The sun., 1905-08-02
GOSSIP OF WALL / STREET.

Union PAoihc pr0ITrT00 Tor on9 Of llNnoie
Central. Illinois Central could then BE- put
on an . per cont. basis. and IL dividends
would pay the dividends on The Union Paoiflc
preferred. There II ses.ooo.oeo Of Illinois
| Central stock, and half Of u could be bought
with the Union Pacific stock. You remember
last winter We had . big speculation In Union
Pacific and New York Central on the story
that there was going 70 be aome kind OF .
Hartman Vanderbilt merger. Mr.. Hartman.
I believe. wanted the Chicago and North
west. This deal fell through. and the market
went TO smash. think the trouble wss that
Hartman could not make terms with the
vsndsrbilts. He ID now using the Northwest
from Omshato Chicago. He could just ~ we'll
uss tho Illinois Central. property In which
he 10 largely interested - stookholder. The
Illinois Central would stvs tho Union Paoiac
. Gulf connection besides. and would, with
the Southern Paoiho. make Hartman ayAd-
ransle west Of the Mississippl Ono thing
that makes mo feel confident that souethins
Ii doing 10 that 81. 900 900 of Illinois Central
WAS transferred last week 70 the names OF
clerks In . banking house closely related
with the Union Pacific management
1T is still an open question: says Mr..
vanderlip Of the City Bank. IL we shall
have abnormally high money this fall. There
will undoubtedly be tightening Of loanabls
funds a. currency 10 shipped 70 the interior.
Dut IL - D mOOtoQ Qu0Atlon Nn0bner " WIZ
assume serious dimensions.
Amalsamated Copper. In which there has
been very little trading for weeks, became
the market leader yesterday. selling to SSN.
which price Ia equivalent to SIX. - the quar-
teriy dividend Of 1< has just como on. Around
Is there appeared to be q great deal Of long
stock for sale. and the price fell back st the
close to the previous days closing price.
SAX. Boston Is very bullish on the copper
stocks. and much Of the buying Of ANAL
gamated Copper In this market recently has
been by Boston houses. AmAlsamated shows
what the upeters call = strong upward ten
dency. but II advances In much moro orderly
fashion than formerly. The basis for tho
speculation in this stock "a. Of course. the
strength Of the copper metal market. Copper
is now selling at the highest level II has touched
In four years. and everybody In the trade -
very optimisttc. It IL the purposs OF large
interests In the trade to prevent runaway
market In copper such as We had In the last
copper boom. when the metal sold above
IS cents. The result Of such an advance In
the price Of the metal 10 . sudden increase In
the output Of copper by mines all over the
world. Capital rushes In to open UP now
mines. which can be operated very profitably
whom copper 10 selling around II cents. but
which lose money on . Is cent market. The
sudden increase In the production breaks
the market and hurts all producers. The
big copper Producers prefer stable market
At reasonable level 70 highly nuctuating
market.
One Of tho Western roads. the stock Of
which Is not very popular with speculstors.
recently ordered thirty new big engines.
When the hrst Of them were received It was
found that they could not be squeesed through
the tunnels west Of Kansas City.
One Of the best known commission houses.
which has been on the fence a. to the trend
OF prices for some weeks. and which WAS
recently . large seller OF stocks for certain
Western operators. wrote last night: =Au-
tumn is approaching with its uncertainties
and Its business requirements and demands,
and the extra session of Congress will produce
controversies more or less important We
feel rather disposed to urge our friends to
sell in moderation. therefore. and take their
profits as the market hardens. It ID impos-
slble to gage the exact extent Of the present
movement. but II Is fair to assume that those
who try, TO fnd the very top notch will not
succeed Average sales from this time on,
In other words selling to those who want to
buy. should produce a result which will be
satisfactory to the holder Of stocks. Scarcely
an autumn comes to Wall Street without q
recession In values. and We firmly believe
that securities Of the speculative grade which
slightly above the present range, can be re-
bought before early winter at proht.'
The wheat rust scare last season was
year ago this week
A Western capitalist who sailed for Europe
yesterday morning at o'clock ON the Kron-
prinz wilhelm received the London pricee.
and later the New York prices. by wireless
telegraph This suggests that the time
10 coming when paragraphs OF this nature
will appear on the news tickers: THE heavy
buying Of Steel preferred this morning IL
believed to have come from tho White Star
ship Oceanic. three days out from London
or: THE sharp break In Smelters IL credited
to selling by several members Of the pool
who are on the Deutschland. After the ship
sailed two days ago they were heavy buyers
Of the stock, or: The heavy trading In Sugar
had the appearance of being on matched
orders. coming from the Kaiser wilhelm and
the st. louis or: big buying orders have
come into the market In the last ten minutes
from the Baltic. two days out from Liver
pool"
The Street has story Of large extra dlvi-
dend on Anaconda. r.:
The decline In the market near the close
yesterday. which was marked by few
minutes Of aggressive selling Of Union Pacific.
Steel preferred. American Smelling, st.
Paul, Pennsylvania and Missouri Pacino,
caused stocks to close at . decline for the
day for the flrst time In eight days. Stocks
advanced all last week. the average gain
in the eight days ending with Monday for
twenty railway stocks having been . little
more than three points. The average de-
cline in these stocks yesterday was about
half . point. 1t 10 Of interest to note that
the advance last week, while Of some pro-
portions, was not accompanied. as such an
advance 10 expected to be. by large increase
In tho trading. There has been only one
million share day In . number Of weeks.
Some observers of the market say that there
appears to be no special effort on the part
Of large banking interests to attract public
speculation. Stocks advance little by little
without any fireworks. The only spectacu-
lar displays are in stocks controlled BY
special pools, like American smeltlnG. STAN
dard stocks like Union Pacific. Pennsylvania.
Baltimore and the steels are gradually and-
ing higher levels without public support.
Some banking people say frankly that they |
do not care to SO the public In the market |
In . large way just now. They would rather |
the public waited until prices are higher.