The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-16
GOssIP or WALL srREEI.

~ ~ - VNOhtN
could not resist the temptation to turn them
into cash, but the market took the realizing
well. large interests being still apparently
committed to the bull side.
It is estimated that the amount Of cotton
now on shipboard waiting for clearance at
American ports is fully 4oo, 900 bales. q volums
almost unprecedented while the money value
is greater than that represented in the ship
ments made in any past week in history.
This tremendous export movement must
in time be reflected in the exchange situation.
various kinds tends at present to nullify its
effect.
Wide circulation was given TO a tip that
Union Pacific would soon be moved up be-
yond the 200 mark. Those who asked for
reasons were told that. the interests which
advanced st. Paul would take Union Pacific
next. II this did not satisfy lnQuirers no
further EFFORT was made to influence them. IL
was merely q case Of asking the traders to
buy because certain interests were buying
without Offering any proof that the latter had
sound reason for their attitude on the stock.
and OF course without assurance that IL
these afterward decided to change their
position they would make the fact known.
Apparently the technical position In Union
Pacific is rather favorable to a rise. Many
weak accounts have been closed out since
the publication Of the annual report and a
considerable part of the trading element
has been on the short side since the Inter-
state Commerce Commission announced its
intention OF inauiring into the relations be-
tween the Hartman roads and various mat
tiers connected with their operations. This
may prove strong enoush to enable the bulls
to make good their prediction, though Il
requires q good deal Of optimism to think so.
There is a very great difference between
q movement in 81. Paul and q movement In
Union Pacific. and int ests which made Q
great success Of the one might only achieve
moderate success in the other. st. Paul Is
so nearly cornered that Standard Oil inter ests
can do anything with IL they want to in the
way Of moving up it's price. although pru-
dence demands that nothing shall be done
which might prove a disturbing factor in the
market. With Union Pacific 1t 10 different.
The stock is widely distributed. and while,
OF course, IL might be possible to move the
price up Is points or more. the amount of
money involved In SO great that even the
interests which put up st. Paul may hesitate
about attempting it under existing conditions
OF strln gency.
MaxweII Edgar. attorney for the city Of
Chicago. c~ontendinz that the stock Of the
Peoples Gas Company should be assessed
at par for taxation purposes, expressed the
opinion that IL is worth 800 q share. Opt
mistic claims In regard to the value Of Peo-
Piles Gas have often been made In Wall Street,
but never anything 40 wildly optimistic as
this. II is probably safe to say that IL the city
OF Chicago made an offer OF anything like
that price for the stock IL could get control
Of the com pany within an hour. and II only
a single day was allowed for deposits, all the
police in the downtown section could not
maintain order in the rdsh Of otherwise or
derby citizens to get their stock in within the
time.
The insiders in Peoples Gas could hardly
be expected to disregard the argument for
higher prices unwittingly placed at their
disposal by Mr.. Edgar. and they promptly
proceeded TO make use of Il, with the result
that the stock was one Of the strongest fea-
lures OF the day. In the judgment Of the
Street the price is not high at this level. though
the stock IL too much of a speciality to attract
much speculative attention.
Sir Thomas Shau ghnessy, who like Mr..
Hill never knows anything about the stock
market. says he is glad that the public is
beginning to realize the value Of Canadian
Pacific. This is very much like an assertion
that the movement to 200 was In the direction
of values and that II has not reached It's end
yet. The president Of the road did not go
into any details to show on what grounds
he apparently considers Canadian Pacific
under price at 200. considering that it pays
only Q per cent.-disregarding the I per cent. |
extra to be paid next year from the proceeds
of land sales-but there are a number OF
facts which Wall Street can call to mind TO
supply the deficiency. The similarity OF
the roads results to those OF the Hill lines
which are now distributing valuable rights
to their stockholders, the wonderful pros
perity OF Canada. which promises not only
the maintenance but q large increase OF the |
present volume OF trsffc. the appreciation
In the value per acre Of the oompany's lands
similar to that which caused the great rise
in Hudson Bay shares-these are considera-
tons which with the present large mar gin
in earnings beyond dividend requirements
give to the stock Q real value far in excess OF |
the measure OF q rate OF distribution which |
will either have to be raised or supplemented
valuable rights before long-in order
that stockholders may adequately particle
in the prosperity Of their company.
Selling ex sentiment the Hill stocks in the
opinion Of conservative banking inter ests
are very well worth their present prices. It is
longer necessary to ask what the name Of
Mr.. Hill figures at in the price Of Great North
ern and Northern Pacific. This factor has
now been eliminated. There are assured
Z per cent. dividends. present rights Of great
value. the prospect Of enormous expansion in
busine ss through the furnishing OF new facili-
and q promise Of further rights In years
to come. Inc weak speculative account Il
opened in these stocks in anticipation Of the
has now been forced out and the float
ing supply has been gathered into the strong
hands which have always been the largest
Some doubt seems to exist as to whether
ST. Paul can issue more preferred stock on
account Of the limitations laid down in it's
charter, but the matter has already been
decided. as an additional issue Of
900, 900 of this class OF stock was approved
at a meeting OF stockholders in October. At
the time this action was taken IL was pointed
out that there was authority for It in the
Wisconsin law which allows issue OF the stock
Tor construction or purchase Of new road,
for additions and improvements, equipment
and real estate.
"A very important element Is the delay OF
in loading and unloading cars"
says a member OF the Interstate Commerce
Commission speaking Of the car shortage
the commission, presumably at the d.
rection OF President Roosevelt. has requested
he railroads to alleviate. Here is delightful
Inconsistency. The roads are asked to rem
edy q car shortage which lis not primarily a
lack OF adequate car capacity" at all. The
great trouble is that there Is such congestion
at terminals that the inability to have cars