The Washington herald., 1907-10-01
WALL STREET NOTES
Hill Urges Ship Canal from
ST. Paul to Duluth.
TRADERS BEARISH AT OPENING
over 10 Bull Side as Day
Advanees-NO New Road Can Gain
of Cost of TerminRIs-Big Buying
and Selling of United States Steel,

New York, Sept. S0.-Wall street read
with curious interest an interview given
out by James J. Hill in Minneapolis. and
apparently intended for home consump-
tion," in which the railroad king OF the
Northwest gave expression to some very
remarkable views on the transportation
problem.
Right at the outset of his very enter
tanning statement Mr.. Hill said he was
glad that the inland waterways commits
sion had visited the Twin Cities. even
If it did not stay long, for the after ef-
fects will be great"
What the after effects may be he then
outlined. a deep-water channel from Du-
luth to St. Paul and a ship canal from
Chicago to the Gulf of Mexico. Mr.. Hm
discussed the difficulties and objections.
and said: If a canal cannot be built
from Chicago to the Gulf. let one be
made. at least. from st. Louis. Such a
canal would be worth as many Panamas
as you can imagine"
In a very masteTful way. in very pic-
turesque interview. Mr. Hill told how q
new railroad seeking an entrance into
New York would have 10 pay more for
terminals in this city than would suffice
for the purchase Of control of any rail-
road now operating between the two
points
Some time ago" he said, Il asked a
real estate man what Il would cost TO
get a tier OF blocks one of the narrow
est. from the Harlem River to Thirty
third street, and he came back in a week
and said that S55o'0-o'oOo WOULD not do it,"
When the market opened to-day every
trader was bearish. An hour later many
Of them had changed over to the bull
side. The reason that induced many OF
them to make the change was that they
had discovered either through some leak
or by process Of induction. that Tie.
President In his speech at Canton would
not say anything likely To disturb the
market. Such conclusion seemed most
natural In view of the fact that the
talk at Canton was to be a memorial
address.
There was big buying and big selling
Of the United States Steel stocks. In a
sense. this might be said OF any day
which the stocks are active. but in the
sense in which it was used to-day 6,
meant that there were heavy buving
I orders from some quarter, and as heavy
selling orders from other sources with tha
] buyers as anxious u acquire stock as tha
sellers were TO dispose of it, The buying
did not inducA the selling nor was il
that the former was a necessity forced by
the other.
Perhaps nothing else in the whole
market disappointed the bulls as much as
the heaviness OF Union Pacific This
stock. which, on its dividend returns was
the cheapest on the entire list, not only
failed TO lead the rallies. but at all times
/ IL Jagged c0nspicuously For this un.
/ satisfactory action no good reasons were
heard
Canadian Pacific sold as low as I5T and
as high as III, marking a range Of u
/ points within the limits Of the session
/ The significance Of the action Of the
I stock IS that while the rise was mainly
accomplished by manipulation Of the
short interest, investors have so strongly
maintained their position that the floating
supply in the street is not sufficient a
meet the borrowing demand whenever the
/ bears venture TO sell Canadian Pacific as
| freely as other stocks on the list