The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-12
GOSSIP OF WALL STREET.

and other speculative factors that have been
prominent on the bull side This holiday ia
the occasion for large exodus OF Spectators
and hnancicrs and II is feared that their alb
sence may deprive the general speculation
Of a great deal Of its recent inspiration, March
Is coming more and more TO be observed as
vacation period in Wall street. almost az
much 40 "a the month OF August The num-
Der Of Wall Streets votarcs who 20 away
for several weeks at this season has been in
crensnc RAPIDLY or recent years and II Is
probably larcer this year than ever before.
Besides the principals OF the Western crowd.
who retired from tho market at the end Of the
week, a number OF other operators lces con-
spicuous in the market. but important as
factors in the speculation will be absent when
business Is resumed on Tuesday.
There is an aggressive professional bear
crowd in the market. which expects to have
greater speculative latitude in the absence
of the Western bull PARTY and other operators
who have been committed 10 the long side.
This bear element has so far been unable to
gain any adynntale IN the market. All o. its
menacinc demonstrations have been defeated.
II has obstiuatcly remained on top Of the
market. however. and ia probably heavily
short Of stocks The bun crowd has made
nearly all the money there was in the market
and ia going nway The hears have been
made to contribute heavily toward lts yaoa-
ton expenses.
General commission business mas heen
falling of steadily ever since tue cessation
of activity ten DAYS ago In several OF the
low priced railroad stocks in which brokers'
were inclined 70 encourage speculation !
was disappointed said an operator at
ttr close who had been bnllish on tho
rarret for some time and IS now among
tho obsortces .that sustained efforts were
MOI, made 10 develop tho speculative interest
rnrirestad recently in tho low priced stocks
As soon as the activity went out or them and
into tho HIGH priced issues again commission
business fell on Teople will not speculate
in these high priced stocks. which NAV be
rid mn 10 roints one dav and fall back on
the following dav. confess that feel
somewhat mixed on the market at the mo-
ment We might have seen the develop
lneh' wy We. VI NV A., , ,r,red
eDeNul"s'OH , Wv ~ ', =, J., ,on,ine
STOCKS nau oeo.i e',1ouI riror,Iy
o'.'', ~, W. 80 80, ~ - ,Sasa Iarear
n'e ny ieany Io' -, oross nv.
interests my pee"' " 80 a. ,,
"scs w 80 ', 10 "a - ,orotb.r
nave hoped NIaV '''eF "oNiu .V.'e ,'sst,,..
ilu WI "a ~. ~. - -. 49,, s,aadi,
~ ~ ~ - tLasa bt,b rri,ad
'e"Vi eu - w a.. dnss not
r."cAS' i'Ne Ol''ai" '"u 49, 60 tn,,,.or
stimulate any Erhera a. l"oei ~. ,,,r
S.NnINcau' " 'lay "r VI vac W.,
ol 'n'es'i,c"N SC, I"s -, -. :, -
"a". -. - ~, 80 ,,,,o nora II ,viil
a. w." -, ,ttr
0Ie"V so''o Ne''e' 81 -. ~
Not long ago a saRacious old Spectator
was asked why he seemed TO feel no enthu-
siasm for certain stock that had been very
active on rising quotations for several weeks
General sentiment at the time was very
bullish This Is the highest price at which
it has sold in three years" he said What
has that got to do with II now?" he was asked.
perhaps nothing" the Spectator answered.
but every buyer for three years back who
stil has his stock can AFFORD TO sell II at this
price want to see for certain that there
are enough new buyers 10 take all the stock
that the others can a1ord TO part with on
this level
No lacl mas oeeH rhuVn o1''''IuI''. 'pV ,r
OF late that steer p'''c' 'eH see'4,s " y-''
very nara from thr irNcl VI 30 t.'es9 ~
enoTts nave uoe'. iiin -.' - 80" rd ~,
hrst oil the year 70 ,aIty y ~ ''q. ""I 80
haNe IaIlcu euONe9St''y -,
selling on every atNA"'e - IN '' "a"'
brokers VINO nave oeen ms a,7'.
tons IN the STOCK h,'en''t'E Alo 'on' 80 -,
thAt huWoei VI 4a' 80 nUi'. - -
quletIy getting OUT al'u' ,i''e t 40. 80
impressed ny ~" Ihln'le. -" $50
nus w" - IA -,.,. ~ -
they say that IN theI ~ NM ~ '"ei 'uS
tanned OPERATIONS on 'ne ou" e.'p. PUN. .,- az
were conducted ia9t year, Wil no. NC el.I'vty
feasible untH the nVuIua'iDh nas "" ls
course certain OF tne oul' lh'eIes' .na i
ON the long side Of steel preferred mean
while have been buying calls on the stock In
London. For number Of weeks Steel pre-
rerred has Auctuated within a range Of about
nor cent on level at which all who bought
4, in the big bull market of 1901 and saw 1t
IN M 4oiI in 1908 could afford to sell The
nc distribtition Of steel preferred TO the pub
,,c r-as acco,n,lished presumably between on
aod o, Tbo-e who bought it at these figures
during the bull market have rccelred 20 70
- per cont. IN ulF'ueH'9 w ~ N,",, ~
dividend ol y. per In IT..
August, 1901 ana alV'uepu7 Nv VA I"" ".
per cent d year nn'o 80 - IN ~
since then UP 10 th' pl's'l. 'ii.'' c. - "a Wv
old long interest," tina. SUI ~ ~. li'
ferred. thereIoFe' ooulu o' t'uNl,'''eu .r,
loss on the present PRIV 'N,,t' - 10
accounts no DOUBT 'or ln' eei''"t wa. na7
been So dlseouraRinS reVe"uS W ~.
iatiye bull element III inc s"VN ~ az
many who believe that once SUN ~, ~, ..'
has run its course so 'nh' Wv o,',i LII