The sun., 1903-03-01
GOSSIP or WALL STREET.


p Talbert will take the gavel on Mon
day. II is understood that he will insist
upon moro decorous conduct In the room.
and his ofncisl advent. therefore. 10 awaited
with an interest that is not unminGied with
concern Mr. Talbert Ia distinguished for his
dignity and for many years has us.d his
unofficial influence to cultivate dignined
behavior on the floor He strongly disap-
proves OF violent hazings and 10 opposed 10
boisterous amusements In any form Other
chairmen have winked at some OF the things
which Mr. Talbert. according to his friends.
proposes TO suppress altogether. II In not
TO be supposed from this that discipline In
the room hitherto has been lax II IA only
that Mr.. Talbert is expected to make II
s.rlcter. and naturally the members who
nov ard then incline TO exuberance are Just
q bit apprehensive Restrictions upon haz-
ing will be most regretted In the past the
violence of n new members initiation hns
been in direct ratio to his personal popularity.
In the loan crowd yesterday there was an
active borrowing demand for Pennsylvanis,
Southern Railway common and preferred,
Southern Pacific, sugar. Rock Island and
Metropolitan. The loaninH rate was 81
pr cent for everything except Baltimore
and Ohio. which loaned at per cent.
Throu ehout the week until yesterday loanine
rates were ~ and \ per cent The advance
y
Street 4 Norton were large borrowers OF
kock Island Content Is Atill borrowing q
large lire Of stocks He was perhaps the
heaviest borrower yesterday OF Pennsylvania
and Metropolitan.
Notwithstanding the heavy short covering
Friday afternoon and again in the last half
hour of yesterdays session. the market IL
believed still to be largely oversold. Although
very little I. known about the benr party
its prin cipals are understood to be the same
mon who operated 50 successfully on the
short side Of the market in the autumn de-
cline. Its recent operations apparently have
been attended with moderate success. Al
though there was more or less covering last
week presumed to be for its account, u Is
thought still to be heavily short and pressing
its advantage.
large volume Of at market selling Or
ders accumulated over night and their ex-
ecution at the opening was largely responsi-
| BILE for the early weakness Some Of this
| commission house selling was due to calls
for additional margin. The Western houses
| bought stocks on balance. especially Atchi-
4 son The tone Of commissi on.honse liters-
| ture Is uninspirinR. Money is the thing that
l brokers are apprehensive about.
| A lot Of per cent time loans arranged last
| autumn are maturing. and hence an increased
| demand on the part Of commission houses
| for money at per cent. for three. four and
| six months The money brokers report that
they have been placing a great deal Of per
| cent money around the & rect. Stock brok-
ers are expecting a higher range or call-In-
| terest rates in March. which makes them all
the more willing TO pay per cent. now for
time money.
On Saturdays the London Stock Exchange
closes before the opening OF this market
Foreign houses bought moderately here
yesterday, however. on limited orders.
This VAS thought 10 be short covering. The
heaviest buying was OF Union Pacific. q
stock that London has sold psrs!stently for
a fortnight or more. The London short
interest in Americans Is said 10 he large.
Van Hmbureh a Atterbury and Wasserman
were the hesvies. sellers OF 81. Paul Most
OF the buy Ing was thought to be for short
accou nj, and IL was more or less urgent
Traders who In the past have had very good
speculative information on St Paul have
been covering their shorts around i7 and
advising their friends TO do likewise Bis
sells buying after the bank statement was
instrumental In advancing the stock. IL
closed at almost the top
Professional sentiment after the closinR
yesterday ~ss rather more hopeful. IL
was the common opinion that In the event
Of the passage OF the Aldrich I'LL the re-
covery that began in the last half hour might
" expected TO continue for several days
Many traders were afraid 10 carry short
stock over sunday and covered after the
app srsnc,s Of the bank statement.
Content continued In the short session to
sell CONSOLIDATED Gas II u believed that
lsrs. short interest has srGwn w In the
stock
The uncoverins Of stop-ios. orders vas