The sun., 1903-12-13
GOSSIP or WALL STREET.

diV,dual operatort OF prominence had ar
rayed themselves against speculative values
ana were selling stocks on a considerable
scale, presumably for q campaign. With
out going into details As 10 tho Identity Of
these bear forces 1t was asserted by brokers
who seemed to Be more or less familiar with
their operations that they had figured prom
inentiy 10 previous speoulations for the de-
cine, That much might have been inferred.
indeed. from the character OF the bearish
tactics introduced last week. There was
the familiar rumor that something oninous
was hanging over the mafket," and the
same adroit methods were again employed
to weaken speculative confidence. II Is
the unknown that terrtfes trader.
Hundreds OF traders. big and little. were
mystoriously advised last week to get out
OF stocks. In some instances the siver Of the
advice would profess to know what he was
talking about, but In great majority Of
cases those who gave the advice were them
selves naystifed and could only say that II
had come to them In way that was very
impressive. A house that made some yelled
reference In Its gossip to impending unfavor-
able developments. the nature OF which 1t
could not disclose, but knowing which it
had reversed its attitude on the market,
was beseged for Information. Brokers from
other houses went to it for light, promising
tho door member Of the house In question
was harried by his fellow members for what
he knew This 10 but one Instance Of many.
Brokers who. having failed TO get any rea-
sonable confirmation Of the report that some-
thing was hanging over the Market" no
sooner declared their sceptoism than the
mysterious intimAtion reached them from
an entirely new source. The effect OF all
this upon sentiment was something con-
siderable. Brokers felt that In justice to their
clients they must deliver the warning. The
phase something hanging over the market"
Ia one that was formerly used by the bear
party with unfaiiins effect.
The way In which the selling wac extended
yesterday to Pennsylvania. after having been
confined for two days largely to Steel pre-
ferred. recalled the manipulative tactics that
we're used on the occasion Of the last pre-
vious bear drive at the market. From Steel
preferred. which had declined from around
90 to soH with tremendous trading, opera
tions for the decline were carried into Penn
sylvnnia. the Street having already been
prepared for demonstration IN that stock
by talk about the Pennsylvania suffering
more than any other railroad BY depression
in the steel and iron trades. The selling of
Pennsylvania made a big dust over Steel
preferred. In which the bear crowd covered
its short contracts with little trouble, and
general list was subsequently raided. one
stock after another. or two or three at time.
1t was declared yesterday by brokers who
had watched II that about 100000 shares OF
the trading in Steel preferred on Friday was
on matched and manipulative orders. The
same brokers agree with others. however.
in saying that large amounts Of real stock
were sold on the decline.
A higher range OF quotations was again
received from London. and again II was
charged that the London market had been
manipulated on orders from Wall Street.
Neither Steel preferred nor Pennsylvania
responded to the improvement reported to
have occurred in the London market. The
buying on which Steel preferred subse-
quently rallied across So was said to be prin-
cipally for short account. William B. Oliver.
Jr., of the uptown contingent bought heavily
down to SIX and then on the recovery. It
was thought. however. that he was selling
for his crowd through brokers- The stock
closed at SIX. showing . net gain for the
day Of = per cent.
In anticipation Of favorable bank ssa.e-
ment traders covered short contracts. but
after the appearance of the statement prices
declined again to the lowest OF the day under
miscellaneous selling for both accounts.
Commission houses were conspicuous a.
sellers Of Pennsylvania on the decline yes
terday. This was thought to be liquidation
OF long stock taken on the advance to IISH.
Houses having Philadelphia Affiliations were
also heavy sellers A lot Of the Philadelphia
and Ptttsburg selling is thought to have been
for short account.
J.w. Davis L Co., z. d @. Randolph and c.
l. hudson Co. each sold 1000 Brooklyn
Rapid Transit on the opening. 1t was re-
ported from the door that there had been
in,r In ha aunnlv ,f ~
There 10 q wide difference OF opinion as to
whether or not the movement Ii over. The
professional element generally inolines to
the belief that It 10, and has been bearish on
the stock for several days. but there 10 noth-
Ing In the technical aspects Of the market
upon which to base an opinion one way or
the other.
a alsted 4 hodges were heavy sellers OF
Reading.
There was very active demand In the
loan department yesterday for Steel pro-
ferred. but II loaned up to the money rate.
or at Sk per cent. There was also good
demand for Pennsylvania, but the inquiry
for other stocks WAS not such 40 would
indicate any great increase Of the general
short interest. Tho demand for Steel pre-
day. The covering In Steel preferred yes
terday, It was thought. represented tho
retirement OF traders contrants only. The
big short interest 10 believed to be - large -
ever.
u vas reported yesterday that nesotia.
tions had been resumed between the Moore
interests and the Gould party for an en-.
trance into New Orleans for the Rock Island
and with fair promise Of compromise.
The possibility Of fight In this territory
between the Gould roads and the Rock Island
has not infamed the Wall Street imasina-
ton.
The tipping business appears to have been
picking up. The ranks Of professional stock
market tipsters have swelled during the past
few weeks By the appearance Of several
new prophets who advertise themselves
extensively and Ia . manner that must be
expensive. The great successes In this
business were made during the bull market.
One OF the pioneers made nearly $500, 900
In two years from a capital OF IS, which was
borrowed money. Ae spent ~ Of that orig
insl capital In advertising and got back about
hftesn, Of which return he invested about
twelve In more advertising. and 80 on until
at the height Of his sucosss he was spending
hundreds Of dollars a day 10 advertising.
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