The Washington herald., 1906-10-09

bulls on Snlelters just before that COM
pany issued its annual report. which sent
the price OF stock down rapidly, to the
deep disappointment Of quite a large por-
ton Of the speculative trade. The pr0ba-
bility Is that advantage was then taken
of cheerful snticipatIons regarding the
Shelters report to sell stock. and it may
be that the same people are now taking
advantage OF the widespread expectation
Of an increase IN the Copper dividend for
a similar purpose.
Many brokers spoke Of the rise In Erie
as significant. but what its special signif-
cameo is none OF them seemed TO know.
They would like 10 see the stock move
that was made plain by the tenor Of their
remarks-becaUse little money suffices 10
carry IT, and it is about as meTitOTioUs
as anything else in its class. As a rule.
Erie is popular with the traders on ac-
count Of its broad market but its action
yesterday indicated that large interests
were not inclined TO encourage an active
campaign just at present. Conservative
interests IN the Rock Island Company
only say Of the movement in the stock
that a buyer with the price who puts
even the common away will make a hand
some profit within the next few years
The position of the stock is compared
with that Of Southern Pacific years ago.
and il is predicted that after the property
has been built up, dividends can be paid
and maintained permanently
In anticipation of a very favorable
showing IN the annual report. which viii
be published in a few days, Union Pacific
moved up sharply in the first hour. and.
with fitful bursts Of activity. maintained
fair strength throughout the day One
Funor had it that the report would show
earnings Of y per cent. representing a
profit Of l3 per cent from operation and
S per cent from Investments. This would.
Of course. be considerably better than was
indicated ut the preliminary statement
published At the time OF action I'm the divi-
dend. and could not be regarded other
wise than as full cause for the advance
in the stock.
Not tho least interesting part Of the
document viii be that which relates 10
the roads investment in the Hill stocks.
as there have been many contradictory
rumoTs in the past few months regarding
the extent 70 which these have been
changed II has been a favorite theory
in some quarters that the ore deal was
held UP until Union Pacific had disposed
Of its holdings OF Great Northern. but Mr
Hill denied weeks ago that he would have
any objection % the Hartman line pur-
chasing the profits of the transaction. At
the same time. however. he expressed the
belief that Union Pacific had already re-
duced TO a comparatively small amount
its interest in the stocks OF his com
panies. So much has been heard recently
about 4 change IN the manipulation OF
Missouri Pacific that one Is almost Jed 70
believe that il Is on manipulation alone
that any hope Of advance in the stock Is
founded. The insiders do themselves and
the stock an Injustice by creating such
an impression. The time was when a
movement IN a stock could be made sue
cessful merely through manipulation and
the dissemination Of tips 10 buy. But this
has changed, and so much discrimination
IS now pTacticed in Wall street that only
stocks Of established merit attract an in
1uentlal following. If the Gould interests
hope to win back popularity for Missouri
Pacific they must begin at the other end
by putting the road IN n state of eff
cheney 10 compete on something Ike equal
terms with its more progressive neigh
bOrs.