The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-27
GOSSIP or WALL STREET.

dation Q Likely to eliminate some time this
week In developments Of more or less IL
Illuminating nature Professional sentiment
after tho close Of tho market yesterday was
a. much confused as ever The ,mpossi-
bilty last week Of localixins the causes Of
liquidation and tho vagueness OF all infor-
nation bearing upon the selling left a great
deal to the imagination Speculation was
conducted In somewhat haphazard man
ner. and the aspects Of the market were sub
jeot to abrupt changes.
In the first hour yesterday traders were
nervous and undecided what to do They
were equally willing to follow either buying
or selling that looked good The develop
ment OF special weakness In the traction
shares. particularly Brooklyn Rapid Transit.
encouraged professional operations on the
short side Prior tn the appearance OF the
bank statement very little business came
to the floor from outside sources. but in the
last half hour active selling proceeded from
various quarters Many traders thought
the extent OF tho short interest would war
rant bullish demonstration in the event of a
good bank statement, but although the weeks
banking results were regarded as favorable.
the statement occasi0ned no enthusiasm
whatever on the contrary the bear crowd
became more aggressive after its publ
Of the bull c0ntin gent. Professional selling
was rather general in the late trading. Bro
kers say a large short interest was carried
over.
throughout the last previous liquidating
movement bank loans steadily increa sed:
the bank statement showed yesterday
shrinkage OF s5.oO0,oOo in the loan item
A very active borrowing demand for stocks
was reported from the loan department after
the close Of the market The stocks In
greatest request were Baltimore and Ohio
Brooklyn Rapid Transit. New York Central,
st. Paul and Reading. The supply OF stocks.
however. was adequate. and nearly every
thing loaned up to the full money rate.
There seemed to be greater disposition
than formerly on the part Of commission
houses that are long of stocks to lend them
In preference to putting them into bank
loans. Stocks are loaned at the market"
whereas banks require margin Of about
20 per cent II is an advantage. therefore,
for house that is long OF stocks TO lend
them
The Junior member OF one OF the big Western
houses walked into the Atohison crowd yes
terday when the stock was being offered by
traders at CO., and bid X for 600. When
I. 600. then 4 for 500 and sti getting no
stock he tainted the crowd and walked out
again. Referring afterward to this incident,
broker who was in the crowd at the time
said: That's the market all over the room.
never saw 70 much blufflng around as there
has been In the past few weeks. II the traders
In that Atchson crowd had possessed any
nerve they would have landed him with the
stock, but they were afraid he might so on
bidding for 10000 more"
The Western contin gent continues to de-
liver itself Of alarming stock market senti-
ments. IL has been predicting calamity
for several weeks and vaguely asserted
yesterday that the trouble had not been
removed. The Western operators who make
their headquarters in well known Wall
Street house are generally believed to have
been heavily short of the market. The inn
preston toward the end of last week was that
lot OF stocks were covered on the decline
for their account. Their representatives.
on the door were thought to be too openly
bearish.
A fresh exhibition OF weakness on the part
Of the United States Steel securities left an
unfavorable impression upon the market.
Harris Gates & Co. were conspicuous rs
sellers of the preferred stock in the early
who appeared to be heavy buyer Of the
stock on b tlanoe during the session. Sheldon
and Pearl 4 Co. also were buyers. The SELL
ing under which the stock declined In the last
half hour to within 4 of Its low record price
was miscellaneous. The Steel crowd con-
tnusd to hold the interest OF the room. a
good many traders gauging their operations
In other stocks by the fluctuations Of the
Steel securities. In the forenoon brokers
reported from the Steel crowd that the special.
lists seemed TO have selling orders on every
advance.
Traders were the principal buyers OF Balti-
more and Ohio. A. o. Brown was heavy
seller. Some brokers think the buying
for several days in Baltimore and Ohio has
been largely for short account, although it
has been said that supporting orders we're
In the stock on scale down.
London houses were again conspicuous
as sellers OF this market.
Mr.. Walter Browne has been elected a
member OF the governing committee Of the
New York Stock Exchange to succeed Mr..
Charles 8. Bryan. who resigned. Mr. Bryan
was of the firm of Sharp 4 Bryan that re-
Gently suspended.
Continued liquidation was reported yes
tarday on orders from flttSDuTg, fnllaueiDhia,
Cleveland and other interior cities
Van Emburgh Il Atterbury were prom
inent buyers OF Union Pacific again yester-
day. Brokers said thare was support on
scale orders throughout the active railroad
list, but not III the volume necessary to
counteract the selling pressure.
Lockwood l. Co. were prominent ms sellers
Of BROOKLYN Rapid Transit in the early trad
ing, and when traders saw that the support
was Indifferent they offered the stock down in
some W hal a. gresive manner The room crowd
has been bearish on IL for some time, Shorts
were reported to be the principal buyers
on the decline The Consolidated Stock
Exchange crowd has been short Of B r. T.
for weeks.
Belated interest has been aroused by
thing that anybody might have learned
from the annual report OF the United States
Steel Corporation issued several months
ago, viz. that the interest on the corpora
tons 1903. OOO. 900 fifty year per cent. gold
bonds Is paid monthly. 10 amounts to
little more than a million and quarter
month. Mr.. Carnegie. OF course. holds the
great bulk Of these bonds.
The professional traders point OF view Is
peculiar. You'd be surprised" said one
of them last week. how little we care for
the information that other people 80 dill
gently seek. Az a rule il doesn't make q
particle OF difference to a room trader whether
tho market goes IN or down and he Is con-