The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-25
GOSSIP OF. WALL STREET.

| ostiik absOClutlOns Tor tnOee IN wan street
who remember the gold corner Henry
| Clews 10 one. He witnessed the escape Of
FISK from the mob that gathered In Broad
street at the entrance to the old Matthews
Building, all ready with a rope to lynch this
arch manipulation The Matthews Building
stood on the site now occupied by the Mills
Building. Through another building in the
rear there was means of exit into Wall
street, The Mills Building OF the present
day. occupying also the site Of this other
building to the rear. has minor entrance
/ in Wall street corresponding TO the avenue
by which Fisk hoped to escape from the
lynchers awaiting him in Broad street.
boy from Fisk's Office, unaware that the be-
sieged had planned to make their disappear
ance through Wall street. appeared In Broad
street and told the mob that Fisk was es-
Gaping by the rear way, intending by this
subterfuge to clear the front avenue for flight
| The mob raa ched the Wall street exit just In
time. carriage was there and Fisk had
reached the head Of the stairway leaping to
the sidewalk. Hesitating but an instant.
Fisk. a man OF great bulk leaped from the
top OF the steps into the middle Of the mob.
scattering men like tenpins. reached the
carriage and was whisked away through
| William street.
The large accumulation OF Atchison in one
banking quarter has given rise to so many
extravagant rumors in the last year that
one-haf OF Wall Street is extremely sus-
piCious at the present time Of all statements
whatever that could possibly have specula-
| tive origin. Within the period mentioned.
J control Of the property has been finally dis
J posed OF at least half a dozen times on the
authority OF rumor-hrst to the Pennsylvania.
then to the st. Paul. then to the Rock Island
and several times to the Union Pacific. The
I Western contingent got very active In the
stock few months ago and control OF the
Atchison property was for time the sub
| ject Of nightly revision In one OF the uptown
hotels. 1T is understood that the Gates
| crowd finally left IL with the Pennsylvania.
The story this week that a large block OF
Atchison stock had been transferred to the
Union Pacific. or to interests identified with the
| Union Pacific, naturally was received In some
quarters with great scepticism and 1t con-
tinued yesterday to be the foremost subject
Of controversy
Atchison opened quietly yesterday at
but fractional advance over Fridays final
quotation. but developed both strength ana
activity In the later transactions, advancing
across So. The buying In this stock. as else
where in the market. had the appearance OF
| being somewhat more general in It's origin
but as to character il was said by brokers
to be highly speculative. Atchison pre-
ferred advanced sharply to lol and closed
at a net gain Of ~ points. this improvement
in price having taken place on more active
trading than had been seen In the preferred
shares for a long time. Yesterday for the
first time in this movement the preferred
| stock advanced above par. II was pointed
out several weeks ago to the crowd then bull
ing the common stock that 1t could not ex-
pect to carry the latter much above so without
also advancing the preferred stock. which
at that time as a per cent. stock was selling
below a parity with the common stock pay
ing per cent There is still small dis
parity between the two classes Of stock, but
not enough to call for any comment When
they were selling only about 10 points apart
il was rather conspicuous.
Atchison, Union Pacific and Steel preferred
were very industriously tipped before the
opening to advance. steel preferred was the
only one OF the three In which there was any
profit to speak Of. Atchison, although strong.
had a maximum advance Of but per cent
and closed at a net gain OF u per cent. Union
Pacific closed at a net loss Of :, per cent
The opening quotation on Union PACING
was the highest for the day The initial trans
action recorded on the tape was one OF 400
shares at sliding quotation OF 1917 to iooh.
and throughout the subsequent trading
the stock was heavy declining TO 1907 ana
closing at the lowest There was evidently
a good deal Of speculative profit taking on
the long side Of the stock.
A broker on whose judgment reliance is
not misplaced, and who has been following
the recent operations in Union Pacific rather
critically, referring to that stock. said yes
terday: Il do not know much about these
stories that are going around the Street,
but 1t is plain to me that there has been
very large accumulation OF Union Pacific.
and l believe that 1t has continued right up
to this level The tactics that are being
employed are familiar to most Of us. First
they take all the stock that there is in 81 ut
and then they let the market so on until some
more stock appears and then they send IN
and take that. To my judgment the stock
acts as II it were still being accumulated.
and by very strong people.
Accumulation Is a word that has been a
great deal used in the market Of late. and
unavoidably so. 1t recalls the famous in
cident OF a speculator who asked the head
of a prominent speculative house what he
thought OF a certain stock. What do
think OF it?- said he. IN tell you what
think of it, We bought 20 900 shares to-day.
That's what think OF It," The Spectator
FASTENED to purchase as much OF the stock
as his broker would carry for him on slender
margin. and 1t went steadily down. few
days later he met the man who had thought
so well OF the stock that bis house bought
20, 900 shares in one day and began to up
told you we were buying the stock, but
didn't say we were aceumulating It..
When a stock is advancing the inexperi-
enced want to know only who the blu yers
are. and when II is going down they care to
know only who the sellers are. On rising
market Ave buyers to one seller are reported
from the floor OF the Stock Exchange and on
a declining market 1t Is the other way. The
least conspicuous operations are generally
the most important. The buying that ad-
yances prices is generally much more con-
spicuous than the selling that goes with 1t.
Brokers report that there is none OF certain
stock for sale. and give that as the reason
why It advances on the buying OF hall dozen
houses or they say that the buying Is good
and there Is no selling to speak OF. For every
buyer. Of course, there must be seller. Wall
street expressions are not meant to be taken
literally.
The weakness OF the Metropolitans the
Securities declining az per cent and Metro
politan Street Railway ~ per cent on small
transactions, was unexplained. The alb