The Washington herald., 1908-02-20
WALL STREET NOTES
Missouri Pacific Down to
New Low Mark.
UNION IS ATTACKED
Telegraph stock ReRcheS 81, the
Lowest Price Touched Since 1870.
katy" - Favorable Announcement
from Union Pacific Expected.

New York. Feb. Bon at least one
important stock the traders were flip
PANTY bearish to-day. When in doubt"
they said. "sell Missouri Pacific"
Sell it If you OWE it, sell if you don't;
sell 1t and remain on that side" Such
was the talk and such was a large part
Of the selling. But there was other sell
ing which was probably responsible for
the sort of comment that the traders in
dulged in. Good selling il appeared 10
everybody. but some shrewd operators.
expressed the opinion that Il was sus-
piciously good.
The last time Missouri Pacific sold be-
low 80 was in 1895. The stock was then
on the way up from 10 the low point OF
the preceding year-to 124 1-2 the highest
point in its history, attained when divi-
dends were begun In 1901. The declara-
tion OF the dividend marked the high
point Of the advance. The big pool in
which were some Of the junior members
Of the Standard oil party, then began TO
unload and IL has ever since been a much
discussed question whether the renarka-
bic bull operations In the stock achieved
a financial success.
George Gould's scheme. that under no
circumstances would a receivership for
Missouri Pacific ever be permitted, start
ed the old-tiElers on discussion OF how
often tine family had provided for the
financial needs Of the property out Of
their own resources. and some Of them
said they could recall four different occa-
sions on which this had been done ORe
point there was unanimity-that Il has
been done in 1897. when the stock sold as
low as 10. and that the succeeding rise
caught half Of the flock OF lambs IN
Wall street playing bear
With Western Union selling as low as
Al. the lowest price since 1870. when it sold
at 3ol5. holders Of the convertible bonds.
who received practically their fun aIlOt-
ments when the underwriting syndicate
was dissolved a few weeks ago. are trying
10 figure out the value OF that most in
tangible Of assets-the conversion privi-
lege
Missouri. Kansas and Texas. It was said.
has been ordered by the railroad commis-
c4oA4 VI AtAao ~ -ANtll w Us lLolll SCI 4 lCt
The passenger trains do not travel fast
enough for the railroad regulators Of that
State. The action taken shows the i'm
pressive uniformity OF railroad regulation
in the West. for not long ago Missouri
Pacific was ordered by the railroad com
mission Of Nebraska not 10 run passenger
trains at a higher rate Of speed than
twenty-five miles an hour.
There was vague rumOr that some
announcement favorable TO Union Pacific
would be made in the near future. and in
some way il would relate to Illinois Cen
tral. Nothing. however was said on the
subject by any member OF the Illinois
Central board who attended the monthly
meeting Of the directors OF this road.
Northern Pacific sold on Tuesday OF las,
week AZ HIS. and. despite extreme weak
ness at several points in the market
meanwhile, has not sold at that price
since. At its highest yesterday II showed
an advance OF nearly five points. and
although the rumOr that a large extra
dividend would be declared in the near
future found few believers among the
traders, some experienced operators ex-
pressed the conviction that the great
strength OF the stock portended something
Of Importance. though fl might not occur
I'm the very near future. The stock closed
at the highest point Of the day, and al an
advance exceeded only by Union Pacific
and Reading among the active issues.