The sun., 1903-08-02
GOSSIP OF WALL STREET

ana hold views about the sprinp vbept iI
that are none too sans suinc. A promiron'
western grain expert who visited Wall stroa.
yesterday said the wheat yield on his I, ooo
acre farm In North Dakota will he only fror,
TO 10 bushels this year as compared viii,
" bushels per acre last year. All OF ,hs
critical Western advices now being reca,vni
here are builish on grain. hence the inc-oas,
OF speculative interest on the part oy III,
western element both in corn and wheat
Soon after the appearance Of the ham.
statement yesterday the out-of-town co,.
respondents Of Wall Street wirc houses bs.
gan to ask for explanations Of tho loan s,.
pansion. Many contradictory explanations
were offered. but some candidly confessed
that they we're at loss for reasons, savtn.
abnormal conditions alone could accoun,
for the failure of bank loans 10 reHec, IN,
tremendous liquidation that has occurred /,
the stock market.
W. h. Mack has been a large buvs, =,
Mexican Central.
Brokers and traders compromised private,v
last week more losses resulting from .hn
confusion that attended the three failure,
than we're referred to the Exchange a,,lho-,.
ties for adjustment. Some of these los.a,
were heavy. They arose from the misraadl,,
OF orders. the inability OF the suspended
firms to receive stock bought for their sc
count misunderstanding between member,
and blunders on the part Of clerks Disputes
are still pending some OF which will have 70
he decided by the governors. but as a rul,
members between whom differences eyisted
have settled them according TO their own
ideas Of fair dealing. Really serious dis.
putes have been remarkably rare everything
considered. One error on the part Of broker
especially two-dollar man. often wipes on.
the commissions OF whole month or moro
Some members suffered losses for which the,
we're in no way responsible. One trader
for example, sold 500 Mexican Central :,
W. H. Stow 4 Co. and borrowed the stoc,
from Edwin q. Hooley 4 Co. Stow 4 Co
were unable TO accept delivery OF the stock
and it could not be returned to the firm from
which 1t was borrowed.
Harris. Gates h Co. have opened branch
office at Saratoga.
good many Wall Street people who
postponed their summer vacation because
they were afraid to leave the market will
be going away as soon as they can feel reason
ably certain that their interests will not sufYpr
in their absence. II is expected, therefore
that return OF normal market conditions
will mark The beginning Of a general exodus
OF brokers and traders. One very prominsnt
banker has already set the example. tardiy
departing for a vacation with the announce
ment that. in his opinion. the market MAJ
safely he left to take care OF itself 0thera
are preparing 10 follow him The indications
are that in order to catch up with its vacations
the stock market community will have 70
make out with very thin attendance 10
the remainder OF the summer. that is II specu-
lation should become as uneventful as many
market critics expect.
Commission houses did practically nothing
In the short session yesterday. just before
the bank statement appeared. brokers rep
resenting flve large firms compared note
and found that between them they had no,
transacted a single order. Trading wsa
almost wholly professional. During TIE frs
hour traders went around the room takin,
on small lines of stock here and there and
then bidding up the price against othe'
traders who were short. scalping eighth
and quarters by the operation. Fluctuations
in general we're significant of nothing more
than this.
Those Of the room crowd who were at all
bearishly inclined carried short contract
over the end of the week because they though
up on Monday morning after such bank
statement and with no London market
through which to influence sentiment. The
general short interest was thought to have
increased. There was a more active de
mand for stocks in the loan department
particularly New York Central. Canadian
Pacific and Atchison. The stubbornness
OF the short interest in New York Central IS
causing a good deal OF comment. Efforts b.
intimidate IL have failed completely, ana
the impression grows that il must be ver~
strong. The trading element is loyal Ia
the short side of Atchison.
Chairman Talbert is absent on two-weeks
vacation. and the Stock Exchange sessions
are being opened and closed by an employee
Northern Securities shares were bid u,
sharply on tho curb on early information o
the Minnesota decision favoring the corpo-
ration. A small short interest has abided IT
the stock for a long time. Harris. Gates
Co. were heavy sellers last week. their trans
actions being estimated at $4,000 shares
Some OF the recent selling is supposed 10
have been for the account of Talbot ]. Taylor
h Co. The market took the stock in man
ner that called forth favorable comment.
especially the preferred, was so consplruo"
last week as to divert attention from I'll
buying F. T. Adams h Co. were the prjr-
cipal buyers. taking In all about IA, 600 share
of both classes Of stock. Although Harris
Gates r. Co. were identified with the forra
tion Of the United States Realty and Cor
struotion Company, John W. Gates henc
n director, their selling last week for SON"
reason was generally believed 70 be shOr'
selling. based upon infarmaton that tn
forthcoming statement would be an unfavor-
able exhibit. Realty shares have been re
ceiving lot of bearish attention lately, bur
nobody has cared to sell them short withon'
knowing first where the stock could be Dor
rowed. There are only few places wher"
IL can be borrowed
The extreme narrowness of the mari 80
toward the end Of last week was ill strats'
by the experience of a trader who on Frida.
last went into the Atchison crowd and foun'
five or six other traders selln the stock dowr
He took 500 shares. then 900 at fractions
advance and the selling halted Two o.
three l00-share lots more seemed 10 clear
UP the floating supply. whereupon this on.
trader unassisted bid the price up per cent
and sold out. Wall Street intently Guessir.
meanwhile what the sharp rally in Atchisoa
meant. Many OF the abrupt price move
ments seen last week we're quite as meaning
less az that one was. The Atchison incident.
however. is Of peculiar interest because th'
stock had been under ldnidatinG pressur'
ior several days, its decline affecting n
entire market unfnvorably. II was yer
surprising thing. therefore. that one trade
-, ax>1 Hpo kI.,t tNri, NOR -tUf