The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-04
GOSSIP or WALL STREET.

Opening prices were shade lower than
Fridays closing. an exception being 81 Paul.
which was up y point TO i40s. London price,
were down. and the trading for that account
was chiefly selling. There wnsa disposition
on the part of traders TO sell, on the theory
that a setback was due. and profits on previous
purchases were taken. The London selling
was supposed to represent previous sales
there for American account
Talk was current on the floor that bankin,
interests were quietly promoting the i'm.
preston that anything like decided bul,
movement would meet with their dis.avnr
There IL no desire on the part OF the banks
TO put any great amount OF money into loans
to brokerage houses. II WAS intimated
that the most acceptable condition would hs
trading market simply.
The traders thought they saw evidences Of
concerted efforts to hold the market normal
Certain houses seemed to be working on both
sides of the market.
Through the first hour the market mani.
tested no decided tendencies. There was
disposition to await the bank statement.
There was some good selling OF Avcnison,
but 1t was well taken for the dividend to 10
declared shortly Content traded each way
in it. Reading was strong on the good re.
port. and 81. Paul went to l4lH on what was
thought to be buying for the dividend. Il
sells ex dividend en- Monday.
The attendance on the floor was sr,alle,
than is usual even on Saturday Many
brokers left after the publication OF the bank
statement
Steel common was sold on a statement
said to come from a director that the common
iviH ND RI No 10
at Tuesdays meeting of the directors
leading director said that nothing of an official
nature had been said regarding the dividend
question and that nothing would be said il
advance OF action by the board
Trade RS are watching Amalgamated Copper
closely. There is a well defined belief that
its course will indicate the trend of the market.
II rallied yesterday after an uncertain open.
ing and held ell through the morning.
Specialists said there was a renewal on an
unimportant scale OF liquidation by Phila.
delphia. The selling OF Pennsylvania BY
Housman was thought to be for PHILADELPHIA
account.
Erie was again a feature OF the trading.
II was active. but did not pass 90 where II
closed on Friday. 1t closed yesterday at
os~. Traders said that little manipulutivo
pool unoaded some of the stock. The early
London selling. about 5000 shares. was mostly
of Erie, and represented profit taking. Some
OF the buying was for Western interest
which Is paying much attention to tho de.
velopment of the road. Woerishoffer was
buyer as on previous days OF the week The
stock had the biggest volume of the list.
IS, 900 shares.
Pennsylvania had the greatest volume Of tho
week. the sales amounting to about 567 900
, shares. Union Pacific was second with
353.O00. The trading in Erie was sl4. 900
shares: Atchison. 3O8. 900; Copper, 27o.O
Reading, 242.OOO; St. Paul. 10000, and Rock
Island. $4,000. Steel commons volume was
ois,o0o. and the preferreds 25s.Ooo. Steel
IS gained a quarter Of a point on sales Of
2s.3sl bonds.
The bank statement was interpreted BY
the floor as negatively favorable. Its pubt-
cation was followed by downward move
ment OF small proportions. which closed tho
list below the high prices OF the day. but at
gains compared with Fridays close.
In the loan crowd after the close there
was a big demand for stocks The prevails
ing rate was "a per cent. There was q
scramble for New York Central and good
demand for Pennsylvania, Union Pacific,
Atchison. Reading and Baltimore and Ohio
The general impression on the floor Is t. I.
the short interest is fully as great now "a a
the beginning Of the week. 1t was cover d
in places in the course OF the last week. bus
the bigger shorts are believed to have taken
the rallies as new bases for selling. There Is
lively curiosity as to the exact extent OF tho
short interest. and estimates put II at from
100000 to 100000 shares One house was
short 100000 shares In the middle OF tho
week and another is said to be short now
to the same extent. Nervousness was dis
played by heavier shorts on Friday morning.
but the covering is said to have been unm.
portant. Traders said they would not BIO
surprised to see St. Paul made the leader in
drive against shorts on Monday.
After selling about 5000 shares In the early
market here. just before the close London
sold about lO.0O0 more shares. This selling,
like that of the morning. was probably In the
nature Of profit taking
There was a sale of 100 shares OF Delaware.
Lackawnnna and Western at 2s3ii. an adj
vance of 81 points over the last sale.