The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-28
GOSSIP or WALL STREET.

'I.f
A distinctly better foe Ing prevail ed yestsr-
day on the Stock Exchange Room sehtlm,1,
on the whole seemed TO favor su5' antl,l
raj y from tbs evel There wers ors bll'
around than on any previous day for nelrty
a fortnight. The success OF the Pennsyl-
vania hotation and the conspicuous stre1sta
OF that stock served to prom ote moro op-
timstio speculative sentiment. Tho I'M
provement was very noticeable IN the last
half hour OF the short session and was not
without effect upon pr ces. Stocks closs1
generally at about the highest quotations
and with q pronounced rallying tendency.
PENNSYLVANIA made It's h CHEST prica IN 80
as few minutes OF trading. The scarcity
of g. ocks is not 50 apparant as II WAS wasn
the shor. interest was much larger out tae
various specialists insist TINT the hostina
supply Is at a minimum. 1t Is said that the
specialists have comparatively few selling
orders on their books.
Traders attach great deal OF speculative
Importance to the tendency that frst d.
velops after 4 period Of extreme duiness
1t Is considered an unfavorable sign Tor .
very dull market to break sharply. while for
a trading deadlock such as has existed for
morethan a week to be broken by an advance
Is about the most encouraging thing iplistp-
able According to the tape theory OF speou-
iation a great deal will depend upon whethef
increased activity Is at the expense OF values
or otherwise Some very good judges OF tho
market are Of the opinion that at least
temporary Improvement will mark the I'D.
vent OF the new fiscal year. The financing
Of July dividend and interest disbursements
and long holiday are likely. some think.
to restrict bullish activity this coming week.
It Is expected that the bear party will take
advantage Of any advance to sell stocks on .
y~k@ Ill -
prices complain that their efforts to rally
the market are defeated by the absence OF
outside buying demand. In consequence OF
which they are unable to turn" their stocks
at a profit. Bear traders have somewhst
similar grievance. namely. that the market
is too narrow to sell short stocks on. With
the bear crowd trying to sell short stocks
on the quotations made by the bull crowd
and no outside buying VIII atever. speculation
Is soon reduced to exceedingly narrow lines.
That has been the situation for . week. and
both sides apparently are disguised with
trying to make a market lin the room
There was only . moderate borrowing
inquiry for stocks In the loan departments
yesterday. and offerings generally exceeded
the demand. Pennsylvania was freely sup
piled The trading element As q rule u re-
luctsnt to sell q dull market short. The
short interest evidently has been gradually
shrinking.
The Waldorf crowd. 90 called. represented
on the floor by Jacob Field and William B.
oliver. Jr.. 10 very bullsh on the market.
It Is believed to be heavily long Of stocks
One member OF this crowd has recently
boasted that he was short OF 10000 shsres
at an early stage Of the decline. He covered
many weeks ago. and has been a bull ever
since. There appears to be some profess
sional hostility between this Waldorf crowd
and the New street bear CLIQUE. One has been
Boosting OF what 1t will do to the other a.
soon a. conditions warrant . fair contest
IN the market. In the board room q collision
Is expected. The position OF the New street
bear clique 10 q matter Of conf ecture. Some
think 1t has retired the bulk Of It's short con-
tracts and 10 waiting for rise on which to
renew them. Others imagine that 1t Il still
! short Of the market. The attack ON Brook
lyn Rapid Transit last week was construed
az a move against the Waldorf contingent.
and something similar seems to have been
attempted In Peoples Gas. Other evidences
Of professional i'll feeling have not bsen
wanting.
The sharp break in wheat. dns to tbs
indications Of rain In the Northwestern areas
where rain Is greatly needed. exated favor
able influence on the stock market. especially
the sra niger share quarter Of It. There 10
believed to be considerable Western short
account In the granger railroad stocks. 4
very prominent railroad man sa!d the other
day that two hot days and nights IN the corn
belt In July would do the corn crop more
good than two weeks Of rain can harm IL
now. The Western wire houses did practically
nothing IN this market yesterday.
People viii trade II you give thsm tbs
proper encoura cement" said . broker last
week. who has . clisntAle perhaps . tribe
&h>H L.
had information that could trust on certain
stock could sit right here at the telephone
and get 5000 shares Of business. possibly
more, In fifteen minutes People are dis
Eusted with the market. but they VIII trade
, readily enough II you can give thAm some
thing to trade on"
An observing man who has Just returned
from the West says the bucket shop business
is hourishing IN the interior in a manner that
would simply amaze Wall Street brokers.
many OF whom have not been making their
rent In the interior the bucket shops are
not Disseminated asainst by the public
as they are In New York. They divert grnt
deal OF business from Wall Street.
Erie v.s an object y burlish sttsrsio.
on account Of the very favorable report Of
earnings published yesterday morning. The
trading element appears to have PARTICULAR
liking for the Erie shares The doAtine
supply is said to be much below normal
owing to the accumulation that has 'bSaa
| in progress.
The bull contingent confined its principal
operations to Pennsylvania. II was be-
heved. apparently. that With the stock
-pAgRed" at 1873 and with the dotation OF the
new shares a pronounced success, the price
| could be advanced perhaps more easily
| than that Of any other important rallroad
security. Traders figured prominently 10
tho demonstration. The stocks rise Of
X per cent. from Fridays low price pro-
duced a very favorable effect upon sentt-
| ment. Several houses that have been bear-
ing the stock ever since the new issue WAS an
nounced turned on IL last week and are now
, strongly recommending its purchase. Two
sets Of rumors were heard yesterday. Those
OF one kind alleged that Pennsylvania would
lead an upward movement this coming week.
and those OF the other kind referred va guety
to bear programme in the stock.