The Washington herald., 1907-09-07

New York, Sept 6-Probably no other
rumor played an equally large part in
shaping speculative sentiment with the
story that following the declaration Of an
extra dividend of per cent on Burlington
stock, the Northern Pacific would declare
an extra distribution AT the same rate to
the stockholders Of the latter road.
1t was said that acticr of that kind
would be taken at the next meeting of
the board. but in no quarter was there
anything like official sanction for such
reports. although many brokers professed
entire belief in them.
1t Is the general opinion that Mr.. Hill
has a promising little melon hidden away
in corner of his Northern Pacific patch,
although he has not declared his inten-
tions about it. Whether he will cut il this
fall or. In defiance Of predictions of a
hard winter. carry it through to another
year. only Mr.. Hi at present knows.
But what Mr.. Hill knows and what Mr..
Hill does generally suits the best interest
Of the permanent stockholders in the
Hill roads. and 10 class Of security
holder is more completely satisfied all the
time.
The trader who knows for a fact that
Northern Pacific is to pay an extra divi-
dend and who processes to have infOrma-
ton as 10 exactly what viii be the rate
and the time Of declaration, and the room
is full of such, does not Ike 20 be re
minded that he knew nothing about the
Burlington distribution until hours after
the declaration was actually made, and
until the Wall street news agencies. in
this instance very slow IN publishing the
news, had printed it on their tsckers.
His present information" may be
merely the result of efforts 20 reason from
cause TO effect. ending In the finding of a
pleasing conclusion cOincident with the
market position OF the moment. Between
the prices al the low OF Thursday and the
high Of to-day there was sufficient dif-
ference 10 bring back the long vanished
smile 70 the face of many a man who has
been hung up" with stocks.
Union Pacific is intrinsically worth no
more now than II was three days ago,
but current quotations represent an ad-
vance Of about S2OOOO0O In the market
price Of the common stock.
The gain is, to a certain extent, a
measure Of the restoration Of confidence,
and it could all be wiped out by word
from Oyster Bay.
Sometimes eloquence costs high. though
It may te only the other fellow who
suffers.
Buy Union Pacific for 40"
That was the principal bull tip. and
everybody had it. There were. however,
so many others as 10 make it perfectly
clear that. though other lines Of enter
prise might not be as active as could be
desired. the tippers' trade was far more
being dead. In simple justice 20 the fol-
lowers of the calling 1t must be said that
the tips made good to a very fair extent
OF course, no trader who bought Union
Pacific at, say. l32 intended to keep 1t
until the stock cached 40 Buy Union
for l4G" meant u buy it as low as pos
sible now and II will soon reach 40. But
all the professional trader expected from
the tip was that it should be good for a
turn Of a point or thereabouts, and so he
found it within the limits Of the session.
If there was any really good buying in
the stock, close observers Of the trading
failed 10 trace It, and the rise was in
large measure made at the expense of the
short interest.
The familiar rumors Of a change in con-
troll of the property were passed around
but had become so attenuated from fire.
quent use that they made a rather sorry
showing.
Delaware and Hudson jumped points
at a clip on a sale Of 100 shares, and
L.ackawanna, on an equal block, doubled
the performance.
The way these stocks jump. said a
manufacturer who saw their action on
the ticker, reminds me Of the way we
have been treated by the market for an
thracite Of the steam sizes.
It has fairly jumped all over US
MINING STOCKS.