The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-12
GOSSIP or WALL STREET.

III .O5 on Jan. 81 to an average price OF ~
at tho close OF trading yesterday list of
~ Industrial stocks similarly averaged show
an advance Of more than points. The
fARhest average price at which the twenty
railroad stocks ever sold was ice 80 on Sept
o. 1902 The present average. therefore. ia
WITHIN less Than per cent OF the level at which
the last big bull market eliminated Since
lpol mere has been u large increase In the
volume of securities
In the principal speculative quarters the
demand for substantial setback In the mar
ket subsidized last week to very noticeable
extent. Much of the fresh buying which ap-
peered on "Wednesday and continued actively
through the remainder OF the week repre-
scented the replacing OF long lines BY specu-
Iators VINO we're Boosting even on Monday
that they had got out OF stocks and would
buS them back cheaper They were sur
prlsed at first that the market took their liqui-
dalton without Welding Then they waited
several DAYS expecting II to break under the
weight OF the stocks that they had put upon IT,
but instead of breaking it only became narrow
and uhihteresting Those who got on top OF
IT to test The support BY selling short lost the
stocks that they offered and prices continued
! TO hold. There is no selling pressure here
/ brokers reported almost hourly from the
floor, adding: When prices are down 1
per cent. the stocks cease 10 come in Dis
4 appointed In not getting the reaction that
they we're looking for certain of the Western
/ leaders began quietly 10 recover their hod-
ings and before the end Of the COX the move
ment in that direction had assumed large
proportions.
The bull who sells out his long stocks
FOR turn. expecting to recover them at
price concessions. ia mentally short Of the
market II he doesn't ut once get the re-
action that he wants he begins TO be uneasy
eet he miss his market He generally ends
b. taking hold again on the same level OF a
little higher and Is then wilder buu than
before
In more conservative quarters the demand (
Tor reaction Viii sometimes be- very obstl- 1
nate. 1t IL so NJ the present time. There |
IA an influential element in the Street whose |
attitude toward the market may be DIES cribed /
IA one OF perfect Indifference 1t followed |
the advance up TO very recent point and |
then got out OF stocks, not for mere turn,
expecting TO replace It's lines ut concessions
OF ? or per cent. but because IL thought
u good many things were high enough and
dsllked the character OF the speculation.
This element has made "A great deal of money, !
having believed in the advance very con-
ndently up TO almost this level, but u Will Z
not be- easily Induced to follow further adj
vances from this point reactionst who
represents this body OF sentiment said after
the close yesterday: i have not the slightest
desire to buy stocks. neither do feel the least
annoyance because they continue 10 adj
vance They may 70 great deal higher
II other people now come in and buy them
on large scale. they probably Will 70 higher
for | see nothing that is going TO put them
down Immediately but others may have all
the profits that remain to be made on tho
bull side. l should not think OF selling them
short am merely determined to let the
d al to- ~ IL.
sentiment Is conveyed by the head OF large /
house representing q rich and conservative
clientele. Six months or more ago, this
broker says. when We were buying stocks,
every body was willing 10 sell them 70 us.
We have been selling recently. and the speou- ,
latye element appears TO DO as willing to ,
take stocks OF our hands at these prices :
as they were 70 supply them to us at much
lower prices few months ago. a
The bear element In the market continues .
steadily TO lose money. A trader who has :
been on top OF the market for two months
declared yesterday that he had not taken (
one profit in that time.
The Hartman Pachcs were consplcuously
heavy in yesterdays trading. c
Il am hearing Two sides to the market
right along. said an active professional
yesterday. but | see only one aide on the
tape.
There heavy realizing In some direc-
lions Yesterday and fresh buying in others.
In the Pennsylvania group of stocks. for
example. the fresh buying oonYerged upon c
Norfolk and Western. while In Chesapeake b
and Ohio which had advanced sensationally b
n the last hour Of Fridays trading there
vas evidence Of realizing. and profit taking i
llso was apparent in Pennsylvania stock v
tsef A diversion was made in Pan II
iandle- OF the Pennsylvania group. The y
dvance in New York Central continued. :,
With some very effective buying in Big h
FOUR" which advanced more than points :,
several weeks ago Big -Four" was put above h
ar by crowd that expected the dividend
o be increased to a per cent rate. The Al
ividend was not increased and the stock II
old OF sharply. In yesterdays trading b
ertsn stocks that had been prominent al
eatures OF the bull side OF the market earlier r
D the week we're neglected and heavy. The o.
losing was very uneven. III
without any special activity Steel common
ontinues TO creep up. II sold yesterday
t 81. the highest price that has yet heen i
cached on this movement. IL Is thought that
renewal OF aggressive operations on the long
de OF this stock would increase general 70
oeculatlve interest in tho market 7,
Pre- dlotions OF higher call money for last &C
eek were not fulfilled 81
la
The market is ono almost without prece-
ent In Wall Street. complains a promi- =.
snt Stock Exchange house, for. whereas ~
ansactions are daily very heavy and there 81
every appearance OF activity on the floor, IN
admission houses OF non-speculatlye ten ye
sncies who as q rule do large out OF town lo'
Isiness are complaining with almost no
Jceptlons OF the apathy OF the public no
mphasls Is here placed upon phase OF the ~
resent speculation which Is perhaps moro "
upon among brokers than any ~,
her. The highly speculative houses are NJ
ling most OF the business. They do IL partly IN
the eNpenseof the more conservative firms. We
It perhaps 70 much greater exte mt they ne
iginate business by encouraging specula-
IN on n scale not hitherto known in Wall
rect and provide facilities for II such as
houses are una Bile or unwilling
offer. There are houses. for example. that COL
I more business from special clientele OF an
yht or ten plungers than another house a
,uld get from a general clientele numbering 1el
veral hundred The operations OF very IL IL
N outside element doing In one Office a.. ~
sslbly Is 900 or 100 Don shares a day In an &C. "
e market. have been un derestmated ~
doubt. as a factor IN the recent specula- n
n. Then there are houses that undertake
Ia fo-t lratr s1fa Thar. h.,r