The sun., 1903-06-24
GOSSIP or WALL STREET.

Stock Exchange sentiment was some.
| what improved last night Less was heard
| about the market having turned" and more
about the technical probability OF moderate
rally from this level From this moderation OF
comment some critics drew favorable conclu-
sions. 1t is Il venerable and fairly Trustworthy
| speculative theory that the market Is least
| likely to do the expected thing and these
| critics made the objection week before last
! that too many people thought then the mar
| ket had turned. When everybody sees 1t
| and Is sure Of 1t. that isn't the turn. said
| an experienced room trader yesterday.
Several times lately have thought saw
| IL. but when nobody disputed me l changed
my mind. The beginning OF a twenty-point
rise is never announced. and none OF US can
be sure OF the turn until 1t is behind U.s..
The prevailing impression appears to be
| that speculation Is going to be more two.
sided for a whiie Brokers say they find that
opinion to be very general In banking circles
Some of the leading bear traders are UNDER
stood to advocate an advance on which to
put out stocks. 1t Is the science OF bearish
operations to sell stocks first and depress
prices afterward. The market has been
80 narrow for Several days that even short
stocks could not be sold to advantage. On
Monday a prominent room trader observed:
You couldn't put out lO.00o-share line
OF shorts In that market without slaughterlns
it badly" The opinion expressed last night
In bearsh quarters was that an advance
would be sold industriously by the bear crowd.
The idea that the bear party is thus waiting
for an opportunity to put out stocks Involves
he assumption that the large short int crest
which lately existed has been covered. This
Is generally believed, indeed to be the case.
and the fact that 1t was covered without
a serious contest Is the subject of a great
deal of comment. .rs.stff-r
The supply OF stocks In the loan depart
ment yesterday again exceeded tho demand.
Colorado Fuel was an exception. The bor-
rowing demand for that stock was rather
urgent. Pennsylvania was freely supplied.
Specialists in the stock say there has been
some very good buying OF United States
Steel recently. large orders emanating ap-
parently from inside sources This buying
was heaviest in the common stock under 80.
Content was large buyer OF the common
stock yesterday. taking it freely on tho ad-
vance across 80. The principal activity
was in that issue. The speculative interest
in Steel common Is larger than for some
time past. The short account fs believed
still to be large.
The sensational advance OF Colorado Fuel
| was variously regarded from general point
OF view. The first impression apparently
was that it would do the market no good.
but considerable enthusiasm at length re-
suited from the spectacle OF bear crowd
in distress, and in the last half hour traders
made a general demonstration around the
room, bidding up prices here and there. with
out uncovering. however, any other vuner-
able position on the short side. The market
closed rallying. and most traders are ex-
pecting a strong opening this morning.
The interests that control the market
for Colorado Fuel are supposed to be able.
when on amicable terms. to keep pretty
close track OF the short selling. 1t is or
dinarily q dangerous stock for outside opera
tors to be short Of. 1t was reported yes'nr-
day that a New street bear operator and
young Western speculator had been caught
on the short side. The Western Spectator
referred to has made no secret OF his benrlsh-
ness on the stock. Various other rumors
were heard. the most interesting one. per-
haps, being that the Gould and Osgood fac
tions in the property had come to an Under
standing. No authoritative information on
this point was forthcoming from either side.
The general impression was that the stocks
advance signiled merely an attack on the
short interest. Vernon c. Brown Co. h.
Content h Co.. Pearl 4 Co, John Wallace
oliver and Minzeshcimer were large buyers
Minzesheimer bid the stock up to the highest
price 69h From the urgent demand for stock
in the loan crowd it WAS inferred that loaned
certificates had been called from the shorts
There is believed still to be considerable short
interest. Some OF. last nights borrowing
was supposed to be for the New street bear
crowd.
London's transa ctions In this market we're
unimportant. few thousand shares we're
sold on balance.
Pennsylvania subscription rights will be
traded in regular way" for the last time
on Thursday next Transactions after that
will be for cash only The subscription priv
lege will terminate on Saturday. the 2Itn.
The stock will sell ex-rghts on Friday be-
cause there are no deliveries on Saturday.
The rights declined yesterday to Z Of per
cent. the lowest price yet reached. Good
hart 4 Co. were heavy sellers. The stock
also was depressed. Frank Savin sold and
offered 1t down. 1t touched the extreme
low price OF 1851.
Some think IL will be good for the market
to have the Pennsylvania operation out Oh
the way. The stock is no longer scarce IN
the loan department. Some Of the seiIihs
yesterday was thought to be for the account
Of speculative subscribers to the new STOCK
issue whose expac.ation of n bull campaign
on the part OF the underwriting syndicate has
been disappointed.
There is a great deal Of curiosity to kno.
whether or not the bear crowd in sm"'teI
stock, whose operation was oppor'uhey
aided by the Incorporation Of fao'"'""
smelling company at Washington. - -
will be permitted to cover without c"n'ess.
Bearish literature has been circulated 'o'
speculative effect. and the bear cro"o ha'
been boasting in New street. Of its success
II is crowd by the way that hev.'
before figured seriously in the stock marSes
Its latest previous exploit was bear oAn
oaign in Northern Securities.