The morning journal-courier. (New Haven, Conn.) 1907-1913, 1908-08-27
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WALL STREET NOTES
Dull, Featureless Day, But Or
derby, With Advance After
Midday.
NEW HIGH MARK IN S. P.
Lively Speculation In 81. Paul Ex-
pectcd--Rumors of Further
Failures.
NEW HIGH MARK IN S. P


pectcd--Rumors Of Further
Failures.
The feature OF the morning was tho
extreme dullness. the total to noon
was only 80, 900 shares, with $4,000 In
the second hour This state of things,
following the quietness of Tuesday, al
though 1t was popularly supposed that
there was a very large outstanding
short interest puzzled the street"
Fluctuations during the morning, with
few exceptions, were within a range OF
IL to "a point. American Smelling.
Canadian Pacific and ono or two 9TH
ers, wero exceptions to the rule. Short
~ after o'clock stocks started up
again under the lead of Southern Pa
cnc, which was followed by Reading,
Union Pacific and United States Steel
There appeared to be a scarcity OF
floating supply. and the market adj
vanced easily for a time. Many were
asking whether 1t was finally decided
IU klNt TIE SHUTS dHnIlltI lfFSHllt VI
whether the purpose was to keep the
market headed upward, merely to re-
assure the public that nothing of
disturbing character Is likely to hap
pen. Further advances in stocks were
made during the last half hour, clos
Ing prices IN some cases. notably the
Canadian issues. being near the top.
Southern Pacific reached a new high
record.
There has been a good deal said
lately about st. Paul facing the prob
lem Of paying per cent dividends on
its entire capital stock, all of which
will be outstanding in March next
The amount will be s232, 1000 and
in view OF the doubts expressed the
calculations made. and the opinions
held that St Paul would have worked
up to as good a position as Chicago
and Northwestern II the outlook were
clear, there are expectations that the
next few months may see a very live
ly speculation In st. Paul
Inc Sltttl BpoSip ilbu ~ llldl Suilt
curious complications arose from the
buying In of stock for the account of
A. o. Brown e. Co, because of the
feet that the certificates delivered, in
many cases, were in the name OF that
firm. This was said TO be the case
with the firm which closed out such
contracts on Monday. When 1t found
he Il fta, L., . l,a
stocks In again. 1t bought in twice
the amount Tuesday. BY reason OF
the facilities extended by the banks
yesterday for strengthening out the
clearances Of stocks, the readIustment
made rapid progress yesterday. The
trouble is expected to end soon.
The sharp advance in Canadian Pa
ciflc was believed to be due to the re-
ported failure of the strike on parts
of that system. The stock was one Of
the most active on the exchange.
The Rock Island report for June
had one favorable feature, namely, that
although gross receipts fell off enor-
mously. the decrease being $1.151,242.
operating expenses were reduced
enough to make the net loss only $54,-
9S5. In this respect It was like a num-
Der of other important recent re-
ports.
There were very definite rumors
yesterday morning that another fail
ure was expected, but George w Ely.
secretary of the stock exchange, said
that no further trouble was expected
ss a sequel to the failure of A. o.
Brown e. Co The rumors however,
would not down" and two houses
were mentioned which have been es-
pecially identified recently with we'll
known plunger in both cotton and
stocks He is said to have favored A
O. Brown &, Co. with some business
last week. as result of which he is
indebted to them over 100000
Expert brokers expected Tuesday
sensational movements in Smelling,
Rock Island and other stocks by rea-
son of the supposed enormous short
interest, and perhaps a sharp rise yes
terday. They were greatly surprised
to see abundance OF Smelling offered
during Tuesday afternoon at 95 and
thereabolts, to those brokers who
were buying in the stock for the ac-
count of the suspended firm. with wit
nesses Plenty was to he had yester-
day at moderate prices. The question
was asked by many: who supplied
all this stock at moderate prices, IN
stead Of exacting much higher figures
as might have been done?" Brokers
were asking how It, was possible for
the shorts to buy in their contracts so
easily. This was the most discussed
question on the exchange.