The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-29
GOSSIP or wan STREET.

lutmont of ownerships IN the railroad stlu-
ton OF the Northwest gave rise to much
couicctur" ms to the extent to which the ad-
Nnnces that have already occurred IN this
group Of securities may have discounted
things ll a speculative sense. The rise yester-
day in Chicago and Northwestern was sensa-
tional on the curb Northern Securities
stock had further exciting rise. and II Was
this. apparently. that started Nor hwestern.
Union PHcih0 and 81 Paul up in the regular
market Long deferred developments In
this Northwestern railroad situation are
beIcved now 10 be near al hand.
Tie movement Of greatest interest 10 the
speculative element in the market yesterday
was the violent advance Of Union Pacific 70
~ :. the highest point yet touched by the
stock in the course OF the entire upward
movement 80 far The speculative leader
ship observed in Union Pacific last week
was the same AS that under which the last
previous movement from around ia 10 above
l2u was conducted The prediction had been
that the next upward swing would carry
the stock TO a new high point II sold last
week AS low a. rs ON the decline to ITO a
lot OF speculative stock that had been dis
tributcd on the level Of tcO ten days before
was repurrhased The bun party operating
in Union Pacific apparently has perfect con
troll OF ~ market When II finds that 1t is
getting too much company on the long side
IL supplies stock AT the advanced prices and
let's the market of on the declines IT replaces
its lines and under favorable conditions re-
sumes the campaign Believers IN Union
Pacific expecting 70 see Il sell much higher
during the year. advise those who would
follow the stock to take a positton on the
long side OF it for the long pull, with tho idea
OF making say one half Of ones holding
active. but never parting with the other half
Taking q line OF 900 shares. 800 might be
sold on the sharp bulRes FOR turn and re-
placed on reasonable price recessions
The bull movement in Steel preferred Last
wear eliminated on the level OF e5. The high
point vas asi. in the first week OF December.
ON Jan 49, this year II sold ~ 95i :. and yes-
terday again II sold AT a5', Hitherto the
bull party has invariably met with great
deal of long stock around 20. more, appar-
emily. than il has been willing TO take.
little hi CHER, say. al %. II would look as II
the campaign had been resumed in earnest
Charles Min7cshelmer 60. were prominent
rs buyers yesterday of both the preferred
stock and the bonds The statement will be
out on Tuesday.
/, is asserted az a bulish fact that there
has not vet been any such distri button OF
stocks az would naturally mark the cumina-
ton OF big bun market. and Tint 30 long as
40 long ns money can be procured at from
: 10 ~, per cent and invested in securities
Welding from 4 to per cent. such distribu-
ton Of stocks IL perfectly feasible. Com
mission houses have fewer stocks than they
were carrying al the beginning OF las, De-
ccmber on approximately this same level Of
prices In brokers hands there is great
-u-plu, Of unemployed margins. representing
n reserve buying power sufficient many be-
,ieve. 10 support a bull speculation Of cor
siderable proportions
Erie common disappointed an enthusiastic
bun following Yesterday Tor the first time
since this movement started by rirnin.
suddenly weak in the face Of strong gem
eral market and losing IN the last half hour
all that II had gained in the first hour and
closing at net decline OF J.. per cent Pro
viously throu ghout the week the stock had
been conspicuously strong when tho general
market was reactionary and II was sur
prise. therefore TO see il fall back sharply
in the late trndlng Yesterday with other
stocks advancing It had been the strongest
feature Of tho market on the opening, adj
vancing !. per cent. further 10 a., On its
singular reaction in the last half hour ID sold as
loussl3,, The transactions on this setback
we're very heavy During the last two points
Of Erie's advance manipulation had become
very apparent 70 experienced onlookers.
hut m oil so Strong n character kHhl spllc
shrewd followers OF the advance evidently
expected il TO continue indefinitely The
large buying orders in the stock last week
vere anparently redistributed each day.
Toward tho end OF tho week houses supposed
n have Affiliations with powerful banking
interests desiring 10 accumulate the stock
became very prominent in tho buying. and
the selling was more or less soattered. The
action OF the stock Yesterday suggested the
distribution on the last two points or 80 Of the
advance.
IN tho bull market Of ieoi after the panic
Erie common sold above as and n large dis
tribution OF stock WAS accomplished on that
level The parallel. however. is hardly fair
for the reason that at that time the control
WINS vested in voting trust. whereas now IL
takes the actun stock 10 account for control.
Tho strength OF the outside speculation last
week couverged largely upon the Erie shares
I, was evident yesterday that the manner
r which the Boston bear crowd had been
answered in the market on Friday afternoon
had mnde very favorable impression upon
speculative sentiment
Here ~ something that you may work
into paragraph 1aid a friendly wall Street
reader ono dny last week There IL man
that have been seeing Mt luncheon Two or
three times week ever since ! hnve been
down here He j. not a broker and has no
regular means OF livelihood that know OF
lie il one OF those chaps who more OF less
live of the Street nobody knows how. He
cats In certain New street place where the
membership OF the Stock Exchange IL very
largely refreshed When first noticed him
no used % take his place daily AZ tho furthest
end Of the food and drink counter and have
his sandwich and glass OF beer standing
Gradually he became more prosperous and
found him eating more substantially AZ
an obscure table. Then he began TO work
forward. coming moro and moro into prom
;nsnce as a patron OF the place. ] watched
nj. nrogress with interest. may say that
have bowing acquaintance with the man
In some mysterious manner he seems TO have
sbared steadily In the rising fortunes OF the
street Lately he has got into his real stride
~ iife He Inns an air OF important prosperity
ahort him He sits at one OF the most prom
,ncnt tables. making g stir when he comes
IN and has Invariably his bottle OF wine with
-. luncheon stopped at his table few
dovs ago az was leaving and said to him