The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-13
GOSSIP or WALL STREET.

prices from London. with 81. Paul and Atch-
lson both above New York parity. Ind only
"a monetary reflection here, There was
active competition on the part OF the room
traders to get out Of stocks Oh Il strong open
ing. The lowest prices OF the day were made
after the appearance OF the bank statement.
professional sentiment OH the floor wus
more detected after the close Man AZ perhaps
any previous time during the week. Tn"
crop report, one trader said. and the fin"
railroad statements We were waiting for hav.
tailed 10 stimulate interest, ! have heard
to-day that there will be little or nothing
dong until after the municipal election.
but what that has TO do with the stock market
1 cannot see. II is merely something to wait
OH.
bullish observer cnlls attention to the
fact that the lack Oh buying power in the
market IL deplorrd aud made the text for
much Isssmistic criticism. while compare
lively little comment il heard OH the absence
of selling pressure, which IN its way has
been as striking rs the lnck ~ buying power.
The results OF the United States Realty
meeting on Tuesday ar" awaited with great
deal Of interest. Ii is the general impression
around the Street thai the dividend on the
preferred stock will either he reduced or be
discontinued. The dissolution OF the under,
writing syndicate last week. az material
loss TO the subscribers, was followed by I'M
uNaldn'Ne OIL unpleasant TuttOTH.
The selling of some long stoc.; disclosed an
apparent absence OF support in Brooklyn
Rapid Transit. and traders were encoura ged
by the ease with which the price declined
under comparatively small offerings to go
in and sell it down. The trading element has
been bearish on the stock for some time.
and there has existed nm arbitrage short in
terest in it between the two exchanges. The
eNovy IN
from the short interest. The professional
mood WIS rather pessimistic. and traders
exaggerated the market Importance Of the
weakness in Brooklyn RIA pid Transit. selling
other stocks because OF it.
1t was possible to read from the weather
map suggestion OF lower temperatures in
the corn belt. and good many traders sold
stocks short on the chance Of frost. There
seemed TO be a general indisposition to carry
long stocks over Sunday.
Az 2o1t. Steel common sold within >. Of the
low record price it made on Friday. De
Witt Il Co., Currie Bros. HenninG and trad
ers were large sellers. Jacob Field wns
buyer on tho opening He took 1000 shares
at n. while smaller amounts were being Of
fered at 2OT Post & Co. were reported to
be large buyers at 81. IT was thought in
the Steel crowd that stock bought around
20 on Friday was sold for fractional profits
on Jne StTOnH opening ytSleIuhy
It is the opinion among traders and some
brokers that a reduction OF the dividend on
Steel common to Il per cent rate would cause
an advance Of 10 points in the price of the
stock.
In the loan department after the close OF
the market yesterday the borrowing demand
for stocks was smaller than Mt any previous
time in the week There was fairly active
inquiry for Union Pacific and good demand
for New York Central, noticeable chiefly be-
cause of the seeming scarcity OF the stock.
but the offerings of all other stocks. even
Atchlson. we're in excess Of the demand. The
loun crowd dispersed within Ave minutes.
Owing to the general haste to get away on
Saturdays for half holiday some borrowing
Is naturally put on Until the following Mond bis
the impression In the loan department yes
terday was that the professional short inter-
eat had been decreasing.
The strength shown by Metropolitan Street
Railway toward the end Of the week con-
trasted with the weakness Of Brooklyn Rapid
Transit In the short session only 200 shares
OF Metropolitan were traded in Al II net price
decline OF ;, per cent. rs compared with "a
net loss OF "a points in Brooklyn apid Tram
sit. Metropolitan Securities did not open.
There has been very little Metropolitan Street
Railway for sale since its recovery from
trifinS scale. The bullsh attitude of Louis
Wormser has been much commented upon
In the room. Until very recently he was the
floor. 4 gIring not only in that capacity but
also as y party to litigation against the COM
pany. He is now predicting sharp ad-
vance in the price of the stock,
Private adviccs received from London give
the impression that further advance in tho
Bank Of England rate is not improbable.
Some correspondents seem to think II may
be raised to 5 per cent. at this weeks meeting
on Thursday. the majority. however. making
only the general prediction that the next
change is likely to be an advance. The arbi-
TRACE houses bought about 5000 shares on
balanc. yesterday. International houses
generally report A moderate Hnproven in
the foreign interest due principally 10 the fact
in the world Scattered Investment buying
on foreign. orders has been observed for some
time past.
An Official OF the Pennsylvani is quoted By
. member OF a large commission house as hav-
Ing said that in the first seven days OF August
the road earned 800 600 day more than for
the corresponding period OF last yenr adding
that in his opinion another freight blockade
this autumn and coming winter can be avoided
only by the most expert man agement in spite
OF the company's equipment having been in
creased during the past eighteen months by
$50 locomotives and 10000 freight cars. The
number Of very prominent men and finds that
they are all confident OF the future. He
thinks there Ia not likely: to be much specula-
ton for "A while. but believes stocks will
gradually improve.
The announcement that the anthracite
miners had been informed that they were
entitled to nm increase OF per cent. in wages
on account Of the advance in the price Of
coal was responsible for some bearsh com
mnnt vest erday on the cooler stocks, espe-
cially Reading The attitude of the room
crowd toward Reading is an example of how
professional sentiment takes root in nothing
and grows until it becomes general con-
viction Only few weeks ago the trading
element was very builtsh on Reading, speGu-
abruptly. and since then bearish feel Ing
has been spreading which hns. now reached
an acute phase. A broker remarked yester-
day that all the traders he knew were either
to 20 short Of II.
In a purely professional market. such as
il has been for several weeks. elaborate pains
arc taken to disguise the sources and charac-
ter of orders. Brokers have recently re-
ceived orders from Philadelphia and Boston
W hich we're after ward found to have orr ginated
in New York Really good orders have been
placed in the hands Of professional traders
who would he recognized rs such, and traders
in turn have placed manipulative orders in
the hands OF brokers whose buying or selling
would be most impressive International
houses have received what appeared to be
genuine investment orders from London
only to find that they also originated in New
York This discovery would be made when