The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-03-29
S9,235,932.94
GOSSIP or Wall STREET.

lllllt lOI INC OICllUk VI bAalilNea lulAbehAeaAAaa
broke loose in the curb market. A bowling
mob surged from side to side OF Broad street
and the police we're utterly powerless 10
restore even a semblance Of order. Men we're
knocked down, clothes we're torn and hats
we're sent flying in all directions. The reason
OF II all was that scores OF brokers we're try
ing to execute orders in Yukon Gold at once.
Sellers screamed out orders often at lower
quotations than buyers were just az noisily
offering only a few feet away, and at the same
instant sales were made at quotations wide
apart--the complete lack OF order making II
absolutely impossible for any broker to deter
mine az any time what was the market" on
the stock. The whole affair was an unpleas-
reminder Of the manipulation Of Nipisslng
TO about Ave times It's present price a year
and a half ago., but was much wilder than
even the widest scenes that attended the
memorable operations in the leading issue Of
the Cobalt group. A conservative member
Of the New York Stock Exchange after watch
ing the frantic trading in Yukon for a few
remarked as he turned away This
bodies no good for the general market"
Many conservative brokers commented
III concealed chagrin on the eXtraOrdi-
nary speculative tastes Of the public. which
a wild market in the stock Of a little
known and only partially developed mining
company. while excellent dividend paying
not 10 mention bonds OF absolute
could he bought Al prices TO yield
attractive returns and afford opportunities
for large appreciation in value before Yukon
Gold ran become a producing proposition.
Here we are. " said a member Of a leading
house. executing orders in a stock that W
nothing about. for people who know
about Il, but whom We could not
induce to buy United States Steel when It
was selling much lower. and who could not
be induced TO buy good bonds or railroad
notes now. We pride ourselves on our ability
TO analyze the affairs Of railroads and TO
express expert opinions on the value Of their
securities, and II Is irritating to find that our
knowledge avsils little when our customers
get infected with the gam bling craze"
Large houses which were g iven a large
number Of orders in Yukon noted a falling
In their other business and thought the
one was a poor exchange for I've other.
Just as Reading. Southern Pacific and
Canadian Pacific had been utilized earlier
In the week Northern Pacific was taken In
aNh NHNNAhaN uilh NhbJfNAFh " AAhillHhlaN
for the rise to give an appearance Of
TO the general list after the reality
disappeared but while some Of the trad.
ers we're still unaware OF its departure. II
could not be said that Northern Pacific proved
a conspicuous success in creating the i'm
that the bull manipulators expected
Of II. At about II o'clock il was rushed up TO
the highest point at which il has sold re.
Gently. but could not maintain its advance.
and the latter fact rather than the revived
rumor Of a special dividend distribution was
what most impressed the traders,
The time was hardly opportune for the re-
vival Of that old Northern Pacific extra divi-
dent rumor. The traders were more inclined
TO laugh at it than TO treat II seriously.
Northern Pacific, they said, lie just now
In money instead Of payin z II out, and
II the road we're 10 take money from the stock
holders and pay It back 10 them a few weeks
in the way Of dividend uncomplimentary
things might he said even II they we're not
These remarks had reference 70
he fact that holders Of Northern Pacific who
have taken their quota OF the new stock will
be obliged to pay an instalment Of I2H per
rent. on April l and 10 the familiar bear argu-
ment that the money TO be distributed In the
way Of an extra dividend would come out Of
The pockets Of the stockholders themselves
instead Of out Of surplus assets Of the COM
pany.
When properly handled the market can b
made 10 appear all right even after distribu-
ion OF stock has gone on TO a very consider.
ible extent. So long a. stocks co ntinue 20
he absorbed the outsider may not see any.
hing wrong. although the saturation point
may be almost reached. The old comparison
the size OF a sponge when filled With
water and the size Of the market when filled
With stocks Ia as apt now az II ever was.
The Street does not appear 10 take much
in the forthcoming Atchison div.
lend. for everywhere II ia taken as a fore.
zone conclusion that the rate will be reduced.
What the rate will be made Is uncertain.
3umor says It will he 5 per cent, and this IL
sirly we'll borne out by the tape. The infu.
nee Of a reduction as a market factor would
on whether the market was rising or
alling whether sentiment was cheerful or
a the moment the announce
nent was made, In this respect New York
%'entral's reduction came al an opportune
ime but, as an experienced trader said, the
natural effect OF that announcement might
be felt II similar action by another I'M
,ortant road recalled It strongly TO mind At
time when the Street was more disposed
o accentuate the unfavorsble than the favof.
factors in the situation.
Republic Steel preferred was worked up
o new high level for the year by the bull
,ool but afterward lost all its advance and
losed at the preceding days closing figure.
10th this stock and the common were more
ctive than In sny other two hours for a long
past.
Al the opening Union Pacific was tipped
o sell at 100 before the end Of the session.
his would have meant an advance Of some
hing moro than a point. The nse did not
nstenalize, and instead there was a decline Of
points. II was the FIRST important instance
D which a bull tip utterly failed 10 make
fact which the traders regarded -
DIVIDEND DECLARATIONS.