The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-18
GOSSIP OF WALL STREET.

A very prominent room trader. one who
has an active crowd behind him. said yester-
day: I'VE feel bullish on the market and
think it's purchase on every reaction. We
sold stocks around the top prices to-day.
but that has nothing to do with our general
attitude. We are carrying a lot Of stocks.
and when we get chance to turn some OF
them over at a profit We do it, OF course.
There was profit in everything we sold to-
day. It begins to look a. II the liquidation.
In the railroad list. at least. had spent Its
force. We have been disappointed good
many times In trying to bull the market.
We have had to dump our stocks repeatedly
because Of something unfavorabe coming
Unexpectedly to light. and there is no telling
but we may have to do it again. What's
bad will come out. We have confidence
however, in the bull side and propose to
stick to 1t. The possibilities of the short
side from now on are likely to be limited"
A majority Of traders are more inclined
to bull than to bear the railroad list.
The verdict Of brokers after the close yes
terday was that the market had taken stocks
very well. There was heavy realizing, notably
In Missouri Pacific. Steel preferred, Anal
gamated Copper. Pennsylvania and Atchison,
but further short covering more than offset
the profit taking and the improvement begun
on Friday went little further. The Waldorf
crowd. while still bulish on the market.
took profits freely
In the early trading a considerable proper
ton OF the room crowd was inclined to work
for a reaction. on the theory that Fridays
advance had been too rapid. but the selling
for both accounts was so well received and
made so little impression on values that
this sentiment gradually weakened. There
was disposition at tho close to expect
continuance Of the upward movement for
a day or two more, anyway. good many
stocks sold on the opening were taken back
in the late trading.
Although the increase Of commission house
business on the advance was nothing to boast
of. brokers reported on Friday and Saturday
that their clients were becoming inquisltive.
They wanted assurances that the market had
turned Inquiries on this point doubled
during the two days OF improving values.
showing that the outside interest needs only
to be aroused The feeling In commission
house circles at the close Of the week was
more hopeful The following quotation from
the advicss sent out Saturday by large
representative house is fairly typical There
is a growing impression that many stocks
have already scraped on bottom and have
Deeu hCCuIuulaItO ny poitsoo' ~ e''Hs
there is less likelihood OF any great selling
pressure; liquidation. therefore. cannot be
a. severe. although It's end may not yet have
been reached"
The effective buying. both on Friday and on
Saturday. was largely Of professional origin,
but statements are heard on the Stock Ex-
change and In various places around the Street.
which, II they are true. mean that quiet ac-
emulation Of stocks for strong interests has
been going on for several weeks. II is eener-
ally believed that one OF the most prominent
banking houses In the Street has been ABB
sorbng Atchison In large amounts. This
buying has attracted a great deal OF attention.
A house having important financial connec-
tons ID said to have been buying stocks
hea Willy through other brokers, distributing
the business on three and shilling" basis.
so that other brokers not only execute the
orders, but carry the stocks a. we'll. The
belief prevails that there has been q large
accumulation Of railroad stocks on this level.
Several Western hrms were much surprised
the other day when well known Wall Street
house through which they had been trans
acting q good deal OF business requested
them TO take up their accounts, The stocks
this house had been carrying for the Western