last few days, and the dear" one
more successfully than the cheap one
Four railway stocks which do not yield
per cent. at their present prices are Reading.
Union Pacific. New York Central and Bal,i.
more and Ohio. Reading. as a 3 per cen,
stock. yields at 90 only 81 per cent, but thi.
high price discounts the per cent. rate e1-
pected next week Union Pacific returns
only g.? per cent. but II it's dividend is in.
creased from TO 8 per cent. this summer
~? will not look so high a price. New York
Central. a S per cent. stock. yields as per cent.
at 40. There 10 no possibility OF an increase
In it's dividend for some time to come. Bahi.
more and Ohio yields but 81 per cent. at los,
and its high price Is discounting an early
increase in the dividend rate from to per
cent. Three railway stocks which are selling
very nearly on a per cent. basis are ST.
Paul. Louisville and Nashville. aud Illinois
Central. St. Paul. a I per cent. stock. yields
a trihe more than per cent at ia. Louis.
vile. which has recently had Its dividend In
creased from to per cent. Yields ~ per
cent. at l45. Illinois Central. paying 9 per
cent and y per cent. extra. also Yields about
per cent. at 100. The three remaining stocks
in the list OF ten look cheap in comparison
with the others. Pennsylvania. at 1875. pay
ing per cent, yields ~ per cont: Atchison.
at 81. paying 4 per cent. yields 10 par osnt
while Missouri Pacific. paying S per can't.
yields an income OF 4 tribe moro than per
cent. selling below co.
Cotton speculation appeals TO those who
want to get rich quickly in Wall Street because
Of the great possibilities IT offers for pyra-
miding. In the last big bull campaign In
cotton. when Sully advanced prices to level
where only gamblers would buy. some snug
little fortunes were rolled UP by men Of small
means who simply blindly followed their
leader. There was one man who was attracted
to the cotton market early In the Sully cam
paign who had only 400 to bet on the staple
He found house which would let him trade
on a slender margin. and he was lucky enough
to get In the market before an advance, 90
that his original margin was not wiped out
In his initial trade. Cotton prices climbed
UP and up. and as his paper profits grew he
bought more and more cotton. His pyramid
grew to such proportions that 1t was the talk
OF the ONCE In which 1t WIS built, At times
1t trembled from It's tophesviness. but It's
builder trimmed it 80 that 1t did not toppls
over. Just before the big sully pyramid
tumbled over with crash. the man who had
$500 at the bottom Of his pyramid unloaded
his cotton. He took $751; 900 out Of the ONCE
and since then he has made several hundred
thousand dollars more speculatins In cotton.
While Greene mining stocks were trembling
in the curb market the other day big truck
ratified up Broad street scattering the brokers
right and left An inouisitive fellow dis
covered that tho truck was piled high with
prospectuses Of tho newest Greene pro.
motion.
Mr.. Hill Of the Great Northern Keeps a
little book on his desk which no delights in
exhibiting to his friends when they come in to
talk railroadins. The book contains Q record
Of tho freight and passenger receipts year
by year from esoh station ON the Great
Northern. At The ond OF each fiscal year
the book 10 brought up to Idate. 1t 10 the
gospel Of the Great Northern. Most stations
on the road show increases In both passenger
and freight receipts year after year. and
and point out to his friends how the recepte
at Spokane or Aberdeen or Great Falls reach
larger and larger figures. But In certain
sections Of tho Great Northern country
there are stations which do not keep up the
pace. When Mr.. Hill passes ove9 the figure,
Of these towns b frowns and appears to be
sorry that he ever built his road through
them. Tho little book Of earnings tells Mr..
Hill more about the progress his property Is
accountants.
The nsws tickers yesterday vere largely
occupied in prin ting challenges from COM
mission house baseball mines.
"Pittsburs advices on tho steel trade are
VIGOROUSLY nisleadin9." says . member Of
one OF the large conservative houses which
was big seller Of Steal stocks In 1903 and
big buyer Of them q year Later when the ids
changed. Men in the steel trade upon
whose judgment I place most reliance tell
me now that the steel trade il bad and grow
ing worse That there has been q great
deal Of price cutting there Il no doubt. and
buyers are growing more and moro ttmid
The great trouble with the business Il that
It Ia too speculative--it has no balance wheel
When steel prices are going UP there Is
rush OF buyers who fear that the prices are
going higher, and when they are declining
consumers delay putting in their orders
with the idea that they can get steel products
cheaper. When there Is q boom In the trade
a consumer sends in an optional order for
100. 600 tons. IL there is lull later and prices
start to decline tho consumer asks to have
his order left on the books until he needs the
material. The order Of course. loo Ks nice
on the books. but 1t doesn't keep the mills
going"
The big bull speculation last year started
in the day following the Independence Day
holidays. On the Friday before the holidays
Union Pacific sold around rs, SOUTHERN Pa
cifc a. Steel common 10. Steel preferred g.
AmalRamated Copper So Atchison 70. Bsltl-
more & Ohio 80. st. Paul l4s. Louisville and
Nashville 40. Missouri Pacific co. New York
Central ll5. Pennsylvania ll6. Reading A.
Rock Island co. Erie "a
Col Bill Greene believes in LUCK He
has been lucky all his life, as a ranchnAn. a.
miner and as an organizer. When clique
OF Wall Street men was trying to drive the
Colonel out of his big copper company eigh-
teen months ago. and his friends had about
given up the fight. one OF the wealthiat
copper concerns In the country came to his
aid in the nick Of time and saved his scalp
A few mon his later he struck one Of the richest
ore bodies In the world In the camp be had
almost lost When the Wall Street clique
was after the Colonels scalp he announced
that he was going to raise new capital ny
the issue Of stock. 1t was predicted that the
stock sale would be failure 1t is related
that the president OF one Of the Pacific rah.
ways called on the Colonel on a matter o'
business and asked him. incidentally. no"
"a Rul the