The sun., 1905-11-12
GOSSIP OF WALL STREET.

| IN preclptatlng the decline In the market
| yesterday. For this weakness various rea-
I sons we're asst gned, but perhaps the one which
/ received most attention was tho dispute over
| the Mayoraty, The technical position was
| inherently weak, as the short interest had
! been driven in by tho advance lust before
! election and on the morning after and bereft
OF its only real support the stock yielded easily
to pressure. The large deficit which has
been created by the inability of the company
To earn its dividends In the last few years
received attention, although the METROPOLITAN
Securities Company is understood to rega rd
the payment Of this as moral obligation.
Conservative houses thought METROPOLITAN
had little TO fear in the way OF hostile action
by the city government. and meanwhile the
Increase in earnings was a very encouraging z
development.
one or the features Of the early trading was
a sharp advance In Consolidated Gas which h
appeared TO have been brought about mainly
for the purpose of giving an appearance Of
strength to local issues while selling of Metro
poltan was in progress preparatory to the
break In the price OF that tock which followed
The movement in Consolidated Gas. having
TO some extent aided in the accomplishment
OF this purpose. was then abandoned and the
price dropped or easily. The rise was faoili-
tated by the existence Of small short interest
put out on the strengt of the hearing by the
gas commissioners on November 20 of com
plants regarding the price of gas in this city.
Sloss-Shef1eld received a good deal OF
favorable notice on account Of the improve
ment in earnings resulting from the excellent
conditions now prevailing in the Southern
iron trade and the revival OF rumors con-
cerning scheme 10 merge a number of the
leading iron concerns in the South. The
merger stories got no definite confirmation
and some brokers argued that If such con-
summation were imminent the fact would be
reflected in the prices of the stocks of the
Southern roads. Under the scheme pro-
posed last spring Southern Railway, Louis
vile and Nashville and other railroads in
Southern territory were 10 take portion Of
the stock Of the combined concern, but even
should this feature be eliminated in a future
plan the welding OF the competing iron COM
panies into strong aggregation would be
matter Of such importance in its bearing
on the development OF industry in that section
as TO enhance the value of the railroads oper-
ating there.
Criticism Of the American Smelling and
Refining POOLS folly" in holding up the price
of the stock at practically the highest level
touched gave place TO a good deal OF admra-
tion OF the manner in which the quotations
were maintaining under circumstances in
creasin gly adverse. The stock having taken
its place among the high priced issues should
naturally suffer materially from the effects
of high money rates. but instead of disolos-
in e weakness 1t displayed conspicuous rally
ing power. Those who had sold stock
short on the theory that the pool could not
take all the stock in the Streer found when
they tried 10 buy back that the floating sup
ply was small and that purchase of any con-
siderable amount could be made only by
advancing the price Talk Of an upward
movement Of some proportions was current.
and received some attention from traders
who have baan accustomed TO go with the
market on this stock without even inouirinz
as 10 the reasons for the price movements
Market sentiment was adversely affected
oy the weakness in Union Pacific. and there
vas an almost universal tendency 10 draw
deductions as to the attitude OF important |
banking interests from the action OF this stock |
There was little excuse, however. for want
IF knowledge as TO the position OF these in
erests since brokers who had taken the
rouble 10 inquire We're informed that, while
he intrinsic value of the stock was great
onditions in the money market were such
IS to make bull speculation a thing to be
voided. The money situation entirely domi-
lted the action OF the stock and would con-
inue to do so until funds became more plenti-
ul.
Reading again displayed its ability to
its high level, and people who had
eGarded the stock menace took the view
hat the upward movement had been founded
N the solid basis of intrinsic merit and that
hose who carried il on were able 70 take
are of their holdings without regard to
money market conditions IL
vas evident that Reading had come to be
ooked upon not as a source OF uneasiness but
I encouragement.
Reports that the bituminous coal miners
"ould in January make demands for a -
er cent increase in wages had depressing
fleet on Baltimore and Ohio. and the price
ropped down TO a point where in the opinion
some conservative interests IL was out OF
to the prices of other stocks OF
bout equal merit. Whether from fear Of a
frike in the bituminous coal fields or from
ONE other adverse circumstances not now |
pparent this stock has been notably heavy
Or some weeks. and all recent efforts to ad-
ance it have proved unavaling. Earnings
re very good and the per cent. dividend
hould be very secure.
Traders endeavored to break the price Of
rie. but without much success Observers
fought that while efforts to advance the stock
week ago met with no announcement
'om the large interests in the company,
eclines could not be pressed far on account
the character Of the buying which was
on every break. The deduc-
on drawn by these people was that while
,r the time being there was no aggressive
illishness in the most influential quarters
lere was unmistakable evidence OF con-
1ence for the future
Although Of very doubtful origin the old
lmor that a call for payment OF the 50 per
mt. Of subscription remaining unpaid on
etropoltan Securities stock was imminent
as credited by some of the traders This
fused selling of Metropolitan Securities
Id eSerted an influence also on the stock ,
the street railway company. In we'll
formed circles the story was said to have
little foundation as on previous occasions
hen II had done service for the bears.