The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-05
GOSSIP or wAEL STREET.

Heavy borrowing OF Pcnnsyitania at rates
avera gins about per cent lower than the
loaning rates for other active stocks was the
feature Of transactions In the loan crowd
yeeterdsy. The obvious Inference 10 that
Pennsyivania is heavily oversold. Tho
specialists In the stock say there IL very
large actual short interest In ad Hilton to that
OF technical character based upon arbitrags
trading between the stock and the rig It's
The general borrowing demand for stocks
yesterday was good Colorado Fuel. Sna,r
and Brooklyn Rapid Transit were In active
request. Looming rates ranged from to
per cent. for everything except Pennsyi-
yania and Southern Pacific, which loaned
ut s and Q per cent. The demand for South
ern Pacific at per cent concessions from
the prevailing rates occasoned 80 ne surprise.
II was supposed that with the cessation Of
competitive borrowing for voting purposes
the stock would loan In the normal manner.
The demand for II yesterday at less t1on the
normal losnins rates was taken to Indicate
that the natural short interest Is larger than
II was supposed to be.
The manner In which the disappointing
bank statement was received caused II to bs
said that the market was not 90 sensitive 70
bad news as 1t had been. TIE appearances
of the statement was the signal for a room
encountered positive opposition and soon
desisted There IL q falr-sized bull sd
In the room which needs only slight encour-
agement to continue the operations for rise
that were besun In the last hour OF Fridays
session. In that hour and again yesterday
that market presented. all the natural phases
OF an oversold condition. and this Is regarded
as q very important point In the speculative
situation. Although IL has been asserted
hx, urhn could nndeYstAnd
markets strange lack OF rallying power
that the short interest was being magniied.
the Developments OF Friday afternoon and
the general behavior OF stocks In the short
short session yesterday tended to strengthen
the contrary opinion. Traders who favor
an advance consider that the unexpected
disclosure OF vulnerable short interest on
Friday was valuable for lite moral effect.
It was the first betrayal OF nervousness on
the bear side,
II was thought that the positive denials
Of Fridays Southern Pacific rumors would
cause a sharp reaction at the opening yes
terday. and on that. reasoning professional
traders sought TO depress values. They
found 30 little stock offering around the
! room. however. that they suspended their
| demonstration. A point some traders made
was that the market had advanced violently
on fictitious good news on Friday and had
not OeClOe0 OIL 6Ctudl Odu ntWt tuc UbuA
statennent) on Saturday. wherefore II might
be expected to give a very good account
! Of itself on bona fde bullish intelli gence. OF
| whatever nature. It IL the general impression
that decision In the Southern Pacific case
| favorable to the Union Pacific interests would
occasion q considerable advance.
more optimistio speculative sentiment
prevailed after the close OF the market yes
| terday. the Importance OF which was not
lightly estimated by those who believe that
, pure sentiment has counted for . sTeat
| deal In the market OF late. Brokerage opinion
| Of the market Is more bullish. and the COM
mission house literature. that went out from
Wall Street yesterday afternoon was fairly
cheerful.
| Manhattan certificates, either With OF
without the guarantee OF the ,Interboroush
Rapid Transit Company engraved thereon.
| will be good delivery until further notice from
| the Stock Exchange authorities.
Harris Gates 4 Co have discontinued
their branch Offices at Palm Beach. Fla.
| There were two Of them. ono at the Royal
| Polncians and the other at The Breakers.
Tho Stock Exchange Committee on securi.
ties has made the ruling that transactions
will. Be ex-rghts The transfer books win
close on May ..
II il stated ON authority that the Western
| crowd, having Its headquarters 10 . wall
Street house holds merely trading position
| on the market and II not engaged In any
| campaign. Its attitude has been rather
bearish. but Its representatives deny that 10
has been bearing the market a. party. The
Waldorf CONTINGENT 10 understood to b favor.
able TO an advance. -
There 10 an idea that the returning of large
amounts Of borrowed Southern Pacific stock
this coming week will loosen money =
Brokers generally and the wire houses
especially have found the management OF
loans and interest charges extraordinarily
diSncult this year. The ordinary commission
house charges clients per cent. for carrying
stocks and does the best II can for itself but
the wire house that carries stock for OUT
of-town correspondents has sharp compe-
tltion to meet. The out-of-town correspon.
dehtiwiu do business with the house that car.
ries stooksfor the least interest and the wire
house, therefore, has no margin between what
IL pays for money and the interest 1t charges.
When call money 10 per cent. tho out-of.
town correspondent wants to know Why
the Wall Street house IL charging Z and .
Der cent, That IL because the Wall Street
house was % unfortunate As to stock up with
time money al the higher rates; and then when
call money 10 8 and 10 per cent. the house
IA upbraided for not doing all its business
on time money. In some parts OF the oouh-
try the Law strictly limits interest charges
to 9 per cent: and during the recent monetAry
strineency when the wire houses were charge
ing their correspondents 10 and Is per cent.
the correspondents were In despair until
scheme was discovered whereby the out-of.
town broker could charge his client the reeu.
lation Q Der cent and In q separate Item add
Z or s per cent. more for carrying charges
In New York"
james J. Hin is quoted a. having said to
some friends recently: Those who say
paid a high price for Burlington viii accuse
me ten years hence OF having stolen the ROAD
because got II % cheap"
The speculative position Of Amalsamstsd
Copper 10 matter OF some curiosity. There
Ia believed to he no doubt that the old bun
crowd is quit Of its line. but the specialists
say that buying OF . pretty strong character
Ia being done on q scale down. II is said
10 have begun around Is. Yates. Ritchte
4 Pope were the heaviest buyers yester:
day. taking 1000 shares. The room crowd
y bsarish 90 The stock.
Charles Knoblauch corralled nifty OF the