The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-09
GOSSIP or WALL STREET.

n1Obt wan obIeet pcOptC WOutu TuVNof
see the Steel stocks leading an advancing
market than any other stocks In the list.
The publio's interest In the market has 30
largely converged on these securities since
the formation Of the Steel Corporation that
they are generally regarded as a barometer
Of the financial weather. There are more
investors throughout the country Interested
directly In these stocks than In any other
stock dealt In on the Exchange. When the
Steel stocks are strong, investors are en-
couraRed to buy other stocks. but when they
are weak Wall Street is flooded with Inquiries
from all over. all OF which could be condensed
Into this one question, what's the matter
with the country" Tho great public out
side Of Wall Street unconsciously allows its
investments and It's speculatlons to be guided
by the course Of the Steel stocks.
Tho buying Of the Steel stocks the past
few days has come largely from tho West.
One very reasonable explanation Of this 10
that some OF the large operators who have
not been very successful In attracting pub
Ito following by purchases Of leading rail-
way stocks selling above 4 per cent. basis
have turned their attention to tho Steel
stocks. Some Of these operators nade large
purchases Of Union Pacific carly In the week
In an endeavor to mako It the market leader
Is 1t was Ia last years campaign. but the
stock did not respond The campaign re-
ceived no great encouragement from large
owners OF the property, and the commission
houses show little desire to put their Gus
toners into stock which even as q per
cent. dividend payer returns 80 small an In.
como from the investment. The operators
who had so little success In bulllns Union
Pacific appear to have resold some OF the
stock accumulated few days ago and to
have bought the Steel stocks instead. 1t Is
q matter OF common knowledge that some
OF the men formerly prominent In the owner
ship Of the companies that were mer sed In tho
Steel Corporation have repurchased In tho
last four weeks q considerable amount OF tho
stock they sold In the winter boom. Some
OF this buying OF the common stock began
when 1t was selling around IS. and the ac-
oumulaton continued on scale down to
rs and then on UP again. At what price
this stock will como on the market again
depends on tho extent OF tho Improvements
In the trade. on which these men are basing
their speculation.
Tho dispatches from washln ston indicate
what information is sometimes worth to GER
tain operators In Wall Street.
Big operators In the market who are not In
close touch with the powerful banking people
who really make markets sometimes try to
learn the attitude Of these people toward tho
market by heavy purchases or sales OF par
ticular stock or group Of stocks. Some days
ago one Of these Independent operators. puz-
zled by the sluggishness Of Atchlson. thought
to smoke out some OF the big holders OF tho
stock by buying few thousand shares OF 1t.
The stock was bought 20 easily that he resod
1t almost INN sdiasely. The same expedient
was tried BY another operator In Southern
Pacific. In an effort to advance 1t q point he
acquired such large line Of 1t that be con-
oluded the people most Interested In the stock
were not very anxious to see II advanced,
and he resod what he had bought A group
Of operators. impatient at the sluggshness OF
the market. will sometimes buy 60.0 900 TO lo0.-
900 shares Of stock around the room just to
see what will happen. IL their buying meets
with no response and they find they are buy
Ing stock from large owners they get out Of
their line with the best grace possible.
The llmelight was thrown on Reading second
preferred very suddenly.
The Government crop report on Tuesday
will give the condition OF wheat on tho LIST of
tho month, and will not take into account
the damage done by the heavy rains since
then.
However positive may be ones convic-
lions as to the future Of the market says
member OF one Of the conservative COM
mission houses. 1T needs great deal Of oour-
age TO take a position In opposition to the
sentiment of the Street. When St. Paul crossed
i9s we all thought In our firm that specula-
ton had run riot and that there was going
to be big break In the market. We decided
to sell st. Paul One OF our board members
went over to the Exchange to sell 1t. 1t was
selling at 1887 when he reached the st. Paul
crowd A friend Of ours. one OF the big
traders. asked him what he was going to do.
I m going to sell some Paul. said my part
ner. This market has gone crazy Don't
you do it.. was the traders reply. They're
going to put 1t through 200 to-day So.
instead Of selling the stock. he bought IL. and
then teephoned over to me. went In and
bought it. too. 1t sold a quarter higher. and
that WAS the top 1t turned there and sold
down $50 share. We got out OF our stock
with little loss. but We missed the oppor-
tunity Of selling It at the top"
The market has been advancing for four
weeks In the Pennsylvania group OF stocks.
the gains In this period have been: Reading.
10: Pennsylvania. Q: Baltimore and Ohio. 9:
Norfolk, 9; and Erie. IL this stock may be in
cluded In the Pennsylvania group. 8. Steel
common has advanced 8. and Steee preferred
0; Tennessee. meanwhile. has risen II points,
Is up II points. and Brooklyn O.
Union Pacific has gained 9. and Southern
Pacific L. Amalgamatsd Copper has ad-
vanced only points,