The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-08
GOSSIP or WALL STREET.


The opening market yesterday was strong
All the active stocks were above Tuesdays
closing prices. and some issues opened at
decided advances. Southern Pacific at AZ
was up Y. st Paul at l37K was up "a: Atchi-
Gibson at 83,s was up x and Steel preferred
ut o5ss was u over the close on Tuesday. The
strength in London was one Of the favor
able influences at the opening.
After ten minutes OF trading it became
evident that the bearish element was dis
posed to put the market to a test on the basis
OF the reduction of the Steel common divi-
dend. Traders were ready to follow Under
the apparent lead OF Henning. stocks We're
offered down around the room. The selling
was heaviest in Atohison, st. Paul and Union
Pacific. Steel preferred was also pressed
for sale, as was the common. Frank Savin
seemed to have charge Of the selling of the
preferred, and his personal sales were large
Harris Gates 4 Co. also were big sellers
around the room.
While prices yielded somewha on this
pressure. 1t was evident that there were many
buying orders in the market The selling
OF Steel preferred was especially well taken.
The stock was apparently pegged at IS. and
| offerings were readily taken Talbot j.
Taylor had big buying order and took
about 10000 shares in the morning. Hous-
man bought nearly as much. and Howard
Lapsley took 5000 shares.
Harris, Gates / Co. were credited with
selling 20. 900 shares Of different stocks around
the room in the first hour. Housman bought
nearly as much.
The weakness of Copper was a support to
the bears in their movement The floor
had an idea that perhaps the stock was under
fire in order TO create the impression that
certain interests were bearish in their atti-
tude toward the market The selling and
buying In places looked as if the sources
were identical, The stock. which opened al
az. sold OH rapidly and after noon touched
s7T. Fl. Content was a buyer Of 1000 shares
and Frank Savin and f. c. Miller bought,
Miller taking 1000 shares.
Western houses were heavy sellers yes
terday. particularly Of the Steel issues.
BY noon the list was Off from the opening
figures and the most active trading was Ia
Copper and Steel issues London was a
buyer Of Steel preferred. and Of the purchases
for that account during the day the majority
were OF tbs stohok.
The bears made capital out Of tho failure
OF an Amsterdam banking house to which
local banking houses attached little impor-
lance. Kansas City Southern preferred sold
of on what was said to be realizing for the
Amsterdam interests involved. Some OF
the selling Of Copper came from Boston
Philadelphia was seller of Baltimore and
Ohio and Pennsylvania.
In the first hour the sales were more than
200, 900 shares, In the second hour trading
4
! o'clock until the total was about 10000
shares.
In connection with the drop IN Copper,
the usual rumor was set anoat that the divi-
dend would be reduced at the meeting of
the directors. which is usually held In the
latter part of October The fact that Steel
common ut II yields II per cent while Cop
per at 40 yields only per cent at the same
dividend rate, was also offered in explanation
of the latter . weakness 1t is probable that
two cuts in the price of the metal in az many
days had as much TO do with the selling as
either of the other two explanations pat
forth.
Between l and o'clock Oliver was con-
spicuous in offering stocks down around the
room The room traders followed his ax
ample 1t was generally thought the move
stocks put out in the morning to try the
market Soon after 2 o'clock Jacob Field
appeared on the floor. for the first time in
several days, and became equally conspIcu-
GUS with Oliver az a buyer around the room
The two bid stocks up generally. but Field
seemed particularly DESTROYS of Atchison
Under this lead the traders began to take
stocks back to even up. and the movement
started rally which. with good buying by
Housman and others. closed the market
strong.
The late appearance OF Field on the floor
led to a report that he had been informed
that the market had stood the test of the early
selling so well that it would be as well to even
I'D where possible. The stocks which had
been sold the heaviest in the morning were.
with the possible exception of Copper, the
strongest at the close. Atohs0n, a feature
of the selling. closed at 84S, "a point over
Tuesday: Union Pacific closed at 7l1s an
advance of y; st, Paul. after selling as
low as 1867. rallied and closed at 1877, and
Copper itself. which had sold down to 37Is,
closed q full point above that figure, but at a
net loss from Tuesday of 2T points
| After watching the operations of the Wal
| dorf crowd and the traders all day one floor
| member said: 1T looks TO me az If sOmethin Y
in the nature of n final attempt to hammer
| things down had been made, and If the co YER
ing ut the close proves anything. without
success.
There was an insstent demand for Atrh-
| son in the loan crowd last night and big
demand for Pennsylvania Baltimore and
Ohio and Copper were also sought, and the
demand was fair for certain other issues
Regarding the demand for Ate hison. one
trader. after coming ont of the crowd. said
that il s eemed as il some one wanted hall the
capital stock of the company.
There was a decided inclination on the part
of the railroad stocks to break away from
the weakness of the industrial list in yestcr-
DAVIS trading. 1t was said this was due h.!
part at least TO the absence OF labor trouble J
with railroads where this situation Is uncertain
| with the industrials.
| Western Union rallied sharply at the close
| OF the market on the news that the company
| had won it's suit against the American Bell
! Telephons Company in the United States
! Circuit Court In Boston. The amount at
stnke WAS said to be between s., 0O0, 900 and
81. 900. 900. The stock closed at s34. an ad-
vance Of ltt points
| The early trading for London account was
mostly selling, but on the decline London
turned buyer and took about $4,000 shares.
Steel preferred and Atchison made up the
bulk Of the purchases
To Operate in China.
M. f,bino Inuast and CONS