The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-11
GOSSIP OF WALL STREET


crop report. on Junel0 That report like thu
one issued yesterday. was more ravorabe
than the bear crowd expected 1t TO be- and il
marked the elimination of Il decline similar
in many respects co the one that has nc.
Cured this week. Pennsylvania was the
leader OF that downward movement, New
York Central has been the leader of this M,
The chart sharps have the market again i,
critical lines. 1t has been making "douhl,
bottoms" II st. Paul, for example. should
break through ii7 the sentimental nrcr,
would be depressing. st. Paul made a new
low record price yesterday for this down.
ward swing. but II was only rrnctionall,
lower than the previous low price and In,
stock could hardly be said to have brotrn
through its bottoms" II rallied per cont
from the low point.
In the second hour short covering brought
about a very moderate rally, but when tina
bears found that they were the principal
buyers they ceased covering and put OFT more
stocks. In the afternoon many who ic, that
Il recovery was due were reluctant TO hilv.
thinking that stocks might be JUS as cheap
on Monday and that interest charges would
be saved by waiting.
The financial affairs Of very prominent
steel man have been under discussion again
around Wall Street. certain feeling Of
relief noticeable In various quarters last
night was due partly to the UNDERESTIMATE.
that his accounts at last had been safely
llquidated. II seems to be generally known
that two large loans secured by United States
Steel collateral, one with an insurance COM
pany and the other with private lender.
were closed out for him this week This. il
Ia said, explains the recent liquidation in
al utn "a
been on a much larger scale than anybody
imagined. both in the stock market and out
side of IT, 1t was learned only yesterday
that he had been borrowing heavily abroad.
He must have been carrying an enormous
line OF miscellaneous stocks, One rumor
yesterday was that some New York Central
was being sold for his account
brokerage opinion OF the market ia hardly
calculated to awaken outside confidence.
Commission house literature is moderately
bullsh but brokers are not advising tho
purchase OF stocks except on sharp breaks.
and then only with the idea OF selling them
again on any substantial advance. Most
of the commission business yesterday was
on the selling side. Western houses sold
stocks rather freely As is usually the case,
many buying orders that had been on tho
books Of the specialists for weeks were can
celed on the decline. IL is 50 natural Tor tho
ordinary client to cancel limited buying
orders when the market begins TO break
that experienced brokers never count upon
them too much as an underlying support.
With the large scale buying orders put in bv
banking interests and others it is different
Brokers say that the reinvestment business
following the July interest and dividend
disbursements that they have seen and
handled has been the smallest in I'VE years
PENNSYLVANIA connections are said TO have
been large buyers OF Atchison on this decline,
The stock had an extraordinary volume
yesterday, nearly 5000 shares, and de-
clined less than might have been expected
in view Of its persistent weakness for a long
time past 1t is asserted that the P"nnsyI-
yania's interest in Atchison has been heavily
increased. Some OF the more urgent o'
the recent liquidation is believed to have
been for the account Of an Atchson operator
who has been heavily interested in Con-
solidated Lake Superior. The common sto'S
of the Consolidated Lake Superior COMPANY
declined yesterday in the Philadelphia mar"
ket to ~ and the preferred to 10. STREET
A. Norton were the heaviest sellers Of Atchl-
son yesterday. putting out about 10000 shares
Edward Sweet Il Co.. Wasserman Bros, Hahlo
Bros and "A. Content were also heavy sellers.
good deal OF snort covering was on
served in Steel common on the rnrther DC
cline yesterday forenoon.
The Gould stocks show very good support,
traders think. and attention is called to tn"
fact that no security in this group. Missouri
Pacific especially considered. has been sub
Jec' 10 oea' "'"''N
Tho short interest is believed to be large
II Ia recalled however. that the lar gest short
interest that had existed in the market for
nerhans Ave wears was covered on the last
nrayiora downward movement without a
nnn,est the hear party having simply to
.tand and take the stocks
-
Tho Waldorf crowd, so-called. appeared to
be selihe stocks again .' -
the room' op'ii'on was ", wv ~,
This was sho', se',"s ~ ~ |s va Wv, =, o;u toI'
long stocL' ru u .ta DO. ssnao;,T,
lowing hao peen ou'''"e WV M
the coa'ef anu s'"ns.i ~, -
weeks So'ne '''ous ,. Wv, ~. % ,.anor,,
comini'oeu io' az 49,, az 80, J III,
rule IL oohhheu ''seh '''''''' W ''"''
posHton'
r,. h,,ri,, ~ Re.ding vesterdav was
-, Isn,r"ssr. unuses sunnnsed 10
. I.,o,rtort intarests took IL on
80 - ar,orrts If from ? ooo +,
:. ona - rho eel,in0 ronrcsen+ed owl.
Aont,,. +he uo,idstion of weak speculative
accounts large miScel'aheous pu,. "''