The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-04
GOSSIP OF WALL STREET.

consideration Many OF chem took the br DAD
| position that. irrespectiv Of election results
the marke: simply cannot he advanced In the
face OF gold exports. which everybody now
comedies TO be Inevitable. II Is represented
| by these authorities that the market IL not
In position TO respond 70 Republican sue
| cess. as many have hoped 1t might. whereas
| on the other hand II is likely to be formally
| sensitive to Democratic victory. The
talk around the Street yesterday was pessi-
mis,ic 10 a remarkable degree Much Of ii
was along non political lines. One large
| wire house. that took the bull side OF 'he
market on Thursday last after having been
bedri-h Tor seven weeks has changed back
| again and * now discoura cing purchases
| on any account Another large wire house
advised Yesterday that the market he sold
| on all strong spots. no matter the election
| Only one important wire house Is known
| TO have bought stocks on balance. Local
commission houses did nothing TO speak Of
| The Nanderlip speech Is ST Ii subject Of
| lively discussion in stock market circles
| Friends of Mr.. Nanderlip say this speech
was u conservative expression Of his views
! Banking authorities approve of Il In their
| private comments. Banking opinion. in
| decd. is apparently more bearish than Wall
Street people have imagined.
| \ certain undPs irnbl" notort"ty invariably
| attends the initial eNport'tion OF sold in such
| q market situation as this. and International
| banking interests. therefore. are reluctant
| TO begin shipments until the margin NJ profit
| "a large enough to outweigh fine scrupl"s
| Except for this and the concerted desire
| of certain class Of bankers to put of eN-
ports until after the election, gold almost
| certainly would have gone ere now, accord
Ing 10 competent exchang" ant Noriti's
| II j. feared. however. that the movement
will begin immediately after election, pos
sbly via next Thursdays fast steamer.
| II l. suspected that somebody has been
| liUuiiating n considerable line Of ReadinG
| common under cover Of Wassermans bid
ding
Monday morning declines have como to
he expected II seems 10 have become the rule
for volume Of selling orders to accumu-
late over SUNDAY. the execution Of which
is attended with price concessions in the
first half hour of trading on Monday Much
Of this Monday morning selling. II IL said.
il for professional account in anticip1tion
Of wire-house selling later, as out-of-town
interests digest bearish writings.
The so-called W aldorf crowd acted in
apparent concert to depress the market
Several of these operators remained uptown
SO as to be in closer touch with the political
atmosphere and sent their selling orders
10 Wall Street by telephone Judging from
outward appearances. the Gates party and
the Waldorf crowd are playing at cross pur-
poses The heaviest selling around the
room yesterday NJ mid-session was thought
10 be- for the account Of Messrs. We'll. Oliver.
Field and their associates. In the last hour
there was evidence of short covering by
those same interests
II is no secret that the Gates people medi-
tate sharp attack upon tn" short Interest
on Wednesday in the event of Republican
victory AZ the polls to-day A pretty specu-
lative situation is likely TO develop Several
big bear traders have said TO their friends
that they are not to be scared by any demon
stration the Western operators may make
that they propose to stand on their shorts
These traders have II figured out that il the
Republicans are victorious stocks in response
a., e,,aan ,,ir,,,.s a, ,rading Wed,.sdav
ord o,,sr ,b,, n,iII sag again
IF 1. were possible for me 10 know posi-.
lively how the election will 60" said a floor
u us,har - soi, ., h,r Tba,.s how much
,hinr =, o,ection esrsc,s
The chart sharps are bearish TO man.
By this il meant not the traders who srecu-
late bllndly on chart evidence. but those
who use charts "a a military man would Use
mans Nearly all OF the active stocks are
shown by the charts TO have developed a
downward tendency. in some instances acute
and in others barely perceptlble They show
receding tops and bottoms on the long
them inward for three wears Accumulation
and distribu,ion ~ stocks are freouenltv
revealed unon charts in a most convincing
rnnrn,r Distribltion il now beginning 10
show in stocks wherein accumulation was
cIeor,v onnarent six months or n year aro
MANY professional and nom professional
traders mako II a polnt 10 ridicuIe charts
hn, nevertheless they are used az marke,
mans by some of the most astute traders
on tho floor Singularly. Erie and Amalra-
mated Conner are the only stocks in which
,he,o ia active speculation that do NOT show
on tho charts a downward tendency
There has been much talk lately about
Roston's manipulating sugar. In point Of
fact. however. Boston's attitude on the stock
appears still TO be singularly indifferent.
The sugar" wires are doing very little.
Incidental to the initial distribution YES
terday of the new Rock Island securities, a
great deal of bullish speculative Information