The evening world., 1905-09-19
WALL STREET


sept. ~.
Ardent watchers of the ticker tapes,
who expected 4 brisk upward movement
of stock prices In consequence Ct the
alleged fight for control Of the Wabash
Railroad between George !. Gould and
the Vanderbilt Pennsylvania comblna-
ton, were keenly disappointed to-day.
There was a soinbre hue in the specu-
lative outlook when business opened on
the Stock Exchange London pressed
to sell American securities. and every
local bear operator tugged Justify at
the most available strings to pull prices
down.
That quotations did not tumble pre-
cip,ta;cly was due, no doubt. to the
strength OF the controlling bull pools,
supplemented by the existing wholesome
trade conditions. Good railroad earn
ings furthermore operated to keep the
stock market fairly steady. The ar
rival from Europe OF s625,0o0 In gold was
also disconcerting to the bear element
and gave encouragement to some spir-
tied r%ecoveries in prices during the day.
Wabash issues were weak not only in
sympathy with the general tendency OF
the market, III also because of the
prevailing sentiment In the stock Ex-
change that the Ramsey fight to wrest
control from tho Goulds will amount
to nothing. Bankers who are in a posi-
ton to judge pretty accurately the
whereabouts Of large blocks Of Wabash
voting securities assert that George
J. Gould already has control of this
property tied up. There is very good
reason to believe that the large hold
ings CT Russell Sage will be voted as
usual on the side of the Goulds. RocNe-
Teller representatives are apparently
taking no interest in this controversy.
An ~unsustained effort was made at
the opening to depress PennsylVanla
stock on the report from Chicago that
| President Cassatt would be retired at
the end of this year under the COM
pany's age-limit rule. Within the first
ten minutes Pennsylvania shares sold
off slightly, but their rapid recovery
and reasserted strength clearly demon
strated the weakness of the bear attack.
Friends of President Cassatt were quick
to assert that he had no Intention of
retiring from the executive headship of
the PENNSYLVANIA Railroad system. Sew
cral years must elapse before he reaches
the age limit, and even then he may be
retained in office under a special pro-
vision of the Company's bylaws.
Steel shares eeceived rEeded pro-
lection to-day against spasnodic bear
attacks. There is now quite q fornid-
abe party in Wall street laboring under
the belief that the time is ripe for a
successful bear movement; against the
steels. This belief is based largely on
the assumption that the interests be-
hind U. 5. Steel are likely to be en-
crossed very soon in certain ipminent
railroad developments. The backing
however, showed no sign of weakening.
In fac, the very small fractional
changes in the Steel shares, OF a declin-
ing market, indicate that the Morgan
bull pool has a very firm hold Of this
part OF the market.
Tn bullish attitude of the Gates GROVE
toward Republic Iron & Steel excited
some suspicion that C. scheme was afoot
to unload a quantity of pool stock. Two
or three Gates brokers bid up both the
common and preferred shares of Re
public Steel early in the day. and spe-
cial announcement was given by men
behind the pool to the current talk about
the payment of back dividends by the
Republic directors. These pool man.
ayers seemingly paid no attention to the
semi-oficial denials that there will be
II payment of back dividends by the
Republic Steel Company.
Some liquidation OF Tennessee Coal &
Iron attracted a passing interest becaus.
of recent predictions by specialists tina
this stock was scheduled for an upwarC
movement. Only last week a group o
small spectators bought T. c. &
freely In the fond but fleeing hope tha'
there was to be a substantial increase If
the dividend. The capitalists who owr
a majority of the stock of this compan
| saw that they know of no intention ~
increase the dividend at the presen
time.