The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-14
GOSSIP or WALL STREET.

MOst Of the big room TRADERS are expectne
what In the vernacular Is called 'two-sided-
market for while. They believe the bear
crowd, which Is very rich. will contest the adj
vances, and that the bull party will be on the
alert for vulnerable points in the short POSI-
tlon. Speculative contests are expected 70
occur IN particular stocks. and groups OF
stocks rather than In the market as whole.
The uptown contingent represented by
Messrs. Field and oliver, Is rather friendly
to the long side. but is understood to hold
merely a trading attitude. The Well clique
Ia said to believe that the decline has ouimi-
mated for the time being. although the I'M
preston among traders Is that this contln-
gent has still some stocks to cover Room
sentiment at the close yesterday. while de
vlded as to the chances for bull market.
was, on the whole. hopeful the prevailing
opinion being that the market turned on
Thursday.
Opinion was divided as to whether the SELL
ing after the appearance Of the bank state
ment was bear selling principally, or renliz-
Ing on stocks bought earlier in the week to
protect the market. Many thought 1t bore
the marks OF q bear drive while others GOT
the impression that the Standard Oil party.
so-called, took advantage OF the bank state
ment to secure profits on a surplus OF stocks
bought on the break last Wednesday. 1t was
remarked that stocks were not pressed Tor
sale on the weak spots Traders sold freely
In the early dealings on tho theory that tho
market was entitled to a reaction. and did
not take stocks in again. room sentiment az
the close favoring further price recessions,
In the loan department after tho close
there was good borrowing demand for
stocks, especially Sugar. Atchlson. New
York Central. Missouri Pacific and Union
Pacific. IL was inferred from this that the
miscellaneous room short interest had been
increasing on the theory OF further reac-
ton The indications are that a new shorS
account Of some size Is being carried into
the coming week.
The short account in Baltimore and Ohio.
which is believed still to be large. was tho
point Of attack at yesterday s session. That
was the strongest stock in the entire list.
Further bullsh aggressions were seen also
in heading: and Brooklyn Rapid Transit
and Amalgama ted Copper were bid UP rather
harply at the expense. apparently OF tho
shorts Harris. Gates 4 Co. were large
buyers Of both Baltimore and Ohio and At
Gibson The short interest In Atchison Tor
which one bear clique is Responsible. Is est-
mated at $4,000 shares 1t seems to be tho
plan Of the bull crowd to take UP. one after
another, the stocks In which the short nc-
count Is vulnerable. On Friday II was Read
Ing and yesterday 1t was Baltimore and
Ohio. The room would not be surprised
to see Atchison and Union Pacific taken
hold Of next. The sharp reaction Of st. Paul
In the last half hour yesterday somewhat
surprised those who are informed as to the
slze of the short account in that stock but
II Is said to be the bull partys intention so
to conduct its campaign against the short
interest US to encourage constant opposi-
ton.
limo OF 900 st. Paul Is in process OF
louidatlon for a Philadelphia crowd. and
the proceeds are to be invested in Rock
Island.
The bank statement produced good deal
of enthusiasm in the board room. which was
speedly dissi pated. however. by the selling
pressure that forthwith developed. II was
expected that good bank statement would
be made the basis for concerted bull move
ment in the late trading. 1t was better
statement than the street expected. but Its
effect on the market was disa ppointing to
bull traders and there was a disposition on
the part of those who had put out short stocks
at the opening to leave them out.
Commission house business nattened out
| Yesterday, outside buyers showing re-
iuctunce to follow the advance. Brokers
reports however the presence OF an I'M
| usually large volume OF e. {. c. buying
orders at price limits anywhere from to 5
points below the existing level. Shrewd
I investors who came to Wall Street last week
| for bargain stocks and did not get all they
| wanted at the lowest prices. instead OF taking
them on the violent advance that so UNI
! expectedy occurred. left limited orders
with their brokers. believing there would be-
| a reaction from the abrupt rise These
| orders, il they are not cancelled In response
| to some adverse development in the situation.
| will be reached on any price recesslons ana
| thereby form a substantial support.
| The short side Of the market is said by the
specialistS to be full Of stop-oss orders.
| Canadian Paciflc's sharp advance on Friday
was due to the covering of 5000 shares or
] short stock. the buying in OF which touched
/ of" number of stop orders Something
| similar occurred yesterday In Is. and ..
| The uncovering OF stops" accounts as well
| for abrupt advances in rising market ms
| for violent breaks in declining one. Gum
| ming for stop orders on the short side is u
| thing that had not been seen before for
| long time.
| The following cable message to promi-
| nent international house is a fair example
| OF the private udvices received yesterday
| from the other side, Americans slightly
easier Realizing profits. General markets
! good Money easier. Outlook Transvaal
| mines brighter" Foreign operations in this
market yesterday were unimportant.
| The money that has been made in put
| privileges lately by the holders has greatly
| stimulated the New street put and call mar
! kct The option writer's have had rather
a bad two months. There is an active de-
mrnd now for longtime calls and for Short
! term privileges on either side. spreads especi-
ally The writer's demand high prices for
! their calls, and are getting much higher
prices than would be possible had not so
much money been made on their put privi-
leges since Mayl. Even tho desplsed Leather
puts showed handsome profits to the holders.
One of the largest option writer's In the street.
since Russell Sage stopped making papers.
congra,uates himself for the foresight that
prompted him eight or nine weeks ago to
buy back all of the outstanding puts that he
could at premiums of from 80 to 100 per cent
Mcintyre < Marshall were the heaviest
sellers of Union Pacific. That stock has
seemed to lag on the advance, Its specula-
tive position is the subject of much conjecture.
MONEY AND EXCHANGE.
III tonk vNa