The Washington herald., 1907-10-03
WALL STREET NOTES
Boom in st. Paul Followed
by Rise i'll B. r. I.
IS OPTIMISTIC


western Union at Peace - Call
Money Rates Up-PFedIeted L. L.
VIII Sell at Par within 90 Days.
New York. Oct At is a long way
from Brooklyn to the wheat fields of the
Northwest. and the difference between
the business Of the Brooklyn Rapid
Transit Company and the Chicago, Mil
waukee, and St Paul Railroad is fully
as great. yet the rise in the stock of the
latter on Tuesday furnished the princi-
pal reason for the advance in the stock
Of the former to-day.
To understand how this came about it
| is necessary to know that certain opera
/ tors who sometimes handle business in
St Paul for Standard Oil interests
/ often engage in operations in Brooklyn
Rapid Transit on their own account.
These operators. acting in this instance,
not for Standard Oil interests. But en-
tirely on their own behalf, seized the
opportunity afforded by the interview
given out by Mr.. William Rockefeller 20
make a turn in St Paul by squeezing
the shorts, and the ease with which they
/ succeeded IN this induced them TO try
their luck in their own particular favor
/ ite In this they found II comparatively
/ easy TO advance the price, but they
neither unearthed a large short interest
nor attracted a following on the bull
side
/ The argument used in favor of an ad-
I vance in Brooklyn Rapid Transit was
that the company would find compliance
with the orders Of the public service
! commission a comparatively easy mat
/ ter, and that with the present inquiry
into traction affairs in Greater New
York out Of the way. the stock would
! be placed on a per cent basis.
7 do not wish TO encourage specula-
/ tive movement in the stock" said Mr.
Rockefeller in his statement regarding
/ St Paul, and the street believed that part
/ Of the interview implicitly, even If more
I or less skeptical about the cheerful fore
casts made on dividends and other mat
/ ters But II Mr. Rockefeller did not wish
/ TO encourage "A speculative mOVment in
/ the stock, that apparently did not deter
operators supposed to be in touch with
/ the Inside" from making a speculative
movement. nor did his cheerful as
surances prevent some interests from TAX
/ ing advantage of the rise In the price to
/ let out some stock
/ The statement was made on apparently
good authority that within the last two
months there has been an increase Of
/ about $50 in the number Of stockholders
In the Chicago. Milwaukee and st. Paul
and il was also stated that within the
same time about 500 names have been
added 20 the list Of Great Northern stock
/ holders The small investor has inn
proved this opportunity.
The announcement that a contract had
been signed between Pennsylvania inter
ests and the Western Union Telegraph
. Company. whereby the latter would con-
tinue 20 operate over the lines OF the
. Pennsylvania system 90 the west Of Pitts
burg had no influence as a market fac
. tor.
No stronger statement Of the effects Of
political hostility 10 the railroads has
anywhere been made than that attribut-
ed 10 President Ripley, OF the Atchis0n.
who has been represented in Paris dis
patches as saying that money for rail-
read building could be obtained if the
attitude Of the public toward the roads
were different. but as it was he would
not advise his friends 70 invest their
money in that way.
/ Call money rates rose as high as S
per cent. and # was said that after the
close Of the market as much as 10 per
cent was paid for this kind of accommo-
6auon 1t was rmOred that the COM
merCial interests were meeting with Un-
usual difficulty in obtaining their re-
/ quiremenls. and. according to rUmor. the
inability of real estate interests TO obtain
/ accommodations threatened unsettlement
Of the market for this kind OF property,
not only ln this neighborhood. bat IN 9th
er cities. Altogether the feeling in regard
20 the money situation was not cheer
fUl.
In quarters notoriously bearish, the pre-
dictlon was made that Union Pacific
would sell at par within ninety days, but
in view of the origin Of this prophecy no
one took the trouble 70 inquire what it
was based on.
Bear pressure Is in evidence in the lead
ing industrials, United States Steel,
Amalgamated Copper, and American
Smelling and Refining, and all these is
sues lost considerable ground on the day