The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-08
GOSSIP OF Wall STREET.

The opening Of the market found room
sentiment mixed, without, however. any
particular disposition on the part OF the Dig
traders to test prices as they have done III
the early trading In the past There was no
feature to the trading until the movement
In Reading got under way. when tine viRor
Of It's advance began to carry the rest OF tne
list UP with IT, The floor had looked for the
appearance OF stop orders and resump-
ton OF Thursdays liquidation. When these
70 lied to develop the room came TO sort
OF half-con fusion that the selling OF the
day before had been taken easily with the
object OF inducing a short interest to further
another advance. The sales were well TAKEN
and the buying in some issues looked good.
CONSPICUOUS on the buying side In Read
ing were the same people who worked up
Pennsylvania and Erie. The stock respohoeu
readily to their efforts and had gained points
by noon on a volume OF some 49, 600 shares
A house which had accumulated DIG Iine'
perhaps $4,000 shares, earlier In the week.
had in an order for 10000 sh8res AT H. put
the order could not be filled at the price. ana
was executed at M. Philadeipha was a
liberal buyer. Wassermann Was crediteo
with purchases of between $1,000 ana 2o'no
shares In the morning session. John W.
Gates was big buyer, selling heavily later
The room ca He'd the buying OF New York
Central especially good
Ontario and Western s impetus In the early
trading came from London. when ~ sun
optimistic on the stock on the theory that us
control is so held at present that II can reao"y
be turned over to some big road. the New
Haven being most frequently mentioned
Bullish statements regarding the steel trade
outlook were made yesterday by Charles NJ
Schwab: also by Mr.. Gates. who it will be re-
la lfn
but these went practically unrefected In the
stocks OF the Steel Corporation. Mr.. Schwab
said he would be surprised II the coming
year was poor one in the trade, ana MT.
Gates said: II certain steel manufacturers
say there is no improvement In iron ana
steel conditions they are not telling the truth.
Mr.. Schwab's statement came out after that
OF Mr.. Gates.
The room thought that much OF the buy
ing OF Steel preferred was good. and that
higher prices for it would be made.
Amalgamated Copper made another new
high record for the year. stimulated by
further advance in the price OF the metal.
and the old theory regarding it's break through
80. An effort was made to give an impression
of trade buying. but the floor had its doubts.
decided movement in the stock has before
this marked the temporary end OF an upward
movement. J. S. Bache 4 Co. were buyers
As a result of the long continued bull mar
ket, runrors are beginning to MI the Street
regarding the finances OF the bucketshope.
These seem based more on the experience
of such institutions in their struggles with
rising markets in the past thHn on actual
developments at the moment Their ABILITY
to stand the strain so long has ca lied forth no
little admiration from critics who have. per-
haps. overlooked the fact they. too. have not
stood still while the community OF interest
idea has spread, but have adopted 1t eagerly,
persuaded that In union there Is strength
and no ruinous competition. As matter
of fact some of these concerns are pressing
the telegraph companies for more wire serv-
ice and telling their contidaIts that business
is greater than they can handle with economi-
cal results.
The rise IN Sugar was started by Filing
wood 4 Cunnin CHA m, with traders following
this lead Dick Bros. were among the COM
mission house buyers. The buying OF z. c.
Randolph was looked on as good.
Sentiment in the early trading yesterday
was largely Influenced by reports which
were in general circulation that there had
been some sort OF rupture among the in
terests supposed to be working for higher
prices. No one on the floor seemed to know
the nature OF the differences which the re-
ports said had arisen. but every one seemed
certain that it was just as well to go slow
II there was any question Of selling out
on one another. as was intimated might
he the case. The failure Of such manifesto
ton to develop andt the upbidding OF Read
ing convinced the room that the reports
were untrue.
The Metropolitan issues. particularly Metro
politan Securities. advanced In the after
noon largely at the expense Of the shorts.
who sold these stocks freely in the bear period
OF Thursday after noon. The room has a
suspicion that there Is vulnerable short
interest in these issues and that II may fail
in its reliance on the opening of the subway.
There was some evidence of a switching
OF speculative operations to the preferred
shares Of the industrials, apparently on the
theory that il trade is actually reviving such
concerns should share in the benefit and
their securities come into some demand.
Pressed Steel Car, Smelters. Car Foundry.
Rubber and Lead seemed to enjoy some Of
this buying.
COMMERCIAL.