The sun., 1902-11-09
GOSSIP or WALL STREET.

4 line OF about % 0o0 shares was pressed
| on the London market for Americans" be-
| fore tho opening here. Thi- Is supposed to
| have been speculative stock sold for the
account of Western bull operator who
| might easily have possessed advanced infor-
matt 'on Of the matter that caused heavy
| selling of this market later In the day The
selling in London was facilitated by the
| circumstance that profcN. .ion1l trading scuti-
| ment on Friday night was Ira -onahly hulli-h.
London's ? O'Clock prices were below New
York parity. but not enough below to excite
special remark.
| Unfayorable rumorS about the ahipbuild-
ing deal were widely circulated outside of
Wall street. Similar rumors were heard
ten day or 20 ago. but then they we're con-
| nned TO the stock market community. A
I number of commission house people were
unaware Yesterday that the di-quicting talk
had been revived until they began TO receive
over their private wires urgent inquiries
| from Chicago. Pittshurg Boston, Phla-
delphia and other out -ide point- demanding
| to know what truth there WAS in the disturb
| ng information current there concerning
the United States Shiphuidng Company.
| The replies in mo.t Instances were not SUI
, ncently re1-suring to stay the tide OF iqui-
| dation. Il was charged that bear interests
! had given these rumor- unwnrrantad promi-
nence. u suspicion thht ,eem"d 10 excite
| ugly feeling in certain bul.i~h quarters
4 have just heard 1t advanced a. hull
argument on Nchi,on." said a room wit
| yesterday, that the road will carry a great
| many hog. this season. Now. | submit
| that II the hauling OF many hogs Il q bullish
| thing Manhattan o"rht 10 -ell at 300" This
| particular room Wit lives in Harlem.
The violent break in the short session took
many professional traders unawares On
| speculative theory alone the market appeared
to be- "a purchaser on Thursday and Friday
| for u moderate rally, and many were long
| OF stocks AZ the opening yesterday. They
were tumbled out OF their holdings in lively
fashion A great many stop orders were
caught on the decline. especially in Union
| Pacific. Missouri Pacific. St Paul. Reading.
| Southern Pacific and Steel
The pressing for sale Of hleh-rriced and
| ordinarily inactive securities. such az lAcka-
| wanna. Delaware and Hudson and General
| Electric. vas counted very bad sign All
| such stocks n rod severely for being n red
| In a narrow market one broker with only
| 100 shares Of Lackawanna to soil offered n
| down 70 ?3i before finding q buyer That
/ was 10 points below the last previous sale or
| Thursday The noNt 100 shares was sold
at 235 and five minutes later the stock was
| 2,O bid and $50 asked.
More than 900. 900 shares crossed tho foor
| IN the first hour II was remarked that
! brokers who carry heavy pool accounts.
| like Housmnn and Savin and Wasserman.
were the heaviest sellers in the early trading
, Several hiC bull op'~0t0rs w"rc thought
| to be reducing their lines u der pressure
| II was generally believed tuIt the bead ~
| OF the Western bull crowd were selling stocks
| IN blocks Chicago sold a considerable
amount. All OF the vr" houses sold heavily
! on balance They said their clients were
| ra1 aud thay 1aa'upl thar "A suelfiapt
| explanation John " Gates was absent
| from the street. There are those who in
variahly coustrue this operators abscnc"
as sign that stocks are selling for his
| account
| Spectators for n rally who for a fortnight
| past have been buying stocks when thing.
| were bluost in the Street only to see prices
| go lower still find trifnc consolation IN the
| saying of the late Addison Cammack--"If
! you expect 10 hit the moon you've got to
! keep shooting at 1t
| The tape experts opin" that the ma. ket
| is likely to open lower Oh Monday morning.
| They not only read this from the last hvc
| yards OF Saturdays tape but also calculated
! upon the probability that considerable
| volume OF outside selling orders will ac-
| cumulate in commission houses over sunday.
Frank Savin and several other big brokers
who had been prominent In the selling turned
! buyers In the last half-hour of trading and
! took back quite n lo' OF stocks without bidding
| for them This was thought in the room to
bc short covering. Toward the close TOO.
| there was Moderate amount of quiet buying
| by old-linc commission houses Buying of
! this latter character was especially notice
able in steel common around 3si. Scale
buying wn~ done In both Atchison and Sugar
by street h Norto by Putter & Gross In New
| a. - H. i.
several different stocks around the room.
The selling Of United states steel shnres
was contemplated by traders with a certain
scr 80 of misgivnC. As n matter OF fact,
tho selling yesterday differed no, essentially
from the persistent liquidation that hns been
in progress for n number OF weeks. except
that II was more urgent and that could bc
accounted for by the general feeling OF uneas
moss that overhunc the market. Kenrney
sold 10 600 steel preferred at the opening
II was the liquidation Of this bic block that
caused tho preferred to appear relatively
weaker than the common. Coster 4 Knapp
were again the heaviest sellers of the
common.
Persons who ought to know say TINT tho
amount OF speculative stock that has been
and j. stil being carried around the Street
for rich trading interests Is almost incredible
| II IL said that rs recently as n month nro n
| certain steel man was long OF 5000 Union
| Pacific. for which he paid near l30 before tho
| panic of May o. This, II is said. X but one
| OF hundred instances. Every little while
| large line Of long stock l. turned into tho
| market and there Il much bootless con lecture
| ns TO where II comes from According to
| competent authorities such phenomena must
! hc expected to recur frequently a. long a.
| the market continues TO decline. II i known
| too. that great many interests. believing