The Washington herald., 1908-03-29
WALL STREET NOTES
Curb in PandemOnium Over
Sale of Yukon Gold.
PRICES AT A WIDE RANGE
Sellers Cry Out Orders OF Prices
Lower Than Bid in Other Parts of
the Street-Recnsls Sales OF Nipis-
xiug-Northern Pacific Subjected
TO Manipulation for Rise.

New York. March 2S.-At precisely eight
minutes before the usual time for the
opening of business pandemonium broke
loose in the curb market.
A bowling mob surged from side TO
side on Broad street and the police We're
utterly powerless TO restore even a sem
blance of order Men were Knocked
down. clothes We're torn. and hats were
sent flying in all directions. The reason
OF it all was that scores of brokers were
trying to execute orders in Yukon Gold
at once.
Sellers screamed out orders, often At
lower quotations than buyers were Of
fering only a few feet away. and at the
same instant sales We're made - quota
tions, wide apart-the complete lack OF
order making II absolutely impossible for
any broker to determine az any time
what was the market on the stock
The whole affair was an unpleasant
reminder of the manipulation OF Nipissing
TO about five times its present price a
year and half ago. but was much wilder
than even the widest scenes that at
tended the memorable operations in the
leading issue of the Cobalt Group. A
conservative member of the New York
Stock Exchange. after watching the
frantic trading IN Yukon for few min
utes. remarked, as he turned away:
This bodies no good for the general
market
Juy: as Reading. Southern Pacific. and
Canadian Pacific had been utilized earlier
in the week. Northern Pacific was taken
in hand to-day and subjected to manipu-
lation for the rise. to give an appearance
Of strength TO the general list after the
reality had disappeared. but while some
Of the traders were still unaware Of its
departure. 1t could not be said thar Union
Pacific proved a conspicuous success in
creating the impression that bull manipu-
lators expected of it,
At about II o'clock il was rushed up
to the highest point al which 1t has sold
recently. but IL 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
revival Of that old Northern Pacific extra
dividend rumOr The traders were more
inclined 10 laugh at it than TO treat il
seriously
Northern Pacific" they said. is just
now taking I'm money instead OF paying II
out and II the road were 20 take money
from the stockholders nd pay II back "a
them a few weeks later in a way of a
dividend uncomplimentary things might
be said. even If they were not justified.
These remarks had reference TO the fact
that the holders Of Union Pacific. who
have taken their quota OF the new stock
will be Obliged to pay an installment OF
121s per cent on April !.
The Republic Steel preferred was worked
up to new high level for the year by
the bull pool, but afterward lost all its
advance and closed AT the preceding days
closing figure. Both this stock and the
common were more active than in any
other two hours for a long time past
At the opening. Union Pacific was tipped
to sell at 80 before the end of the ses-
sion This would have meant an advance
Of something more than point. The rise
did not materaliZe. and instead there was
a decline OF two points II was the frs,
important instance in which a bull tiT
utterly failed 20 make good-a fact which
the traders regarded as ominous.