The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-25
GOSSIP or WALL STREET.

u
statement than anybody expected ccca.ioned
pected to sec an increase In the loan item due
70 the shifting OF loans from the other side to
Wall Street. The decrease In loans. there
fore. Was an agreeable surprise. The greater
surprise. however. was that the loss OF cnsh
should have been only 5000. whereas u loss
OF something like 100000 had been fore
Swallowed by the known movements OF money.
One explanation advanced for this was that
the outflow OF money had been Offset by re-
osipts Of funds for investment. The in
vestment buying in this market last week
70 said by we'll informed persons to have
sgsres gated several millions OF dollars.
There was a smaller demand for stocks In
the loan department yesterday. The most
active inquiry. perhaps. was for Atchison.
Pennsylvania. Canadian Pacific. New York
Central and Amslsamated Copper also were
In fair demand. differences drawn from the
are often misleading.
Tho continued strength Of Atohison has
excited d lot OF scepticism on the part Of pro-
fessaonal traders. as Is shown BY the constant
demand for the stock In the loan crowd. The
heavy selling Of the stock BY London houses
last week was largely responsible. no doubt.
In position to know the character Of at least
some Of the recent buying insist that the stock
10 being heavily absor bed by strong interests.
II 10 said that the buving OF one prominent
banking house has amounted to 10000 shares,
at an average cost Of little more than S6%
q share. II was this buying that suggested
the possibility Of deal OF some kind between
the Atchison and one OF the Pacific roads.
Those who are bullish on Atchison assert that
recent professional operations in the stock
have been wholly incidental.
Transactions in Amaigamated Copper yes
terday fell under 5000 shares. as compared
with volume Of nearly lcs.Ooo shares on Fri
day The stock fluctuations covered a range
Of only three-Quarters OF 1 per cent The
heaviest trading was within one-eighth either
way Of IS. Spieg elberR was the largest seller
in the early trading. The room crowd 10 stu
bearish on the stock. Traders think 1t has had
too great volume on this level.
A good deal Of money has been made lately
in Amalgamated Copper privileges. Vroom
sold puts at 81 on Friday for one-auarter OF
per cent. Puts for sixty days at 30 were offered
IN New street yesterday
In a half humorous vein a broker called
| attention last week to the fact that the people
YOU meet in Wall Street these days-the
regulars-havs not the fat, sleek appearance
they presented during the bull market. l
know a lot OF traders, he said, who do not
| fill the expensive clothes they put on year
| ago and still wear l attribute their loss or
| flesh partly to more temperate living and
partly TO the physical effects Of bearlsh
| mental attitude. To be a bear q man must
| look always at the worst aspects Of things,
! and he becomes soured and gloomy. no matter
| whether he 10 making money or not You
| never saw q sour minded man who was big
| and fat Come to think OF it. / have never
known . chronic bear trader who was not
physically lean.
Wall Street advices from st. Louis yesterday
| were all OF q reassuring character.
| Discussing the short interest in the market.
| an old trader made the interesting observation
| last week that for nearly two years after the
Northern Pacific panic, on May 0. 1901. opera
| tors on the bear side were timid and easily
| frightened There are traders who have
| not vet wholly recovered from the losses
incurred In that memorable squeeze. Re-
| Gently, however, the bears appear to have
| grown more stubborn. continued success
| on the short side having restored their cour-
| age. But for long time the short interest
caused II to stampede. in consequence OF
| which the market was poorly balanced during
! the greater part Of the downward movement
| Greater resistance. this trader thinks. Is
likely to be offered from now on by the abid-
| ing short interest as distinct from the pro-
fessional room short interest. which Is coyote
like in its retreating instincts.
The weakness Of Americans" in the London
market, the closing London prices ranging
from x TO Y below New York parity. was
vaguely attributed to the approaching fort
nightly settlement. Monday will be buying
in day, Wednesday will be ticket day and
Thursday will be settlement day. On the
| ave of the last settlement there was some
concern about the affairs OF prominent
house that had been doing good deal Of
business in American stocks. The under
standing Is that 1t was helped out at that time
The international houses sold stocks in this
market every day last week. and in the
American quarter Of the London market
quotations continually ruled below a parity
with New York prices. 1t WAS supposed that
a good deal OF the London selling here was
ordered" from New York md that Wall
Street sold speculative stocks steadily In
the London market. but 1t Is thought by some
to be significant that London sentiment on
American stocks has been bearsh ever since
the failure OF the Maryland Trust Company
to negotiate a loan at that centre, 1t Is init
mated that other institutions have sought
accommodations abroad In win The Lon.
don correspondents have attached good
| deal OF importance TO the financial troubles
| In both Baltimore and Pittsburg.
Mestre l. Co. sold 1000 Reading common
Yesterday. Brokers say there has been
good deal II quiet liquidation in this stocl