The Washington herald., 1906-11-17
WALL STREET NOTES
Hills Flying Visit to New
York Watched by Brokers.
BACK FROM MELON CUTTING
steady Advance I'm ST.
Paul Comes Tip on Reading with
Desired ERect-RtII Said to De
Seeking katy" as an Offset to
Harriman's New Venture.

Desired ERect-Htu Said to De
Seeking katy as an Offset 10
Harriman's New Venture.
New York. Nov 16-James J. Hill, who
returned TO New York to-day from a
1ying visit to the West, whittier he went
90 tend the melons ripening out in the
Great Northern and Northern Pacific
patch, was reported 10 have satisfied him
self that the two that were the particular
objects of his attention would slice nicely.
About their exact dimensions or the size
Of the portions 10 be dealt out rumor had
nothing to add TO the stories heard hereto
fore, but asserted that the Great Northern
distribution would be made Immediately.
while the holders of Northern Pacific
might have to wait little while for their
portion. The current story regarding
Northern Pacific is that there will be a
distribution Of 20 or - per cent in cash
and stock rights worth about 40 per cent.
1t is not for nothing that Mr. Hill
comes here a few days before the date
set for the marriage of his daughter at
will in all probability be long enough 10
cover the announcement of the Great
Northern distribution, the details of
which have now been practically com
plete. Growing out Of the ore deal there
viii be "a dividend Of 1C0 per cent on
Great Northern. paid in stock of the new
corporation, which viii act as holding
company for the lands. and the additional
details of the sale of ores 10 the Steel
.5rporation will probably show that the
transaction is more favorable 10 the latter
than appeared from the incomplete fig
ures given out 30 aIiay apprehension sew
eraI weeks ago. when it would have been
impossible 10 furnish a complete account
of all the aspects Of the deal
This belief that the full particulars viii
show a better bargain for the Steel cOrpo-
ration than has been suspected had
great deal 90 do with the strength shown
by Steel common at a time when the al
most substantial advances in Great North
ern and Northern Pacific In the last half
hour of trading points strongly 20 the
conclusion that an announcement was
close at hand.
While the buying, which started the
move in Reading. came from one Of the
large Western houses. it was supposed 10
represent the operations Of a pool formed
not long ago by another house which fire.
guently acts in concert with the one that
handled the buying orders. The reason for
the movement appears 10 have been based
on the technical position Of the stock, as
II was found that the floating supply
was small and that there was a short
interest of considerable proportions but
of a kind which might be scared into
making q quick retreat II aggressively
attacked Tt was recognized that an inn
portaut element Of success would be to
have the bull movement 50 timid that
it would dnd the shorts already nervous.
The psychological moment arrived when
St Paul had advanced about y points
in three days and traders had begun TO
inquire where the lightning was ready TO
strike next That there might be little
doubt on this question tips were freely
supplied that Reading would be- the next
to blaze up. and the tips were followed
by the buying orders, with something OF
the desired effect
It seems entirely probable that nothing
has occurred TO affect the value Of St
Paul since the stockholders, at their an
nual meeting. approved the issue Of new
stock which viii be sold from time TO
time to provide the cost Of the Pacific ex-
tension and possibly TO defray the ex-
peUse Of expansion in other directions
~ hile it Is entirely reasonable to expect
that within the next few months rights
viii be given TO stockholders in connec- |
lion with the sale Of a portion of the
new stock authorized. IL appears that
nothing of the kind is now imminent. and
The conclusion has 70 be reached that the
movement has been, To a large degree.
speculative. st. Paul has sold within the
week as low as 1881 and as high as
1879.
il is impossible that both Of these quo
tatiOns could have represented the value
OF the stock when they were made. and
IL is perfectly certain that the former
was too low. It may be that the other
was just as much out of proportion and
that the real value lies about midway
between the two But evidently some one
has used the stock as medium for
speculative operations in the market, and
the stockholders who were not in the
know, are wondering where they come in.
Delaware and Hudson advanced sharp
ly on comparatively small transactions.
and tho rise brought out a runor that the
dividend would be increased next. month.
As high a rate as 10 per cent for the
year was spoken Of. but nothing definite
was obtained on the point. The buying
for some time past was of such a charac-
ter as to foreshadow a movement of some
proportions and therefore the rise did
not cause any such surprise
Those who sold Woolen week ago on
the announcement Of a new issue of pre-
ferred stock. seem to have come to the
conclusion that after all the raising Of
new capital to meet the demands of a
growing business is not a particularly
bearish argument.