The sun., 1902-10-26
GOSSIP or Wall STREET.

GOSSIP or wall STREET.
In international banking circles II is
estimated that foreign loans amounting TO
NOR" than $i3ouoUO0 were paid of last
week. The money, of course, had to be
borrowed here. The question whether it
would lie more profitable TO cancel the
matuIIng obligations or renew them Is said
not to have entered largely into these Trans
actions. Inc creditors abroad wanted
tnem cancelled.
An uncommonly large speculative inter-
cst, it is reported, has Appeared lately in
the foreign exchange market. II il cou-
fined almo-, exclusively to the international
banking experts, tut they have found the
field to be more attractive than usual ow ing
80 the violent huctuat ions Of exchange rates
lately, and are said 70 have leen conducting
>pcCdlatlOnS on very large scale. More
than once this past fortnight their opera
tion~ have upset the calculations OF the
foreign exchange market critics
Margin traders who are bullishly in
clined complain that they find it difficult TO
buy the market Their broh..- discourage
them, no matter how excellent their in
formation or theories may be- The run Of
commission houses are said to he poorly
provided with time money, which would
explain thei~ extreme reluctance 10 take
buil accounts. Margins Of Is and 20 per
cent are required where ordinarily to 10
per cent would do.
Tie unmanageable room crowd" is
having It's inning Not long ago il was a
great Joke In the Street that the room
traders resisting the summer and early
autumn rise, had loat a great deal of money.
Room opinion came al length to tie dis
credited, and many outside traders learned
to play against II because IL vas so notori-
Ously wrong Tie room traders who have
made tiIp big money on the decline are those
who trade not upon luctuat ions, but upon
market conditions, and these no ordinary
margin speculator could hope to follow
successfully. There are traders in the room
who are never bears, but who go short of
5000, 10000 and 10000 shares of stock at
what they consider the top Of bull market
and stay short a year If NJ Cessarv Several
men of this class keep bank balances Of
anywhere from SO0,0O0 to 81 ,vo,o1. The
room crowd almost lnVai idbly opposes
the prevailing sentiment. This is partly
sc'ptici-m and partly the -hrewd CalCu-
latiOn that in Wall Street the ma Jority AZ a
rule is wrong.
II is current rumor that the Hooking Val
ley has passed into Penns ylyana Railroad
hands Apparently there has been no effort
To make speculative us" Of the report. A
detail Ma. supplied yesterday. II was that
th" Morgan holdings OF Hooking valley
stooh uda pet'' tuii.su over 10 rshnTHl'ailla
obainable. Trading in Hooking Valley
stock recently has been small IN volume
and negative in character.
a., Ko,,a,- s,lI1,or. ,,ndors,ard that
be is in a waiting attitude,
Tine first thirty quotations after the
hank statement, with but three or four
exceptions. were down. The market,
response 10 the bank statement was dis
appoipting TO bulli,h taps reader-, many
of whom were unwilling to believe that
tho weaknuinr of stocks was due alto
rrroe,. some .nsrectcd inJs,.d that
IN, hiy bear interests had instructed their
brokers TO offer stocks down around the
room IN the event on thc statement being
ko,I IN .'u'r 10 '""' 'hc ''ee vi ou'''>h
sentiment
Tie short interest i believed TO be
b,ovias, in Missouri Pacific A,cbisop
r.;'.. paaisa p,i,i,,o.a a,,.i nt;a i
u''l 10. ,Tp nr ". r,' o,' an
WV "I,, ,GIar, - ,i ot'i,;. 70 .'i'r o.
Wv ., ,,,n"r ~, W an, W. '''''
a. "'0''' '''' ''''''''
The Gatp,-Uawl"y party is To Judge
rr,,, It, pr;,atc ,vnr,-sio,s ahidip,Iv
IN. n,. , -
hulN'h on n""'''''' ana oh'o ana NOR
f"lh ana WESTERN Whatever may DE IT.
,no., 6ourn of The Gates nartv L.s b.non
telling III. friend, that Baltimore and Ohio
will cross New York Central The Gates
people pooh-pooh the idea that they were
Norfolk into the I per cent class They
insist stu that the stock VIII be promoted
- af per cent Nlu,uu paH's'
I, ,.o.. ~, L,,,i,, ~, ,.o,,Il L-,,.,,,., ,,,,
-, p.aic, .i,.,,,,.,, ~, L,,. -
i'N"7 "''''N "'N'''.'" ~ ,'"'P'S III ''e