The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-24
GOSSIP or WALL STREET.

| Professional ceiling for decline dominated
the market, but on new low level OF prices
fresh liquidation was started. The bear
crowd timed Its demonstration shrewdly.
sentiment before the opening was moderately
Duiltsh ON balance and favored a further
advance. All Of the early morning gossip
was optimistic. complete reversal of
trading Sen timent within the space Of two
hours 10 likely to he more or less violent
mer tai process. Those who watched the
selling from the floor said 1t was mostly by
traders, In the la ST half hour, however,
genuine liquidation began and II was still In
progress on rising volume ut the Close
Operations for the decline con yer ged first
upon the steel shares. both OF which declined
very sharply on comparatively small trans
aeuons. 1t was thought that the object Of
the pear crowd was to break the preferred
STOCK below the prise 1927 at which It was
distributed to employees. II closed at sO,;.
only " above the lowest and at net loss Of
~ per cent. good deal OF scattered liuutda-
tion occurred on the decline. There IL an
aggressive bear party In the Steel shares
whose commitments for decline are below ed
to be very large.
It was suggested yesterday that Subscribers
| TO the Pennsylvania underwI iting might be
selling the stock as a hedge against their
commitments. There appeared to be fresh
| pressure on the stock from some quarter an d
no other explanation was offered j. W.
Henning was heavy seller In the early trad
Ing. Street 4 Notion were large buyers.
| The weakness Of Pennsylvania had an I'M
favorable effect upon speculative sen tlment
| In the room.
The general behavior OF the Erie issues
throughout the decline has attracted favor
F., able attention to that stock. The specialists
| reDOrt Steady acr,imulut Inn aaDpcinllv Of RI a
| common and first preferred. by some very
| strong people. The Ream folio wing IL con-
fldently bullish on the Fries for the long pull
1t Is the same following that participated so
| probably In the Ream movement In Balti-
more and OHIO. Toe Erie stocks hav,
4 figured prominently in the recent London
buying.
The arbitrage advices received yesterday
from London were to the effect that the
foreign speculative demand for American
securities. which at one time last week at
tanned extraordinary proportions, showed
7. signs OF abating. Several London Corre-
| spondents went so far as to assert that the
foreig On attitude was likely to be reversed on
short notice. There ls much about London's
recent buying that has not been understood.
and critical opinions Of its character appear
to be as badly mixed on the other side as
they are here. Meantime. however. certf-
Gates are being consigned to London pur-
| chAsers In shipments as large as the marine
underwriters will insure. The movement
| has been so heavy Us to overtax insurance
| faciu iss there being limit to the mount Of
securities that may be insured on one steamer,
| 1t Ia said on the authority OF an arbitrage
expert that shipments are being delayed
| for want OF insurance. the demand having
been In excess OF underwriting limits for
fortnight past
| HIM
per cent yesterday on limited transactions.
| Less than IA on shares were traded in. The
stock is down nearly points from the high
price II made on the recent advance and
1t is wondered whether the bull campaign
has been abandoned The best information
is that n has not bt On abandoned, but merely
| suspended on account OF unfavorable market
conditions A weak bull account has been
eliminated. and the position OF the stock
| probably 10 stronger In consequence but the
people who were bulling 1t at ne show no
enthusiasm for II at these present prices.
The bull party Is believed to have been TAX
ing stock quietly on the decline and also
to have been accommodating the Wabash
shares.
The further decline of more than points
| in Minneapolis and St. Louis yesterday on
| only 81, shares Of trading was an incident
| Of peculiar interest. Some very heavy lqui-
| dalton last week was said to be for the ac-
count of an interest closely associated with
the Minneapolis and st. Louis property.
There was a much more active borrowing
| demand for stocks In the loan crowd yester.
| day, indicating considerable increase Of
| the short interest. The average lending rate
was 2,5 per cent for everything except Cana
dian Pacific, the scarcity Of which caused
lit lend at rate. from one-han Of per cent:
nat Union Pacific. Baltimore and Ohio and
St. Paul were heavily borrowed. II is the
! impression in the loan crowd that the bear
party put out a good deal Of short stock In
| Fridays session.
St. Paul declined to yet another new low
| point for this movement at ISL. II broke
| by eighths and quar- tiers under tho Offering
| OF 200 and 3OO-share lots. making Its low
, price In the last few minutes OF trading
and rallyins only y from the bottom. Fur
Their liquidation was seen. but 1t was tho
professional traders who offered the stock
| down. The specialists were without sup
| porting orders. Young Gates has been very
| active In st. Paul lately. He sold II down
| yesterday. The short Interest in the stock
Is believed to be larger.
The decline Of st. Paul affected sentiment
| unfayorably. That stock throughout the
| decline has been q faithful indicator Of
! speculative attitudes. The floating supply
OF it was heavily increased last week by the
| selling Of Clark, Dodge d Co. A theatrical
western speculator Is said to be conducting
! another large operation in St. Paul It
is one Of his favorite mediums Of speoula atoms.
| He has been known to swing large lines Of It
| IN the extreme confusion OF the specialists
| and everybody else. 1t is reported Of him
| that he walked into his brokers' Office one
! day, looked at the tape for minute and
| said; Sell me ave thoussnd tpausel st.
Paul" An hour later he came back and
| covered his 5000 St. Paul At profit Of about
1 per cent 1t would bs nothing unusual
for him to sell 10000 or 10000 shares OF 81.
Paul or any other stock on mere impulse.
The buying OF Atchison At 10 and below
was said to be good buying.
Anal eamated Copper was put under
pressure and support from the bull party
appeared TO be lacking. In Fridays session
II. A. Harrison, who has represented inn
portant bull interests in the stock. was
heavy buyer. He was not so much in EVIL
dsnce yesterday.
FINANCIAL NOTES,