The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-08
GOSSIP OF WALL STREET.

converged on st. Paul. Union Pacific and Rock
| Island--three stocks for which the trading
| element appeared to entertain a very friendly
sentiment The bull crowd had made some
impression on the market and was beginning
to feel encouraged when brokers who have
represented at various times the leading bear
interes SITS took control Of the situation and Of
fered stocks down with great deal Of effect
The stocks that had been conspicuous for
their strength were singled out for attack
especially Rock Island. faint -heR-icd A.
tempt In the afternoon to force a rally eA-
cited the bear party TO fresh excrtlons Some
OF the most important houses in the street
were heavy sellers on the decline. which gave
the impression that genuine liquidation had
been started again. Some floor critics said
after the close that this selling was not alto
gether what II seemed to be, and intimatad
that speculative orders had been distributed
with view to creating false impressions.
Soon after the opening Content bid Nk
for any part Of 10000 Union Pacific bu, his
selling on balance during the forenoon was
estimated in the crowd at 5000 shares Con-
tent and La Montag ne traded good deal to-
gether on Union Pacific. Content selling and
La Montague buying. Union Pacific. while
more active. was much stronger throughout
the day than Southern Pacific.
Manning was bidding 57,, for Southern
Pacific at the opening and Taylor appeared
to want stock at 5e4. Wormser and Laden
burg. Thalmann a Co. began to offer il down
The selling that attracted most interest in
the forenoon was done by Fleming He Of
fered stock steadily on the decline and was
evidently working on a large order. Gold
smith. Wolf Co.. De Witt 4 Co. and Con-
tent were also heavy sellers. There ap-
peared to be no support above SIS. The i'm
preston prevailed that Southern Pacific hold
ings were being liquidated under pressure
Various conjectures were heard on that point
II has been elieved in Wall Street for some
time that concerted efforts were being made
to dislodge certain blocks Of stock. and market
developments yesterday confirmed that be-
Pacinc's break gave bullish sentiment ts
first chill and the extraordinary selling Of
Rock Island cooled it still more.
Street Il Norton sold 10000 shares OF Rock
Island common in the forenoon. Harry
Content and Miller Co. were also heavy
sellers. Brokers who at other times have
represented Moore interests were the prin-
cipal buyers. Tho stock was strongly sup
ported around ~. A curious Incident OF the
trading was the sale Of $500 shares In one
block at an advance Of r. The stock had
declined from 45X to ~. and was apparently
very weak when 4. 500 was taken at ~. The
selling was accompanied by the rumor that
there was a hitch in the st. Louis and San
Francisco deal. When this report was
brought to a member OF the Moore party
he said. Let them gnaw on that for while
A room crowd has been resisting Rock ISL
ands advance, and there is believed to be
considerable short interest in the stock.
It was heavily borrowed In the loan crowd
last night:
woman wrote to her broker TO INQUIRE
what the rights" were worth on her twenty
shares of Erie and the broker replied that
as nearly as 1t could be figured out they were
L. L. E.gx
rights" established a quotation Of i-e4 Of
1 per cent. which would be Si.5e on 100 shares
of the par value Of $4,000.
Lansburgh was the heaviest seller OF Steel
common. the weakness Of which affected
the entire market In the afternoon. II is
said by brokers that the commissio n-house
interest in Steel is larger than that In any
other three stocks. and for that reason its
fluctuations have an exaggerated effect upon
sentiment. In a purely speculative sense
the stocks bleak yesterday was cnriously
Steel was the last thing to rise
In the January bull movement, and many
traders have been saying that II would have
TO break In order to round out the markets
decline. The logical end Of that reasoning
Is obvious. The selling yesterday was largely
speculative. II the circulation Of bearish
rumors gives any clue to its character. II
was thought that the Waldorf crowd was
selling. II was that crowd that supported
the Field operation on which the stock ad-
vanoed to ssH last January.
Il was estimated that fully 90 per cent. Of
market transactions were Of
professional origin. The outside buying in
terest that was reported on Monday disap-
peared completely. Brokerage opinion Of
the market IL hopeful still. Commission house
advces are rather negative. as a rule. but
FAR less bearish than was the case a fortnight
ago Professional bull sentiment last night
was much dampened. but there is still a crowd
in the board room favorable to an advance,
The approach Of the long holiday was felt
even yesterday. and 1t is expected that specu-
ation is likely to grow narrower to-day and
tomorrow.
The arbitrage houses sold between 10000
and Is, 900 shares on balance here yesterday.
This was the first selling they had done for
ten days. and. as II to be consistent about t.,
they sold mostly Union Pacific. the stock
they had been buying heavily for more than
week. The private advices that have been
Roing from Wall Street abroad have been
bearish for n considerable time,
honestly rejecting the sentiments prevailing
lere.
THE noise they made selling stocks around
he room this afternoon" said a board mem
,er after the close, was enough to scare a
pull out Of his wits. and have no doubt that
I frightened some timid traders out OF their
'tocks But with all their noise don't see
hat they accomplished anything to brse
lbout. ] observe that the people who are
going around the floor talking Of a 2o-point
break from this level we're bullinG stocks
When they were 20 points higher than they
ire now"
The borrowing demand for stocks In the
oan crowd last night was good and indicated
{ anything. an Increase OF the general short
interest Content was. perhaps.tthe largest
borrower. He took lot OF Union
Pacific. The stocks In most request were
I'nion Pacific, United States Steel Rock
Island and Pennsylvania. Doaning rates
we're and So per cent. Pennsylvanil
oaned at current rates for the first time IN
several days II il believed that the short
account in that stock has been decreasing
A special list in 81. Paul drew attention yea
erday 20 the fact that II took 800 shares 70
break the price from 1872 to 1919 and only 800
shares to put IL back again to 1872 That
In the afternoon. The buvng on
he decline from the high price Of lss made
N the opening was regarded as better than
he selling. Groesbeck took the 1879 stocE,
Iohn W Richie. Charles Knoblauch. Wof
2ros Tower n Sherwood and SPECIALISTS