The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-11
GOSSIP OF WALL STREET.

The opening market yesterday was in
active and heavy. The decline in London
and absence Of buying orders were influences.
Steel preferred and AtchisOn opened u down
Erie and st. Paul down Il. and Rock Island
and Union Pacific downs Copper was UP y.
In the nrst hour the trading was listless.
Some traders were inclined to work for a
rally on the expectation OF good bank state
ment. and this and the presence OF few selling
orders had some effect on prices. At the end
OF the first hour all the active stocks had
registered small gains. or were at their OPEN
Ing figures. Anal gamated Copper was the
most active issue. the sales for the hour
amounting to about 1900 shares. 1t ad-
vanced y. to s0n,
Alton common was again a feature OF the
trading In the first hour about $500 shares
were dealt In. about as much as was sold In
all on Friday. 1t came out generally in
200 share lots. The stock opened at 23H.
Fridays closing price. and In the first hour
ran UP rapidly to rs. which was the high point
for the day. 1t closed at 24H an advance
OF ~ points, on sales of about 7.7o0 shares
There was no definite news to account for
the strength tho stock has displayed during
the week. The stories in circulation on
Friday regarding accumulation by Missouri
III,
Harriman's recent election to the Erie board
was made the basis for report that Erie
and Alton would assume closer relations.
Among the buyers Of Alton we're Mcintyre
Marshall. o. j. Brand. G. Dimock and
Housman.
In the first hour the large traders took
very little interest in the market. They sat
around the room at the trading posts looking
over the morning papers. Soon after II
o'clock. reports reached the floor that there
was trouble In Pttsburg which would lead
to selling Of Steel stocks. and that somewhe
there was going to be big strike Of coal
miners These reports were enough for q
bear movement and one was promptly put
under way. with Steel preferred as its basis.
W. B. Mack. oliver. Provost and Martin
started the selling of Steel preferred that
carried 1t to 50. The energy Of the attack
was shown In the way the quotations came
out. The stock opened at 8lH. and at II
o'clock It was selling at 8lH. Then the raid
got under way and the price was carried
through 81. At 1870 a continuous string Of
sales came out this way: $500 at COZ. 400 at
u. 400 at y. 800 at y. 400 at Z and 900 at
90. which was apparently the objective point.
On one sale Of s. 900 shares the price had gone
down X Of APPOINT. These tactics resulted in
uncovering many stop loss orders, and as
these were executed, the price sank still fur
ther until 1t touched the low for the day. Il
closed at 5oH, a loss Of 2I points.
The sales Of Steel preferred, about Sc, 900
shares, constituted more than one-ffth Of
the entire trading Of the day Much of the
long stock came from Pittsburg and Phila-
delphia.
In the loan crowd after the close, Steel
preferred was In big demand. The demand
also included st. Paul. Copper, Atchison,
New York Central, Pennsylvania, Tennessee
Coal and Iron. and Shelters. for which the
call was light.
When Steel preferred was selling around
90 some heavy purchases were made. Tho
general impression was that they repre-
sented the covering Of shorts Harris. Gates
4 Co. Housman. J. Bianthi and Alley, Con-
ger 4 Co. were buyers.
There was let-up yesterday in the pres
sure which had been put on Copper during
the week. 1t opened at 35H and by II o'clock
ing orders came into the market and these
with buying by traders led to an advance
which started wholesale covering by tho
bears. Under the influence of this cover
ing the stock rallied sharply to 37h Tho
high figures. however. were again taken as
a selling basis and the stock closed at 38i1.
an advance Of point over Fridays close.
The trading for London account yesterday
was less than 1000 shares and practically all
OF this was selling. London sold Atchison
and Union Pacific In some volume.
On sales OF only $50 shares Colorado Fuel
| and Iron declined ~ points. closing at 3sl.,
| the low price The movement was thought to
be along the lines Of previous ones against the
/ industrials.
! Just before the close some OF the commits
| sion houses with Boston connections received
| advices from that city that there were rumors
Of trouble In Montreal. Nothing definite
was said. but the intimaton was that tho
dispatches referred to the interests that were