The sun., 1908-05-03

or to 70 long on top " this advance, Neither
would appeal to me and think there " not
enough sporting blood In the street for much
Of either think the short interest has been
reduced to email proportions and know that
the public has ceused to buy sud IA beginning
10 sen"
All over the Street there were stories or
large short interest In ~. Paul which would
like TO settle privately but would not get an
opportunity to do So Its only means of
retreat, II was said, would be through buying
In the open market what II required fOT The
covering OF ito contracts. The stock, aC,ord-
ing TO rumor, was practically comered and
some hOuees claiming 10 represent large i'll
terests made II known that 80 far az they
were concerned no request for private settle
ment would be aoceded TO nor would they
lend the stock except as a great favor. They
also intlmated that they would execute no
bear orders in II either for other firms or for
their regular customers.
The current talk OF corner IN ~ Paul
very much resembles that heard IN " fal
Of 1905, when the stock sold up to within a
fraction OF 200 and established its highest
point Of record. The oulnlnstlon of that
advance was followed by heavy decline
the need Of = short interest ~ sustaining
factor being severely felt
Even II the large interests ia ST. Paul we're
willing to permit a corner In the stock some
brokers doubt II suoh y condition could be
brought about There was heavy distri-
button Of st. Paul last year, and while most
Of what was distributed went into the hands OF
investors II IL oontsnded that the greatel part
| Of II would again come into the street II the
rise In few months discounted the improve
ment In the oompAny's affairs that WAS eN-
pectod 70 come only at the end Of year .Of
more. The bargain hunter " prone 20 sell
| out on large advAnces-he has now seen a
rise OF over ~ per cent In the price OF 81.
| PAul-Rnd 10 put himself In shape TO avail Of
| future opportunities Since the panic last
| fall the 81. Paul road has In one respect
gained matsrially--this too IN a way from
which other roads have secured relatively
much less benefit. 81. Paul's new line TO the
coast has been made a less expensive enter
| prise on account OF the reduction Ia the rates
OF wages and Of the prices OF lumber aud
other commodities since last October, The
road had the money 10 keep right on with the
work. and the result is that the total cost VI
the enterprise will be much less than the clos
est hRurinE could have indicated eight or niue
months ago.
| The traders are beginning to read bull
| arguments In one anothers faces. He
looks Worried--henoe he must be short ol
the market and In line for the squeezing
process. Such the remarks and such The
deductions Precisely similar remarks were
made during the panic last year. but the de-
duotion then was that the worried individual
was long Of stock and was likely to be forced
to un load II Ia a cruel game-this Teadinl
a mans troubles in his face and then doing
every thing possible to make them press NOR,
heavily upon him-but it Is part Of the life
Of Wall Street and every broker who enter
into II knows Just what to expect Some oI
those who were the least spaIing Of thtll
victims IN October last are the victims now
betraying themselves in just the same way
At times like those or these the smile thai
won't come on might be worth great d-6l
Union Pacific. ST. Paul. Southern Pacific
and Northern Pacific made new high record
for the year, and the same WAS true of sonu'
other Issues Of less promin euce. The stock'
that we're the strongest were also the mos
active, and for the mo vements in all one OK
PLANTATION was given that the short Interest
was large and the floating supply compara
lively small.
Southern Pa cihc, which on Thursday wal
tipped to sell at s2 before the end OF thai
days session, has not yet reached the figure
named. though il came very near u yester'
day. ceiling at SIX and holding strong unit
the close In this stock as in st. Paul. Il wa'
said that some houses credited with Carryinn
large amounts made no secret OF their inten
ton to refuse 10 lend 1t and to make the posi-
ton OF the short interest uncomfortable u
every possible way.
There we're rumors Of further dlficulue
on account Of com mtrnents on the bear sid
in United states Steel. but | n quarters SUP
posed 70 be we'll informed II was asserted tha
no fragrant manipulation for the elimination
Of the short interest would be tolerated eyel
II large interests had TO release a lot Of stool
10 prevent II. IL was stated on APPARENT,
good authority that the roll of stockholder
now contains 9S, 900 names as compared will
as 600 a few weeks before the panic, the pub
lies appreciation Of the value Of the stock
being shown by this increase in the number
Of stockholders.
An old bear account got saueezed IN Mis-
souri, Pacific. When the stock broke belo'
80 in February a number Of Spectators sol
| IL short for investment on the ground tha
no further dividends either In cash or stoc
we're likely 70 be paid and that the roa
would have difficulty in escaping receiver
ship. The decline. which reached its loves
depths then, was one OF the most spectacula
Witnessed even In that period Of almost CON
plete Generalization. for between the hig
point OF December and the low point Of Fet
ruary the price was almost exactly cut /
half, while as compared with the high OF an
Of the years from 1901 to 1905 the marke
value OF the stock showed a shrinkage O
about rs per cent. The bears now recognz
that even an unpopular stock can becom
oversold,
The market was narrow and brokers Wh
had orders In some OF the inactive issues sal
il was not as easy 70 sell stocks as II had bee
earlier in the week. Even In the most activ
issues there was not as good a market in III
second hour as there had been in the frs
but there was said to be comparatively lttl
pressure at any time. The second hour
business amounted TO only about half Of th
first hours total
BUSINESS TROUBLES.
Creditors Seek to Put the Tyler Lumb,
Company Into Bankruptcy.
A petition in bankruptcy has been Me
, against the Tyler Lumber Company, mani
A.