The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-20
GOSSIP OF Wall STREET.

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Sentiment around the Street before the
opening Of the market was decidedly b~arten'
AL OF the early morning gossip was despono-
ont. More attention was paid to the per-
turbed stock market situation at Pittsourg
than 10 the more favorable weather advices
from the West II was feared that q further
decline Of Steel common would carry the
general market lower. and nearly every
body expected that the stock would break
again. On Friday night. for the first time
since this decline began. Steel common closed
at the lowest, without rallyins so much as
an eighth.
The initial transactions In Steel common
were $500 shares at Is. and then Immediately
LOO at i7I. The support that as supposed
to exist at Is gave an Indifferent account o!
itself, for the stock declined steadily to II.
1t was reported from Pittsburg soon after
the opening that small lots were offered
there at 1914. There seemed 10 BE- no con-
centrated selling. The price broke under
comparatively small offerings Agreat deal
OF short stock.was covered yesterday Under
IS. The principal buying waa thought to
be for short account. Brokers reported from
the floor that the rally from II was due almost
entirely to short covering. Hartman Co.
were large buyers, their purchases being
estimated at nearly 10000 shares. A. y.
Brown Co.. who were conspicuous as sellers
on higher level were also large buyers yes
terday. Pittsburg operators for the decline
and local traders bought freely. j. NJ.
Amory was the principal buyer Of the pre-
ferred stock. Hartman Co. did their
heaviest buying Of the common at III. A
broker who WAS in the Steel crowd at the
close Of the market said that between 10000
and $4,000 shares were for sale at l7't and
Tx.
There was no demand In the loan crowd
for Steel common. You can't lend the stock
in there" said broker who withdrew from
the crowd after having failed to find Dor
rover for moderate amount Of IL. There
was an active borrow wing demand for st. Paul.
and fair inquiry for other granger stocks.
especially Rock Island and AtchisOn The
general demand for stocks. while still large,
was not ms ur gent as 1t had been.
II was said after the close that large pro-
fessiona short interest existing in the room
had been covered. Buying for short account
was seen in all Of the stocks that were raided
on Friday. Brokers that were heavy sellers
in the sessions Of Thursday and Friday we're
conspicuous as buyers in yesterdays trading
A good many traders were unwilling to carry
short stocks over Sunday. partly because OF
the improving corn crop outlook and partly
because they thought they were getting too
much company on the short side. Many OF
them are expecting recovery this cou1nS
week. %
The junior member OF a prominent western
house that has been factor In the market for
some little time. principally on the bear side.
delivered hims elf on the floor yesterday OF
the following conservative expression: Sell
anything what tell!'
Harris, Gates 4 Co. appeared yesterday
to be selling Stchison rather heavily. They
had been conspicuous as buyers throughout
the week The Western operations IN At.
Gibson have been very confusing. A broker
who is supposed to know a good deal about
it. says "A crowd OF Western operators
bought a line Of Atchison and sold 1t out at a
small profit. The market didn't break and
they bought It back again. They are now
unloading It at loss. and losing. fancy.
the profits they made on the original specula-
ton
The buying in some quarters OF the market
yesterday, brokers declared. was the best
that had been seen in several weeks Brokers
who sometimes act for the Standard OIL In.
terests. 80 called. appeared to be supporting
| St Paul. George P. Butler Co we're re-
| ported to be buying 500 Missouri Pacific
! each eighth Of point down. Houses that
| have not figured much in the market Of late
I we're buyers OF various stocks partly on
| supporting orders. II was said, and partly On
! genuine investment orders. There was A
| noticeable increase Of the Investment BUYING
| Yesterday confirming the opinion OF some
! brokers that declines would stimulate in
| terest on the part Of investors. A number Of
| specialists reported that they we're buying
| round lots Of stock to be split up into odd
| lots 4 transaction OF that natur" occurred
| in New York Central The trouble with some
| of the stocks that broke so sharply in Friday
! trading brokers' said. was that inside inter
ests extended very poor support. In one
stock. for example, the support came in 100
shar" orders
! There was no London market yesterday.
! The sceptical treatment OF good news last
| week was much commented upon. " was
| easier to convince the stock market com.
| munity that 25 per cent Of the corn crop hsd
| been destroyed than to eetab lish the truth
| that the crop news from Chicago was benl
| manipulate 81 for speculative purposes, anC
| whereas. the reported destruction of a quarter
| of the corn crop ras deemed to be OF ex
| treme Importance. the survival Of pra ctically
| the entire crop awakened no enthusiasm
! whatever. Bullish interviews were received
With pronounced ecepticism, When Pres
dent Mellen OF the Northern Pa cifc declared
| that the crop situation in the Northwest VA.
all right. trader. read the interview anc
proceeded 70 sell more stocks forthwith
That interview. instead Of helping IN" market
| really weakened II. at least temporarily
Later in the week bullish statement or
United States Steel appeared. and trader
sold stock on that.