The sun., 1903-05-10
GOSSIP or WALL STREET.

"oiu "cHt AROUND AZ ~ o CLOCK That II the
bank statement afforded any excuse for 90
doing the Well clique would attack the
market In the last half hour. Prices we're
further depressed after the appearance of
the statement, for the purpose. some observers
thought. OF covering short stocks II Ia the
impression In the board room that the short
interest has been materially increased. There
was better general borrowing demand for
stocks In the loan crowd yesterday. but IL
did not confirm prevailing Ideas as TO the ex-
tent OF the professional short interest. The
explanation offered was that the bear party
had been borrowing stocks privately leaving
only the promiscuous short interest existing
In the room to reflect in tire loan crowd
The borrowing demand for PENNSYLVANIA
was much smaller than 1t Was before the
stock sold ex-rights on Thursday. The stock
loaned Yesterday at per cent. II loaned
at and ~ per cent while being borrowed
for transfer purposes in order TO secure the
rights. The. borrowing yesterday was sup
posed to be for genuine short account, and
the inference was that the stock Is still heavily
over-sold. The prevailing rate for other
stocks was o1i per cent,
The selling under which Metropolitan
securities declined yesterday to q new low
price was done principally by houses that
make specially Of odd lots" II was sup
posed to be for the account of subscribers
who are unwilling to pay the second Install
ment called for last week.
There is believed to be n large short inter-
est in Rock Island common. Much OF tho
recent selling h has proceeded under the i'm
preston TINT stock received in OK change
FOR ST.. Louis and San Francisco common
would be pressed for sale in the open market,
1t was asserted Yesterday that the Rock
Island stock 80 received would be pooled
as st. Louis and San Francisco common is
now pooled. and that those who have antici-
pated a pressing of ex changed Rock Island
upon the market nre likely to see their
calculations miscarry. This assertion was
made with apparent authority. Harris
Gates h Co. sold Rock Island common down
in yesterdays session The support around
~ was said by the specialists to emanate from
inside sources. Some OF them think the short
interest will he embarrassed when it seeks
to recover its stock.
The behavior Of Amalgamated Copper
was disappointing. At the opening the
temper Of the crowd was plainly buliish and
traders We're expecting a further advance.
II was soon apparent. however. that the large
orders were on the selling side. The right
kind Of support vas lacking. Brokers sup
posed to represent the nripal operating
interests appeared TO be selling on balance.
The only explanation was that the bull party
wanted to shake out a too enterpr!sing room
following.
Operations for the decline appear to have
converged upon Atchison. New York Central.
Pennsylvania and the Union Pacific They
were conspicuously weais In the short session
Yesterday. A very bearsh feeling on Atchi-
son has been cultivated among professional
traders, and talk of.bond issue seems irrc-
prcssible. The Well clique Is understood
TO have riade Atchison the main objective of
its attach upon the market on the ground
pr esumably. that the stock would present
less resistance than some others. The old
bmn crowd in Atchison is said to be OCCUPIED
with other things. Harris. Gates, X Co. were
prominent sellers of Atchison Yesterday.
The stock made n new low point for this
decline, -.
The Governments crop report will be
out Tomorrow. 1t is expected to make
q favorable showing for the winter wheat
crop. and. therefore, to exercise a favorable
influence on the granger railroad stocks.
The publication yesterday OF an impressive
article on Mexico. wherein Mexican Central
was ndroitly bulled. failed completely to
speculative interest in the stock.
The mana gers of the bull campaign in Mexi-
can Central evidently were not prepared to
make q market demonstration concurreptly
with the appearance of the article. The
stock. indeed. sold off fractionally. and closed
at a net loss of 5: per cent
-. - .r
There is soma curiosity to know whether
the Field-Oliver crowd il cooperating with
the We'll CLIQUE on the bear side OF the market,
i'm ptessions on this point differ The We'll
CLIQUE has n very limited following, II ia
in fact. not to want n following
nreferrine TO operate on an independent
basis The Field Oliver crowd. on the other
hand sought diligently to create an outside
interest in its operations for the rise IL
wos dtsanpointed in that but is believed
~ sys,theless. to have made many m the
ADVANCE Ito; present position is n matter
~ n,s,e conSeoture, Oliver, who hos heen
on, dmctnr the waldorf crowds camnaipns
on tbe aoor was n seller of Union Pacific
.astardav Van Fmburab 4 AIterb,rv and
asnory were nlso sellers The hest in
torrp ot;on Ia Tint tho waldorf crowd holds
.n,niv n. trading position on the market,
antne ahandnned its attemnt to bull stocks
,ni.hn~, a n,hlio The snme ia believed IN
w. .rna ~ tba western con rim GENT oneratino
thrn,,nb Harris, Gates h Co.
wa
. prot.ss;,,., sentiment af,er the close
80. .,I I,,;dl m.