The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-02
GOSSIP or WALL STREET.

| After q week OF leadership In tho market
United States Steel preferred closed yester-
day with not gain OF practically o points
over tN anal price on Saturday Q week ago
me transactions In the stock have been OK
! coptionally heavy'-some eos, 900 shares In
all. The market position OF the stock has
undergone several changes In the week,
aithough whether these have been rnanipu-
lAted. a. th entirely possible, 10 still not an
swered to everybody's satisfaction. The
ahorts In the stock were driven In early In
the week only to put out a further line OF
stoct later and again 10 fee before tho ad-
vanoing quotations. II the loan crowd ut the
! close, OF the week may be taken as an indica-
ton saturday saw the building up OF another
snort interest in the stock. The den, md for
| u was enormous, 90 great In fact a. to create
suspicion Of the Rsnuineness OF the demand
much OF which came from out Of town. not
ably Pittsbnrg houses. The stock seemed
TO be supplied freely by houses supposed to
have been behind the movement In it.
Eddie Wasserman made q bet OF $500 even
| that this price Of Steel preferred wo lid eros.
me oorporstion's per cent. bonds In less
than six weeks. Tho stock closed at 7<k
| and the bonds at ssh. The bonds will soon
sell e1-dtvidend ~ per cent
In spite Of the pretended apprehension dis
played by traders on Friday over tho posi-
ment made ia appearance yesterday there
was only the least hesitation II was quickly
over. and the market STRENGTHENED steadily
to the close. which was strong. The loss In
cash was isas than had been indicated by
the reported movements Of currency during
the week.
The early STRENGTH Of American stocks In
London led the traders TO believe that there
would be no little buying here for that &C
count. London traded In some 10000 shares
and OF these 10000 were sold on balance.
The selling included Union Pacific, Steel
preferred and Reading.
The committee on securities OF the Stock
Exchange announced q ruling yesterday
that certificates with assivnments or powers
| OF substitution. executed or guaranteed after
Sept. - by Alley. Conger l. Co.. or W. s.
Alley, the Stock Exchange member OF the
Arm. or s. l.. blood 4 Co.. or S. l.. BLOOD.
Stock Exchange member OF the firm, both
houses having been suspended by the govern
ing committee, are not delivery d iring the
period OF suspension. Such certificates, II
guaranteed by another member or firm
represented on the OK change, will be delivery.
1t 10 not entirely usual to make. or at least
to publish this ruling In connection with the
suspension OF exchange members. but the
committee evidently believes that the alleged
offences Of the firms were also unusual.
The report Of the Louisville and Nashville
for August. showing an increase OF s23s. l64
In net earnings. helped along the talk on the
door OF increased dividend declarations and
was responsible for the stocks advance Of
over q point.
The Republic Iron and Steel issues, after a
long period Of inactivity. in which they were
presumably held down by the prospects
OF big bond issue, assumed activity: the
common advancing over point on heavy
sales and the preferred nearly four points.
And the floor explained this phase too. by
the coming bond issue. only 1t characterized
| the transaction yesterday as the prospect Of
liauidating the com pany's floating debt.
Chesapeake and Ohio participated In the ad.
vance yesterday. and the pool In the stock
| 10 still talking higher prices. With the APP
pearanoe OF President Stevens in town yesttr.
| day story reached the floor that the dividend
| on the stock would soon be Increased.
In fact, stories OF dividend increases have
become 50 common that their valse as market
factors at the present 10 open to question.
In the week such reports were ahoat in OOH
| neotion with Baltimore and Ohio. Chesa-
| peake and Ohio, Consolidated Gas. Twin
| City Rapid Transit. Delaware. Lackawanna
| and Western, AmaEtlmated Copper and 80
many other issues that the list Is practically
luueuuIV6. " bcctuo HiVoO pIooooAo III VIII
nectlon with Consolidated Gas. and even
here there are those who insist that the move
ment means more stock.
An odd fact In connection with the small
wheat yield OF the year Is that the roads
| In the Northwest running % the Pacific Coast
| are likely to make more money than they
would had the yield been normal. This Is
| because the roads this year will haul grain
| from the Pacific Coast states to the Mimi
eapolis mills and Duluth at - per ton In place
| Of hauling II the other way. for the Orient.
| at a 90 per ton. The high prices and the
| small supply for export are responsible
| for this reversal. 1t is estimated that the
Coast States will ship some 81. oOo. 900 bushels
| east.
The action Of Amslgamated Copper when
| vicarious attempt are made to bull II las
been a source Of extreme disappointment TO
any number OF growing manipulators. There
seems TO be real stock obtainable.