The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-08-23
GOSSIP or WALL STREET.


Professional opinion Of tho market AZ IN.
close Of the week presented almost ever,
phase OF conviction. There are times vhsn
the trend OF speculative values can be fora.
cast with reasonable accuracy but this il
generally conceded by impartial traders IA
be very difficult market to guess" Oyins
to the highly professional character Of opera.
tions toward tho end OF the week, the taps
which to experienced readers reveals supply
and demand, accumulation and dstribution
and various manipulative expedients, be.
came utterly meaningless. About the ONLY
thing IL showed was that actual stocks vera
not being pressed for sale. Room trader,
stood around waiting for opportunities 10
bid prices up or offer them down at the az.
pense OF the outside orders that came IN
The big floor operators traded on both edes
buying and selling at the same time TO scalp
eighths and quarters. Commission brokers
found it very exasperating at times. You
go into crowd with big order" said a
two-dollar man. and the traders seem actually
TO smell it, Then they take your market
away from you. II there Ia a price limit on
your order you are unable TO execute 1t,
traders bidding an eighth over you or an
eighth under you. and If it's a market order,
you have to execute 1t at concessions thai
tape that his order was scalped by the room
crowd"
1T is only the semblance OF q market" one
broker reported from the floor yesterday soon
after the opening. There 10 nothing TO trade
on, said one Of the room crowd. We might
"a well have made il full holiday" After
the bank statement n selling movement
started all around the room. but prices ral-
lied in the last few minutes, closing slightly.
above the best. There were but ton stocka
that showed net changes OF as much as |
point at the close Bid and asked prices.
even in the most active stocks. were frequently
ms much as y, per cent. apart. A broker who
spent a good deal of his time in the Atchison
crowd said that all but 200 shares OF the
transactions in that stock were purely pro-
fessonal Bulletins we're received on the
floor from the yacht race. The attendancciu
the room was only about two-thirds OF nor.
NAL. At one time it was estimated that there
we're not more than $50 members and traders
on the floor.
On the news Of a per cent. dividend "Soo,E
common declined 81, points to 571i. ralliedfk,
50 and closed at net loss OF l < pointA .,NY
preferred advanced point on tho purcMEW4t
100 shares. The Indifferent reception oBMi
500" dividends recalled the attitude OF NJ
stock market community toward the incre%
of the Canadian Pacific dividend few weeN
ago. There is supposed to DO large inst
speculative interest in all Canadian PaoiV
stocks, !"
Some who paid attention TO the technical
aspect OF the market yesterday Thought 10
displayed 4 very good under tone. Others
equally competent to pass an opinion on inc
subject declared the undertone TO ne wsaS
When experienced observers cannot agree
upon the mere tone of market its features
must be. indeed. confusing.
Realty preferred exhibited further weak
ness yesterday, declining to s715 and recover
ing per cent. The common stock WAS rsls.
lively the stronger. owing, IL is sad, 10 short
covering. The preferred has been the favor
lite short sale OF tho two because of its higher
price. The common stock. however, was
sold rather freely last week and in the sho'
session yesterday was more active than tn'
preferred.
While some houses report n falling on IN
the demand for stocks in odd lots on IN" pat
of small investors. others sny it holds I'D
remarkably well H. seems to SacS"n IN
one quarter and pick up In another. III u'e
aggregate IL shows some shrinknge but"
its height fortnight ago the moTNmens
was phenomenal. Brokers are snrpr%a
that 1t continues even on the present scae,
PittsburR continues 10 absorb STOCKS anu
Cincinnati Is the latest addition to the s'
of cities whose small investors ATE IN the
market for dvidend-paying securities IN oou
lots One house has been shipping any,
where from 500 to 900 shares daS TO 'nos'
two points alone, the stocks beng trans
fcrred in lots of TO- 20 and 20 ShnroS. l"'
transfer Offices report steady increase ~
! tho number OF small stockholders. u
there that the most reliable evidenced NV
odd-lot buying is to be had. Tn" mhRht
OF certificates in small amounts has 'a'',
increased greatly the revenues Of trihS'~
Offices.
There ~ reason TO believe that Sho''
interest Of considerable proportions IS heh.
carried over. An active general dnmAn"
tor stocks was reported YESTERDAY from wv
loan crowd Atchison was again the feature
II is said TO be the most oversold STOCK ~
the granger group. st. Paul and Missouri
Pacific were also in good demand, ana Wv
borrowing of Anlnlgamatcd Copper H'''
Steel preferred was SO heavy AZ TO cause 'V'"
ment among traders. New York tentrh ~.
Canadian Pacific loaned at concessions "
| per cent from the prevailing rate" anu ''
Realty shares. both common and Pf''e''r.
loaned at small premiums. There ~ '"IH.
any doubt that a good deal OF N" -t''".s
in Realty during the week was for sh"'' au
OoIlnt. The open borrowing in the !oa" Wv
partment. however. probably reflects o".
the professional short interest. The hr"'"'
sellers Of the stock on this latest break NV
supposed to have plenty OF IL without oo',
rowing from other brokers. Western INV,
has been lending AT n fiat rate Tor 500
weeks The short interest il suppose"
be moderate but the stock appears 10 w
very closely held.
Commission house business tap"rrd q"
steadily during the week. until I'7'r.rd
IL was only nominal The nttendanc" Nro''N
brokers' offices was the amallest OF any H"',0
day this year. The general h"nd'' va"
position OF the Wall Street community -"
course. had great deal to do wh ~ WV
brokers had previously observed 20 Crowns
indifference on the part of speculnt y" c"'"
and were not surprised that the ou'-o''''N.
interest also was missing The N1'h' Jaw
would hardly answer for that. t"nm,H''"
houses M rule. are looking TOT Wt'' MAI
period of activity. This l. evident IRON Wv" ,o
adviccs 10 clients Few Of them .r' LAM.
courhging speculation. cNccP' l9l tIcl, 10
u H. Many think IN" market ~ 'Nn. -,
inp,e In narrow swings until III" "n't"'"a
crops especially III. corn crop 'tn ,' 90
nltcly calculated II way be r''nh'u ,II,,
ever that brokers have made SinlINI W ,r,.
tons a. often as the market has b"cnin' ami,
\ ioeul movement Stock market Pf'm,v
tons for several months hav" h"en noto'''u''
iallible