The sun., 1904-07-31
GOSSIP OF WALL STREET.

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The week ended with two hours OF very
snd n1,th sorerai s,ec,,lative interest at the
iowast ahb sinca the beginnnu Of the rise
that carried the price Of twenty active rail-
road .tooL. from oa "a on NAV ia Ia lo2 "a on
.Imiv 10 II wos on Ju,v 10 that the advance
haltad since then there have been six days
NJ dec,,ro and thraa davs ~ recoyery. in
irreuuIar aeouence and Mt the close yester-
day the average price OF the twenty stocks
u.ed In theae comnar,sons was 100 49, On
this laval tharefore the market shows a
reoction -, h,t ., after an advance of q oo
On Wednesdav.s break the average was
carr,sd down In oa rs hut ON Thursdays
reooyerv n was carried hack again TO
ioI Al Thi. break and the rally were both
ton violent Since the advance halted on
.Iulv 10 activity has heen gradually lea wing
the msrkst Gsneral oommission businees
I'm. dec,inad steadily In volume The total
NJ vestardav's transa ct,ona was only about
ha,f as iar,s "a the total for the nrecedine
Snt,,rdav IN. msrket. vo,nme for the
who,o ~ Inst weaL copnare. fayorabIv with
its volume In the precedino veek. hut bond
transaotions wers one-third smaller. and
n. yor tha s.ocL vr.rLot io.t weaL.. trars
actions we're much moro professional in
rhorant.- thar thee ~ ths nrerssino ueet
II ,ast wssL,s esn,ine commis.,on husines.
could ia sstinotod asna rota,y a. would COM
~ -. ',,,so,,a.. ~, ~ J,.,h+ ,,ith the,
~ ths " wa.,, hafnrs
N' WV
Brokers dread a return to the apathetic
speculative conditions that followed two
previous advances in the market this year
the one in January engineered by the Gates
crowd, and that which followed the Northern
Securities decision In March
The market was dominated largely last
week by three or four speculative houses
anu one very prominent Ilaoer' oouns IA
aononaI,,, ~. 49,. -,,,.,osa. I, nho.a ho nds
- - ~ l u..,S ~, go.
~ q. ao,S ~. ,.H,. ~. ,s..;ena, c,..atns.
h.r. 49, NV, ~ ,snnan ~ tha M lot
raoanti,r notmi,hsta,d;nn sta ~. ,ont that the
,os.ihii,t,as y. ra 49, rathar ,,n,,s,sI ons
,rhn was 80 oon.nio,,o"s -, tha hn,, sds
w., e. .to;, uniat tM.n.S - -, - ,n,rrat
tno soon and nut nmt n iine ~ .hor+ stocts
,vb;oh -. a naranad pu az ,nss -. aIr,ost ~.
h;nsa.. ,-,oas 7. go. % - .onauaI,.
known that the Gates crowd oyerstayed
the marie, m IN. lono aide and had To lot
On ~ n lot ~ stocts nn last weel..s decl;ne
Inother crowd haynn turned m tho mn rLet
m Wadnesday.s hreaE and to have coma
long OF a larger line Of atooks than e has
since been able to turn over. while another
orowd on the same aay gov snort OF hne
"nioh II coVereo at loss on Anureoays
been q lot OF whipsawing In the market
Professional opinion on the market at the
close OF the week reflected these specula-
tive vicissitudes. 1t was inclined. on the
whole. to be bearish where 1t was not in
different. Brokers now prefer, as . rule.
to take noncommittal position. There
was very little In the weekend literature
that went out OF Wall Street to encourage
trading on tho part Of the outside public.
m. .,,.,r,.d vsoLn.s. =, 1r,,,, po,,a,
v...ardan ~.. oor"n,sn.sd nav ,,n,a avarsh,n
~. .tncL .oIa dn.n ~ az ~ a,o.sS -
ths ,nws.t r. ia nov hslisvsd .hat ,h.rs
~. .ood .oytr. IN htahsr I.,.I ~ T.,
snrna n"artsr. shsra !. = .,,onn .rsnio,an ~
that .on,e ~ tho .tooL th.t wos t.Lan ovt
~ the market last Anril has hesn restored
tn the hoatin1 sunnlv when aentim.nt
wa. .o hmlIish and IInion pooiac IN. .ailIne
three or four noints hich.r tbouohtyuI oh.
sarvers .uocasted that tha tamntotion 70
take nroats on at least a mart NJ the hio linz
that hsd hean re,noved row ths ,no,hat
IN Anril might nrove irresistihle There ars
tho.e who helieve that n wa. som e+bino Inors
than a coincidence that n GOOD stooL n,ark.t
oooomnanied the ;ntroduotion ~ IN. Snu,h'
ern faoinos preierrea STOCK operation.
Since the advance halted more than a
week ago 1t has not been described as a "a
| Broadway market"
-
very active borrowing demand Tor stocks
was reported IRON the loan crowd after the
close OF the market yesterday. Steel pre-
ierred was the stock IN greatest demand,
lending at and y Of per cent. The ex-
tent OF the borrowing confirmed tho impress
sion Of those who watched Fridays selling
that good deal OF IT was for the short ac-
count There was also very active de-
mand for Atchison. the short interest In which
appears to be unusually large. Other stocks
for which there was more than the normal
inquiry were Pennsylvania and st. Paul.
the demand ior Union Paclno and Southern
Pacific was about the same as on Thursday.
continues, and on 40 large q scale that broker,
who see a good deal of IL. being the lenders
doubt whether it Is all genuine. One broker
said last week that IL this private borrovir
represented an actual short interest tAs
abiding hear account In the na.ket rru,t
he larger than at anv preyiors fime s,ncs