The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-30

those VINO knew what the dividend would be
70 profit by specuiatns In tho stock.
II would DO difficult TO believe that tho
strength Of the LAokawanna shares, which
sold at No yesterday. was duo TO buying
BY tipping bureau clients. who are advised 10
buy Laokswsnna for soo.- 49,.
The market 10 now very nearly At tho level
II reached IN the big speculation In the win
tor. Some stocks arc selling considerably
higher than they did Ia tho winter. The
most notable fact about the rise Of the past
two months is that Il has not been accom-.
panied. - was the winter rise. by heavy
speculation. On q moderate volume Of
transactions tho market has recovered from
Of April and May. The rise has bean fought
By professional traders. and more than once
the market has absorbed In q remarkable
manner the heavy reallzins sales Of large
operators. Meanwhile the speculative hold
ings Of tho public have not increased TO .
degree commensurate with the rise. The
speculative holdinga OF powerful Wall Street Inv
forests arc probably larger now than they were
some weeks ago. when prices wore ten points
lower. There has been no attempt at dis
tribution. Stocks cannot. be distributed in
volume In 1 market such 40 We have had the
last month. purely technical reading of
the market, without reference to outside
conditions which affect speculation. leads
to the belief that % long Is the financial
skies are - clear a. now the trend Of the
market over Z considerable period will be TO
advance and become more. active. Whom
the market runs into l, 500. 900 and 1000. 900
share days IL Wiil be time enough TO look
for distribution. Stocks. bought by large
interests in anticipation Of much higher prices
arc not now coming on the market IA .ag
volume. .,.
The Alns- Chalmers Issues. which have
been neglected sinos the company passed
IL preferred dividend more than year ago.
are now being hulled on the SUCCESS the DOM.
pany u havins In getting electric contracts
In composition with the General Electric
and Westinghouse companies. The company
entered the electric field soms mont b $50
expense Of the older oompahiss. 1t has OBJ
tanned some large contracts recently BY scaling
prices. The stocks Of this COMPANY were
never distributed. II vas doated hear the
end Of the industrial notation boom. when
the public appetite for industrial stocks was
satisfied. The common stock advanced ~
yesterday. to isx. The highest It ever sold
was ASK. Thst Wa whom tho preferred stock
wss paying dividends at the rate OF Z per
can't. and was ceiling In theses. The preferred
stock yesterday advanced AZ. to OK.
The longer l am in Wall Street, says .
broker. tho more L an convinced that the
people who make money here arc those who
slt on their stocks. A customer Of ours osme
In one day to buy Northern Securities. His
information about 1t was 30 convincing that
/ bought some myself. when u had adj
vsncsd two points l thoaSht It wise to take
profits. Our customer. however. sat on his
stock. He sold 1t finally at q profit Of IS
points. During all ifs rise / never could
screw up my courage to buy 1t second time. /"
Special loans are being made 70 carry
Northern Pacific.
Tho construction work on the flrst sections
Of the new Gould rosd--the Western Pacific
will cost In the nelghborhood Of SIS. OO0. 900.
This estimate does not include rails aud
bridges, which will add SO. 900 more
The work to be let this coming week involves
the most expensive construction. The road
has been surveyed through the mountains
Of California on.s per cent maximum grade.
and The Specifications call for eighty eight
tunnels Some Of this work will cost from
Sis0oeO to 500. 900 mile. In the opinion
OF engineers who have been over the survey
the construction Of the road will rank among
the crest achievements ofrailway engineering.
when this anthracite coal becomes 10
rare that II can b seen only In museums Of
natural history.. says the New street phi.
losophsr. II suppose We will hsvs TO burn
soft GOAL
Speculative interest In North American
shares b not what Il was four years ago.
when there Wss much mystery over the COM
pany's famous Willard charter. Whether II
was ever the intention Of certain banking
pSople to use this omnibus charter In the
merging Of tho Northwestern ransconti-
nsotal lines 10 doubtful But some Of the
best informed people In the Street thought
there was possibility Of it,'and they became
large owners Of it, stock. When the COM
psny was paying only per cent. In 1909 and
YVES going peaoeably about hc business o.
operating electric roads and lightning towns
IN the West its stock sold up to iA. In the
bear market In 1909 the stock sold down. to 90.
Il broke very sharply when . we'll known
operstor, who was forced TO- scale down bis
commitments In the market. unloaded
hrse line Of Il. The company ID now paying
& psr cont and lts stock has been selling In
the neiahborhood Of par for year It 10
gradually extending IT, field Of operations
through tho middle West. An effort Is being
made now to bull the stock on It's recent acqui-
sition OF coal lands In Kentucky.
Close observers Of tho market believe that
much Of the recent rise has been effected
without any material change in the owner
ship Of the floating supply Of speculative
issues. g.,
Ainslgsmated Copper has been huctuatins
within . four point range for i've weeks.
despite the fact that during this period it,
dividend rate has bssn raised. Individual
Efforts TO advance II or depress II have been
checked repeatedly. The large owners OF
the stock apparently have had no desire to
ses any heavy speculation In Il. The slug
sIshness Of the stock u the more noteworthy
n view Of the strength Of the copper market
and the consequent activity In speculation
10 many Of the leading copper shares here
and In Boston. New England. which hiss
made and lost 70 much money In copper. Is
eating tho fever again. and IL looking for
much higher prices In copper shares. Some
Of the best buying Of Amalgamated recently
has como from Boston. but Efforts OF Boston
operators to make an active market In the \
stock have been frowned upon In New York.,
The -croppsrs- arc very much mixed on
the sprins wheat outlook.
0sk - A. 0<A>l nxnNka haSa hNaA takA0 In