The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-23
GOSSIP OF Wall STREET.

at that former period. Commission houses
are not working clerical forces In eli-day
and all-night shifts as they did then: brokers
are not nearly to the point OF dropping In
their tracks from sheer physical exhaustion;
the downtown hotels have not yet found 1t
necessary to MI their corridor space with
cots to accommodate Wall Street people
who find time to sleep only three. or four
hours in the, twenty-four and cannot waste
time going to their homes and returning,
and many Of the more hystercal manifesto
tions of a public speculative craze are en-
tirely lacking from this market. Brokers
who are asked to account for this difference
between the. present and past period OF
extraordinary activity In the stock market
will say at once that the general public in
terest Is smaller; that the difference is one
between a runaway market temporarily
controlled by the public and market which
public interest has but recently begun to
develop on q large scale.
The public says an operator whose er-
perience along this line has been very val
liable, lis greater than any combination Of
Wall Street men once II gets fairly started
In the stock market. II will sometimes
take the market out of the hands OF those
who started II up. remember an experience
Of Mr.. Gould. He had been compelled dur
ing time OF depression to take over a great
many btoChS, anu WueE ue tIlOuRup COHultlOnb
warranted a brief bull campaign he UNDER
took to make market on which to distribute
some Of these holdings. One OF the stocks
was Northwestern. His line of that had cost
him something like $40 a share. He sue
ceeded In distributing 1t at an average OF
about $40, and was well satisfied. After he
had finished selling his long stock the price
continued to advance. and he began to sell
some short. He was finally short of as much
ha had r{oin 10 lp,fdatad md the
price continued to advance until It was prob
ably 30 points gainst him. When Mr.. Gould
was finally convinced that he had UNDER
estimated the public. he covered his short
Northwestern at big loss. took the bull side /.
OF the market. and made $50 900 900 In the
next four years. The moral OF this MARIA
tive Is twotold. 1t shows what factor the
public can be. and also that those who look
behind them do not make the mo ney In Wall
Street"
Commission houses, said this same opera
tor last week. commenting further upon the
factor Of public interest In the stock market.
ARE not carrying anything like the amount OF
stocks that they were toward the close Of the
last big bull campaign. There are eIcep-
lions. Of course. but as a general thing ind
that they are far short OF having such lines
on margin as they were carrying for tho
public in the market OF l9ol-2. / expect
to see large accumulation Of stocks by COM
in.ssn oo,t,nna mr,,l tha commsslon
,ho.ein oo 49, $780,. r..n.onIo.
. ANS arc W u,,I, w. N AZ, that there ha.
nlaeu Up o o. w,i' d NM ~ stocks
'''" 'N'e -
great deal will depend some think, upon
what response the outside public will make
tact;cs m tho hull aide In the sessions of
Er,doy and saturday esnec,aliv in the abort
sasston yesterdav which doubtless will do
r,uoh "a odyertise the market IN a speculntive
wny over Sunday. TransactIons exceeded
those ~ anv preyious Saturdays session Of
the entire campaipn 40 far. with many In
ano.mant. ~ n snecinI nature Ruli enthusi- j
os,s ara nred,ctlne progressive activity this
coming week with at least one day of 2 500 900
sbares - - -. - ...- T..
't+ tv $500
Operations In this market OF professional
and semi-professional character are on
larger scale than ever before Witnessed on
the stock ExohanRe' ~ 10 hotnihR un.
usual for an active moor tracer 70 90 oo'oOo
shares in and out In single day. The mar
ket Is one In which scalping operations nave
been Ieaeibie on an unusual sca.e, anu uio
taking the fullest advantage OF t. But II
Ia NOT only IN the floor OF the Stock Exchange
that traders have been swinging enormous
lines NJ sneoulatlye stock on limited loss
hasis They are doing IL In ofiices all over
The street. on slender margins, stop loss or
dora ~ :, and ner cent. being the rule. Sue
cess I'm to this point has emboldened specu-
Ia tors NJ this type to double I'D as profits
ba 90 Increased
IN the iast ..N ean.ot .h,rn 80. tain.
oay .ne ii.ai Ae' ~ 80 - sna,,,is,ors wbo
had previously mage up Ihem ln.us W
out OF stocks on strone c'os'ne 'aene, ina.
carry them over tne emo Oh 'nn ween
was selling OF tnis chaIae'er Una. Oauseu
recessions from the highest pf.ees shious.-
out the active INST JUS a az, .h. o ,oo,> o..
Paul broke abruptly ron w 70 i ,oo on
I 900 shares OF STOCK, sou VI ios vi ,o any
200 shares. inns was que, os s. err, sa,u. ~
the pressing OF stock LOT surg a. ~. ~. a IT,.
at moment when 'he SUPPL u, , 1as 49,
When the stock was uuo.eu 1900, -. az IN.
offered 100 shares at Una, p''1 T anu .no .
bid at the ume was nll ~ 'Ss.
very narrow. 30 that small trans
actions either way affect the price Sharply.
This has been characteristic OF inc STOCK
the advance,