The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-16
GOSSIP OF WALL sTREs3'
D. O. Reid is not member Of the dss
nshing party.

| 6pout tne property are Duylng the stock
and others who ought to know Just as much
arc selling. This. II scarcely need DO said
lie not an unusual condition OF affairs In specu.
lation. Those who are bullish on a stock
| do not always buy II, nor do those who ara
| bearlsh always sell II. But the specu lative
situation In Union Pacific Just now Is partlcu.
larly interesting. In all probability. the neg.
| dividend on the stock will put it on a per
cent. basis. Banking people who arc largely
| interested In the property are frank in saying
| that 1870 Ia a good round price fer a per
cent railway stock. When 1t was selling A,
100 a few weeks ago these same people said
that was fair price for stock paying 4
per cent with an increase to per cent,
an early probability. At that time. no wever,
the outlook for the crops In the West was not
so we'll asstred as It now Is. On the May
decline Union Pacific was accumulated
not only by people closely in touch with tho
man aeement OF tho property. but by large
operators who looked for a sharp recovery
In the general market coinoident with the
mid-year disbursements. When the stock
had advanced is points many OF these
buyers thought the recovery was enough for
the time. and since IL FIRST sold at 1870 a few
days ago much Of this stock has been coming
on the market The amount OF long stock
sold for certain Western operators during
the past few days has been no insignificant
part Of the capital stock OF tho company
This selling broke the price below 1877. but ID
has quickly recovered. Some readers Of
the tape think the action Of the stock ind.
ca tes accumulation In a large way.
Pittsburg Coal preferred has declined
about $40 share since It's introduction "
this market In May.
merchant who had about $500. ooo 10
invest went to his bankers the other day
with list Of securities he wanted them to
buy. The list was made up OF such gilt
edged stocks as Lackawanna. Jersey Central
Chicago and Northwestern and Great North.
ern. The bankers found that the income
on the investment would not exceed per
cent. They asked the merchant why no ,
picked out such high priced stocks They
suggested he include some cheap stocks
in which there was fair chance Of buying
into the future" The merchant replied
that he was getting all the income he could
make use of out OF his business and would
be satisfied to get a low rate OF return on his
investment Of $500. 900. 4 have heard friends
Of mine say from time to time that they had
this and that gilt edged security in their
boxes" explained the merchant. and as
have never had one Of these boxes thought
I would get one and fill 1t up to see how II
feels to have one"
A campaign. presumably sanctioned By
large owners Of the property. Is under way
in United Copper. The stock sold below "a
before the declaration Of the initial dividend
on the common stock. At the end OF the
week it was selling at above 20. Pittsburs
capital is said to be interested In the pool
Col Greene's vancouver on Friday night
was characteristic Of the man. While his
financial antagonists were in slumber land.
dreaming. perchance. OF the time when they
would have him "roped and tied. the Coonel's
under officials and clerks were burning the
midnight oil In Broad street Their task was
the making out OF thousands Of dividend
checks to be posted In the early morning to
the holders Of Greene Consolidated Gold
stock. The Colonel's opponents In the COM
pany. who affirmed that the two previous
dividends on the stock were not earned,
had been threatening to prevent the pay
ment Of another dividend. But the Colonel
was too quick for them. After the close Of
business on Friday the executive committee
Of the company declared q dividend Of 20
cents a share. the third Of the same amount
this year. and payable to stockholders Of
record that day. The Colonel Acknowledged
the procedure might not be according to
Hoyle. but he did not intend to allow any
malcontents to deprive the stockholders Of
earnings that belonged to them. The total
amount Of the checks sent out was $50, 1897
The Colonel 10 authority for the statement
that the malcontents sold short the dividends
on moro than 500 900 shares OF the stock.
The story told around the Greene Offices 10
that the Colonel bought . goodly quantity
OF these dividends at bargain counter prices
and made q neat turn In consequence. He
hopes the next dividend will be 40 cents
share. On its current quotation. and at its
present dividend rate. Greene Gold stock 10
about "a per cent. This Is good
deal. even on q mining stock.
There Is good sized bull account in Sugar.
Tho Northwestern bull crowd In wheat
which scaled down Its commitments when
September wheat crossed 90 cents In Chicago.
Is chiefly concerned now In watching the
weather bulletins. 1t was In August last
year that the discovery Of rust In the spring
wheat country causeu q violent advance Of
% cents a bushel in wheat. The crop now 10
getting along very well, and 1t can improve
before harvest time. II 1t does
and there are no unusual foreign develop
ments. the trade viii not look for any great
rise In wheat prices above those OF this month
But a recurrence Of the damage OF last year
would be the signal for an outburst of specu-
laton like that Of last year. Only the most
and unexpected conditions
can now reduce this years y ield to the low
figures Of last year.
than one bull had taken his profits.
A commission house received an order By
telephone to buy 500 shares of an inactive
low priced railway stock. The prospective
buyer. who gave the name Of we'll known
New Yorker, gave - a reference wealthy
customer who had just sailed for Europe.
He explained over the telephone that b.
wanted to take up the stock. and that check
would be given for 1t when delivered TO his
bank. The manager Of the brokerage house
said that this was rather an unusual way Of
doing business In Wall Street. The pros
pective buyer acknowledged that 1t was
and said that he would wait until he could
come down to give his check In person. Thu
broker. impressed by the mans tone OF hon.
esty and not wishing to offend the customer
whose name was offered as reference con-
Guided he would buy tine stock at once Tho
thanked him for his courtesy and
repeated that his bank would take the stock
whenever It was delivered. The broker
bought the stock. at an advance OF two points
over the last sale. and sent II up to the bank:
The bank knew nothing about 1t One OF
n de n0ait0ra W ha wall kpown Ne Yorker