The Washington times., 1904-07-22
NEW YORK.

A disposition to get out Of stocks and
await DEVELOPMENTS was a sign yester-
day that speculative confidence IN the
bull side of the market E1d SuHereu
some decline. Many who, being long OF
the market carried their stocks over
night rather than sell on the break
that occurred I'm the last few minutes OF
Wednesdays trading sold out yesterday
fearing that they had overStoyed the
advance and arguing that. anyway. IL
would be wiser TO take profits and wait,
buying the stocks back on a higher lever
If necessary. than to risk getting hung
up with them The wires sold the
market rather freely on balance. ihere
was also a good deal of profit taking
BY Western houses on stocks bought
several weeks ago at much lower
prices. Some of the leading Western
houses reported after the close that
they had done about as much one way
as the other As r whole, the western
element probably sold more stocks than
il bought. Commission business orisi-
mating in Wall Street was light.
Bull tips on the market began TO go
wrong for the first time on Wednesday.
All of the stocks tipped for an advance
yesterday declined Union Pacific was
TO sell at par during the day. and in
stead il declined to 969s- There were
several other disappotntments, notably
I'm Erie which was advertised FOR an
advance The bull crowd in Reading
alone made good. For several weeks
traders have been In the habit or ask
ing Immediately upon reaching their
brokers' office: We'll what's the dope
for today?" or What's the bull tip this
morning." and day after day the tips
were made good. until finally hose VINO
acted upon them formed the habit of
asking the last thing before leaving the
street in the afternoon: We'll, what
IS II going 10 be tomorrow; or, have
you heard YETI" It got so that one could
get ones tips after the close Of the
market for the following day This
that is moving one way all the time,
and when the tips begin to- 20 wrong
It is sometimes a sign that the move
ment is about to eliminate.
There is sauch conjecture as to the
position of the Western crowd that has
been so prominent in the bulling Of
the AtchisOn, Union Pacific. Pennsyl-
vania. Louisville and Nashville. and one
or two other stocks. Some think that
It has been selling stocks quietly this
week through brokers not identified with
Its interests while buying the market
openly. 1t is thought to have been
selling Atchison as freely as possible
without breaking the market. Those who
have been following its operations close
" say, however. that II IS still heavily
long Of AtchisOn, Union Pacific and
other stocks the work Of distribution
having progressed rather slowly. Gates
& Co. We're heavy buyers Of AtchlsOn
openly yesterday. their purchases being
estimated at about 10000 shares. II y
We're also prominent as buyers of Union
Pacific and Pennsylvania. The con-
tingent referred to has a big following
in the West. but its leadership does not
inspire confidence here IN Wall Street
1t Is probably no coincidence that the
stocks on which bullish information has
been most prevalent IN the last week
are the stocks in which this crowd is
operating. The existence in at least
three of these stocks Of pools whose
holdings are understood 10 have been
only partially distributed might account
10 some extent for the continued oppo-
sitiOn Of the Stock Exchange trading
element TO such operations as those that
are being conducted, for example IN
AtchisOn.