The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-13
GOSSIP or Wall STREET.

at once. On Friday. aside from the bidding
UP OF high priced stocks the market was oil
Union Pacino and Pennsylvania. More than
10000 shares OF each were traded In. and
each made net gain Of 4. The trading In
Reading was less than $1,000 shares and the
stock gained only u. In the two hours Of
trading yesterday all OF tho enthusiasm con-
versod on Reading. which advanced ~ on
transactions exceeding 10000 shares. 1t
reached q new 10 point mark In its advance,
selling at ITO Just before the close. But the
trading In the leaders Of Friday was merely
nominal. Less than 10000 shares Of either
Union Pacific or Pennsylvania were dealt In.
Tho former lost n. while the latter held it's
ground. A market which has only enough
enthusiasm In the beginning to move one
stock or group Of related stocks at time
usually broadens out until all the standard
Issues become strong and active.
for Burlln ston stock. When the Great
Northern and Northern Pacific bought Bur-
lngton at 200 and gave their Joint IS In pay
ment, some 40, 600 shares Of Burlington were
not turned In. Under the Hill management
the Burlington is increasing It's net earnings
In an amazing way. In four months during
the frat half OF the year the Burlington saved
q. 900 900 by Hin methods. Burlington stock
is now earning very much more than needed
and. as these bonds can be called at los next
year. it Is expected that some way will be
devised OF giving the shareholders OF Great
Northern and Northern Pacific the beneft
Of their ownership Of the Burlin gton. This
cannot be done. OF course except through
larger distributions on Burlington stock
This Is why inquiries are being made for
Burlington stock by persons Informed as 10
the plans Mr.. Hill 10 forming. In this market
Burlington Is 200 bid. with none offered.
The members of the First National Bank
party continue to talk in optimistic vein
Of the outlook for the coal roads.
The public came into the market last year
not long after the publication Of the August
crop report. During the two months previous
TO the publication Of the August crop figures
the market had been dominated by the ag-
gressive bull campaign In Union Pacific.
conducted by q speculative clique Of very
large resources at 20 Broadway. This CLIQUE
had been quietly accommodating Union Pacific
In the course Of a 40 point advance. The
big campaign In the Steel stocks. In the COAL
ers, in Smelling. and In other securities did
not begin until later. While the Standard
Oil party was making heavy purchases OF
stocks the optics looked on and pronounced
1t all manipulative game for the purpose OF
unloading stocks On the public after the
got the bull fever and made higher predictions
for stocks than the members Of the Standard
Oil party had even suggested. The public
buying began to como into the market soon
after tho publication OF the August crop
report, and grew In volume up to the time
Of the Lawson raid. when the STANDARD OIL
party. having no desire to help its Western
followers out Of hole. took the pegs out OF
the market. The prices OF many stocks are
much higher now than they were last year.
but the market has acted much as II did 2
year ago. Those who are looking forward
to a period Of rising prices think that the
public will soon get the fever. and Will come
IN and buy stocks, as 1t always has IN the
past with very little thought OF tho price
It may be that Mr.. Gates. who has been
very busy lately cultlvatns the friendship Of
Mr.. Hill. wants to get those Great Northern
ore lands for the Gates steel trustlet
Critics Of the present market who say that
IL Is impossible to stimulate bull specula-
ton at this level Of prices keep their eyes on
only . few stocks. The four big speculative
stocks which are selling at prices far above
their levels q year ago are Union Pacihc.
Reading, Steel preferred and American
smelttna, Union Pacific in August last year
sold at loi, or more than 80 points below It's
present level 1t was then per cent. stock.
and no account had been taken Of its $50 900 900
profit In its forced investments in the North
western roads Reading sold at 90. but 1t was
paying no dividends at all: now 1t Is . per
cent. stock. with large surplus earnings be-
hind its dividends. American Smelling sold
at IS. This stock is In the hands OF pool OF
large owners, who appear to be abundantly
able to take care Of their own stock. and who
really believe 1t is worth more than its present
hiah price 1t Ia In class by itself Steel
preferred was selling around 80 year ago.
because there was great doubt as to the ability
of the company to continue dividends at the
Der cent. rate. This doubt seems to have
vanished, and those who are best able tospeak
for the Steel corporations future are con-
hdent that there never again will be any
serious doubt a. to the continuance Of the
preferred dividends at the established rate.
Those who believe this. naturally look on
the stock e. cheap at its present level.
Looking back at last falls market it Is seen
that there is . long list Of prominent rail-
way stocks which are not selling at high
prices now. In october. ten months ago, when
only a part of the public had come into the
market. many stocks were selling as high or
higher than now. Atchson sold above 81.
practically at it's present level. Brooklyn
Rapid Transit sold above 60. Great Western
above rs, Metropolitan above $50. Rock Is
Pacific sold above los, four points above its
closing price yesterday. The most pro-
nounced pessimlst on the Gould stocks con-
oed 60 that Missouri Pacific is in better
position as to earnings now than it was year
ago. Erie sold above Al last October. but
aimee then very large purchases Of the stock
have been made for control. the second pre-
ferred stock has gone into the dividend list.
and plans Of far reaching nature have been
made for the improvement OF the property.
Erie is much che aper to-day at 4s than it was
last October at Al. Other ante-election prices
last year were Southern Pacific. "a: Texas
Pacific, SO; Mexican Central, 20; Chesapeake
and Ohio, ~. Even Pennsylvania. which has
been more or less Of market leader for a
long time. sold above 1885 last October.
The most OF the railway stocks that were
selling ten months ago at about their pres
ant level are non-divdend paying stocks.
II Is in these stocks, many people believe.
that we are to see the most active public
ejaculation in the future.
The Northwest crowd in the grain mar
ket. which bases its market operations on
the opinions OF H. V, Jones. is waiting pa
tiently for the experts final report on the
wheat yield. Mr.. Jones was about eo. 200, 600