The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-12
GOSSIP OF WALL STREET.

Inns Ihtner CONTAMINATION OF the stock
market In the short session yesterday be-
wildered those who were depending upon
technical conditions and the corn crop per-
centage TO bring about moderate recovery.
The feeling after the close was one of extreme
pesslmism. Final quotations We're about thu
lowest Of the day aud incidentally the lowest
OF the entire decline to date. and many broker,
went home dreading Monday Some com.
fort was found, however In the recollection
that important financial interests have nor
yet Tailed TO come forward with large sum
porting orders at the really critical periods
OF the long downward movement. Nearly
everybody thought the market should have
rallied yesterday.
Selling on stop loss orders was feature
Of the days transactions. One instance was
reported of a man who bought St PAM
around 100, originally stopped it at is,'.
and lowered his stop order from time TO time
until yesterday hs line was closed ont Al
i45S for want of margins, There was II lot of
such selling. Commission brokers stood over
the market waiting to sell out stocks on which
margins were nearly exhausted People
respond very reluctantly brokers say, to
calls for more margin. In st, Paul and New
York Central the exhaustion of margins and
the reaching of stop orders caused urgent
selling. Investment stocks began to come
out more freely Ladenburg. Thamann & Co
sold NOrthw estern down on what apparently
was an order 10 realize mt the market. AL
though this was an extreme instance it was by
no means an isolated one. The sacrificing
OF investment securities was more or less
general.
There was an active borrowing demand in
the loan department yesterday for all stocks,
especially New York Central. Union Pacific,
Atchison and Canadian Pacific The ex-
listing short interest il believed to be large,
although its main proportions may only be
guessed at. Addison Cammack used to say
that the place to sell stock is in a house that
Ia long of it. The large bear operators are
supposed to have been doing that. A house
that Is both long and short of stocks borrows
from itself. making ii a book transaction.
and such a short interest," of course. is never
revealed in the loan crowd.
The Western bear crowd appeared to he
covering stocks yesterday, presumably on
account Of a more favorable showing for this
corn crop than had been expected Harris.
Gates 4 Co. were large buyers around thn
room There was also good deal of local
covering. The impression made by this
buying, however, was insignificant. The
Western contingent that has been bulling
grain and bearing stocks must have made
great deal of money.
Put privileges have again been showing
handsome profits to the holders.
International houses have been receiving
an xlous inquiries from their foreign corre-
spondents, wanting to know the cause OF
this break; who. II anybody. is getting hurt;
whether the decline is likely to go further,
&C. some foreign bankers intimate that
distrustful feeling abroad is causing de-
nand for gold from this side. not 40 much be-
cause gold Ia needed as because 1t is wanted.
The responses to inquiries from the other
side are in the main hopeful. although not
particularly bullish.
Street 4 Norton were heavy sellers OF
Reading. putting out about 5000 SHARES
Amory was a large buyer Both Reading
and Atchison have shown heavy absorption
on this decline. The buying of Reading
especially has seemed better than the selling
There are several bear parties in the mar
ket. but no well-informed persons charge
them with being responsible for the selling
Of last week One of the leaders OF bear.
crowd that has been very successful In its
recent operations said yesterday that his
contin gent had been unable since the cul-
rnipation OF the last previous break to put
out anywhere near the line it wanted to sell.
owing to the extreme narrowness OF the
market The general disposition is to attrib-
ute last weeks decline principally to gen
nine liouidasion. q new wave Of which was
precipitated by the break in New York Central
Tho Pittsburp crowd that made so much
money In the bull market is said to nave
been faring badly, A prominent brokerage
authority calls attention to the natural pro-
pensity of people to overtrade. and observes
that, not only have proper prons disap-
peared, but principals have been generally
impaired
Persons who have followed the recent
operations in New York Central insist that
there has been large absorption OF stock
on scale orders emanating. apparently. from
one high source These same observers
Doubt whether there can be any lasting I'M
movement In the market until whatever IL
being worked out In New York Central mas
h.en accomplished. Every trader in tho
room had the hint to go short OF the STOCK.
and there now exists a large professional
short interest. The absence OF any support
whatever was one of the most remarkable
features of the further decline yesterday as
n had been OF the transactions in Fridays
session.
The tame was behind the market about
half the time yesterday. causing. as Is 10.
variably the case when that happens. a lou
y, friction between brokers and clients.
wasserman was a conspicuous seller around
the room.
The s1treme weakness Of st. Paul. when
hroLe almost as violently as New York Cen
tral caused great deal Of misgivinS COM
ment. because the seeming lack Of support
vas accepted as evidence OF an indiherent
attitude on the part OF those who are sup
nosed to control the market for that and
other stocks. The decline OF Amaleamated
Conner 20 a new low record price (St, Paul
made new low record only for this present
moy.mentJ was similarly construed.
A faint attempt was made TO rally tho
market on the bank statement. but 1t was 40
much easier 10 put stocks down than to force
them I'D that the demonstration against ING
short interest was speedily abandoned Sna
-. .who xy.ra rapopsibla for II not only