The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-16
GOSSIP OF WALL STREET.

VI W hLL Oh NEEE,
Inc volume OF the market Ia best shown
IN the TACT that II took at least Ave minutes
70 print OF on the ticker the opening Quota
LIONS and more than ten minutes following
the closing at 10 O'Clock TO send out over the
tape the great bulk OF sales made In the last
rev minutes OF trading. The total volume
ofSes 900 shares Is almost. II not quite, record
Tor Saturday trading. 1t was reported
on the hoor that odd lot orders were re-
FUSED generally on account OF the pres
sure OF business and tho commission
houses were enjoy ing a remarkable increase
In orders. Two dollar brokers both yes
erday and on Friday hand led record COM
mitments. As on Friday the volume brought
forth no talk OF elimination of the upward
movement and brokers are look ing for a
big opening on Monday and another week
Of rising prices.
In their gossip on the day the brokerage
houses generally spoke OF the spread OF the
bull fever" which they insisted was not
confined to the habituas OF the Street. but
was evident the country over. While this
may be exaggeration so far as II speaks for
the situation out OF town II is an exact de-
sCription OF the situation In the Street proper.
For two days the crowds around the tickers
In brokerage houses have resembled those
at the Bridge In the rush hours. The QUOTA
ton boards are too far behind the tape to
satisfy the anxiety Of those smitten with the
fever.
The eaely stimulus came from the higher
range OF quotations sent over by London.
That market was Influenced by the buoyant
close here on Friday and by the execution
OF orders originating on this side.
Coming with the markets gr ent activity.
the violent jumps in Louisville and Nash
vile recalled the days Immediately preced-
Ing the announcement of the purchase OF
control of that property by the Gates clique.
The stock was one Of the firm features of the
London market opening there -, points
above the closing here on Friday. The
Gates party gets all the credit now as for
merly for the activity and advances in LOUIS
vile and Nashville. The room understands
that 1T began to accumulate the stock. in ad
dition to holdings carried for a long time.
around III. and that 1t has piled up big profits
in spite Of the fact that at one time its old
holdings showed round loss. The only
talk from this interest is OF increased dlvl-
dends on the stock which 1t is insisted, should
sell at least as high as New York Central.
The fact that the control was turned over at
figure still In excess of the present price
IL also given as a bullish argument. The
widest fluctuations in the stock came in the
last fifteen minutes of trading. In this time
some Q, TOO shares were sold. beginning at 1897
and ending, with a lot OF so shares at 1857.
after touching 1877 twice during this period
Between transactions the fluctuations were
mostly In half points.
Steel preferred went through 80 with much
ease after huctuating just below this figure
for some days. The interest in these issues,
however. centred again IN the common stock.
which made a new high record at 2ll,, at
which price it closed. The room had
report that q block of some 10000 shares of
the common was bought on Friday between
l9H and 20 by interests closely in touch with
the company's affairs.
Brooklyn Rapid Transit was one OF the
few stocks TO close with a loss for the day.
The realizing at the high price reached by
the stock In one week invited a particularly
heavy volume Of profit taking.
The Gould issues were again laggards in
the general upward movement, the Wabash
issues in particular revealing the smallest Of
advances. The room reports are persistent
that certain members of the Gould party are
bearish on the Metropolitan stocks and that
they do not care to see an advance in their
own properties under these conditions. The
st. Louis Southwestern stocks, particularly
the preferred. have been the only so-called
Gould stocks which have had proportIonate
advances with those Of the general market.
w
railroad shares paying the same dividend as
Missouri Pacific and selling many points
higher the floor feels called upon to Of er some
explanation.
In the loan crowd at the close there was a
big demand for Pennsylvania and a good
demand for several other stocks. including
Atchison. 1t is insisted that there is still
outstanding a short interest Of some size.
although its extent is a matter Of pure specu-
lation, since it is not disclosed in the loan
crowd. Much Of this is thought to be Steel
preferred.
The Stock Exchange Committee on securi-
ties rules that transactions in Canadian
Pacific stock on Oct. 81 shall be eX-rights.
Sales of rights must be settled on Nov. %,
and due bills redeemed then The right to
subscribe terminates on Nov. 80.
BUSINESS TROUBLES.