The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-18

firms were delivered back to them all in one
day. The incident caused n cool deal of
comment. No explanations were forth
coming The house in question had carried
these Western accounts all through the bear
market, and the accounts themselves are
no less desirable at the present time than
they were few months ago. The theory
was advanced that perhaps the house had
undertaken to carry for Wall Street interests
all the stocks IL cared to be responsible for.
and for that reason desired to relieve itself
Of the Western accounts. The business Of
carrying accounts for other houses is only
moderately profitable. and would not be de-
sired over the regular straight commission
business II there was enough Of the latter
London houses traded on both sides on
this market yesterday: their operations were
unimportant.
In the loan department yesterday there
appeared an active borrowing demand for
Pennsylvania and Steel preferred. There
was also a good inquiry for Anal gamated
Copper and Louisville and Nashville. The
supply OF Atchison was in excess of the de-
mand. From the lack of inquiry for in
dustrial stocks it was inferred that the short
interest in that quarter of the market had
been pretty we'll eliminated. Theresis be-
leved still to be a large short interest in the
general market, especially in Amalgamated
Copper and Pennsylvania
Boston has always been more or less pro-
life OF copper literature. but its productions
durin the past week have been so voluminous
as to excite general curiosity. Wall Street
has been fairly deluged with them. Almost
all Of this literature. OF course. has bearing
on Amalgamated Copper. and it is extremely
bullish. Private advces received by Wall
Street houses from their Boston correspond
ents foil to describe any wild speculative
enthusiasm there over this or any other copper
stock, and 1t is mystery where all the bullsh
writing comes from. A prominent Boston
operator Is said to be active again in Anal
gamated Copper. though there is much diff
ference OF opinion as to which side Of the
stock he is on. The squeezing Of n large
professional short interest In the stock has
allayed the bearish feeling with which the
| local trading element regarded it prior to he
declaration Of the regular dividend. Further
short covering was reported In the short
session yesterday.
Conservative brokers, even though hope
ful and inclined to believe that the market
has turned, discourage buying on the bulges.
"A bull market, said a brokersto whom that
applies, lis not made In two days or two
weeks. There will be plenty Of time for all
Of US TO get in.
Criticism last week OF the manner in
which certain specialists offered down the
prices OF industrial stocks on market" or
ders recalled TO the minds of old brokers the
existence years ago OF a crowd that made
q specially OF inactive stocks and whose
sharp practices became notorious. This
crowd occupied an open space in one corner
of the room and traded in stocks which were
not of enough Importance 10 have place
at any post IL was saying among brokers
that one was lucky TO come out OF thai crowd
with his clothes. They called it Jericho,
because going TO IL with an order was IKE
falling among thieves The crowd would
find out what a man wanted to do in n Ger
tain stock by forcing him TO bid or oner,
and then make the market. The outsider
was all the more at the mercy OF the crowd
by reason OF the fact that II spoke foreign
language with itself. The Stock Exchange
finally passed q resolution requiring. that AL
business in Jericho" be transacted IN Eng
lish.
A broker 10 expected TO exercise discre-
ton, but II in doing 30 he commits an error
of Judgment there Is no excuse he can ohtf'
while, on the other hand. the ben"ht oil ms
Judgment. II II happens to be good II ac-
cepted without thanks. ,DuIi1g the NORTH