The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-09
GOSSIP or WALL STREET.

The close Of the market yesterday found
sentiment as mixed as II had been at the open.
Ing. Traders who are looking for reaction
brought out q number Of conditions to sun.
port their position. including the professional
character OF the market. the rapidity with
which bank reserves continue to pass away
the probability that the advance has much
more than discounted the betterment Of
business conditions. granting there has been
such betterment. and the dwndling of the
short interest. Not few Of the many who
hold to this view asserted at the close yes
terday that the short interest had been en-.
tirely wiped out. They pointed to the TACT
that IL was practically impossible to loan
stocks ut the close and argued that the last
OF the shorts. who had been clingng to their
position in the hope that bad bank state.
ment would permit them to get out, had been
driven In by the rally OF prices. over.
bought, enormously overbought." was the
term applied to the technical position OF
the market, which. If this be true, should
naturally react seriously.
The opposite belief however. finds de.
tenders no less determined and supplied
with full quota OF arguments The most
interesting as well as the newest one was
that advanced yesterday that the rise in
prices, which began months ago. was the
direct result Of foreign buying. The theory
was that England had been withdrawing
funds from Russian and Japanese enterprises
and placing them In our securities. The
days buying was held to be of the best char.
acter and one instance was cited as display.
ing the buying through the week. II was
of broker who has invested for client over
$500, 900 In securities. more than half this
amount going into New York Central at
about 1870.
Discussion Of technical conditions. how.
ever is usually reserved for dull moments
by the room. which in activity contents it.
self with following leads. playing the ever
present tip" pursuing the devious sinuosi.
ties Of the chart and in other ways operating
In the realm of pure speculation.
The strength OF the Southwestern rail-
roads was a noticeable feature of the trading
yesterday. The so-called Gould issues were
especially prominent through their activity
and strength Texas Pacific. Missouri, Kan
sas and Texas, Missouri Pacific and st. Louis
Southwestern all scored substantial ad-
yances. The floor had direct information
that in the event OF favorable report on
the corn outturn by the Government on
Monday the Gould stocks would be made
the leaders in further advance in the present
week.
For the third time in as many days United
States Steel preferred was scheduled by the
floor TO cross 20, and for the third time ii
failed to do SO by comfortable margin.
In the transactions of the week on the
Stock Exchange United States Steel pre-
ferred was easily the leader, sales OF it amount
ing to 62l 900 shares, with an advance Of
only N points. or Reading half-shares
there were sold $50 900 at an advance OF ?a
points for the week. ST. Paul on 100000
shares advanced 81 points: Union Pacific
on 49,, 900 shares rose = OF point; Erie on
al 900 shares gained TX points; Pennsylvania
on I4s, 900 half-shares advanced ~ points.
and Amalgamated Copper with sales oil aOs'oN
shares closed the week with n gain Of 3h
points. Total transactions were $4,000
shares, and the Sc ven stocks namah con-
tributed to this nearly $4,000 shares.
There Ia at least one person in Wall Street
who Is always right on the market. He is
the put and call broker. II he sells a call
on certain stock and the stock goes up he
congratulatcs the buyer on his good judg-
ment In forcing 1t on the buyer, while II IL
goes down he hurries to tho buyer and con.
graduates him on the money he must have
made by selling against the ca II. and is over
WnelIneu WIFI buTpT iSt IL ne Hi!No t'ht INV
buyer failed to take advantage of this pos.
sibility, which, he explains. is the scientific
method. On the other hand. If the put and
call man sells q put he may praise his rare
Judgment II the stock goes down. while If ii
goes up ne again commiserates pityingly the
buyer for his ia lure to buy the stock against
the put, which Is. again. the purely scien.
ific method OF playing the game. The put
and call man is almost the fulcrum OF see
saving prices.
The activity OF Rio Tinto and Anaconda
In the fore ign markets. together with the
movement here In Anaconda and Amalga-
mated. has left the floor in a auandary as
to the real extent and significance of the
movement.
Speculation is rife on the foor over the
probable behavior OF Baltimore and Ohio on
the return from Europe Of President Oscar
@. Murray. There IL an element among the
traders which builds its market operations
at times upon the return of important per.
sonages. having found as rule that I he stocks
In which they are interested display ten.
dency to rise coincident with these home
comings. Such was the case with the So
called Hartman stocks when Mr.. Hartman
returned some time ago. but the sequence
was badly broken by the action of Rock
Island shares when Daniel G. Reid came
back to the Street after long absence abroad
They fell away sharply, so much so that
~ 10 r