The sun., 1903-10-17
GOSSIP or WALL STREET.

Bear trade re- were surprised by the yio-
lence Of the advance In the afternoon The
shorts were very uneasy at the close. The
advance confirmed the opinion expressed
on Thursday by a number of brokers that
by concerted demonstration against the
short interest the market could be lifted
at least S points. The short interest is be-
leved TO be smaller now than 1t was last
August, when a movement somewhat similar
in its beginnings carried prices up anywhere
from TO Is points with tremendous rush.
but many observers of the present situation
think, nevertheless, that the proportions Of
the existing short interest have been under
estimated. There Is large commission
house short interest aside from that which
Is professional The books OF a good many
houses which do miscellaneous margin
business show predominance Of short trades.
Cases are known where such books show
as much as so per cent of the open trades
to be for short account The books OF two
or three ordinary commission houses as a
rule are typical Of many. number of the
largest houses in the Street. houses that
have been figuring prominently in the trans
actions from day to day. are believed to be
heavily short of various stocks. 1t was re-
ported yesterday that one Western house
WIS short of IS 900 Baltimore and Ohio. The
short interest in Amalgamated Copper Is
estimated Gs high as 90, 900 shares. Several
of the Philadelphia wire houses are thought
10 be short of Pennsylvania Baltimore and
ohio and Norfolk and Western.
Several large traders are said to have been
caught rather badly by the sudden rise Of
Amalgamatnd Copper They went heavily
short Of the stock on what they considered
trustworthy Information that the dividend
world be passed. Some have not yet COW
cred Ihe room crowd generally has been
paHrsh on the stock The heaviest buying
Yesterday was for short account. Content
Has seller around 80, but turned buyer
and tool about 10000 shares up to 81.
II Was the comment last night OF more than
ono trader that the market had turned Of
rs own accord, owing to its oversod con-
dttlon There was no access of outside buy
ng power, brokers said, nor any concerted
fort to bring about an advance. dis
position on the part of the beGrish contingent
10 cover short contracts disclosed general
scarcity Of stocks. whereupon other traders
began to bid up prices, 1T was reported by
uHpreiudiccd observers on the floor that the
advance was almost wholly at the expense
oi tho short interest. The ease with which
prices were bid up was much commented
"A to GO. with only 200 shares of stock. He
and his following bid up stocks all around
the room. Field was personally active in
Atchison. Missouri Pacific and Steel preferred.
A. slh he bid for any part Of 10000 Steel
preferred Talbot j. Taylor 4 Co. were also
large buyers of the stock
The tone Of the opening was rather good
bi' there was nothing in the appearance of
the market then to foreshadow an upward
turn, In the early trading Amalgamated
topper was pressed for sale. American Smel-
ng shares were further depressed and the
attack upon Pennsylvania, Norfolk and
Western and Baltimore and Ohio was resumed
Flh good deal of noise. Baltimore and
VINO seemed to be poorly supported. Van
hmourgh 4 Atterbury were prominent sellers
and IT was reported from the floor that the
Buffers were distributing selling orders
urrie Bros. Content and Minzesheimer sold
Pennsylvania aggressively In spite Of these
a"eouragements the market improved stead
W. At midsessiOn there had been an advance
" perhaps per cent. in the railroad list.
aNn then the market became very dull IL
"S question at that time whethr the
"alNrs who had bought during the forenoon
would be able to take profits, The sub
'ellent developments were as surprising
70 The bulls as to the shorts
lhe efforts to depress Pennsylvania. Nor
''& and Western and Baltimore and Ohio
a0facted some attention in the forenoon.
~ good deal of the selling emanated from
,"lAdelphia sources, whence also issued
q" rn0rS. and the impression in Wall
'u'el was that the attack could be traced
Philadelphia bear crowd which has con-
la, Pal