The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-20
GOSSIP or WALL .sTREET.

Hin ore lands to the steel Corporal alton. on
moderate purchases yesterday these shares
advanced TO rev high records. The common
stock advanced ~ to 3l,s. ard the preferred
2 10 s0H. The common sold as low as 20 In
the spring. while the preferred sold at "
early In the year. For the week both issues
gained about 4 points. The Wscor sin Gem
trail. In addition to correcting Chicago with
st. Paul and MinEea polls. taps the Lake
Superior Iron mines. II runs Y northward
from, Its Chica go Minnea polls line. one fork
OF the going to ronwood ard Bessfmer
and the other to Ashland. on Lake Superior.
where 1t has Its own ore docks. These docks
were recently rebuilt. There Ia now under
cor structlon a $50 mile extension westward
from this northern line to Superior and
Duluth. the leading ore ports on the lake.
Iron ore contributes very large share Of the
tonnage OF the road. The company itself
is cor siderable owner OF ore lands. from
which the ore is mined on royalties. The
very large advance In Great Northern stock.
based on the company's ownership Of lands
estimated to contain 500, OO0. 900 tors Of iron
ore. has apparently had some reflection in
Wisconsin Central Issues. Whether the ac-
emulation OF Wisconsin Central has been by
Hill interests or BY people who believe that
the property would be useful to the Great
Northern In the development OF It's ore lands
remains to be seen. 1t IL said that the stock
Is being accumulated by q syndicate the
three most prominent members Of which
are capitalist largely interested in the
Wisconsin Central. railway man with large
interests In connecting road aud New
York banker.
This market" says the head Of conser-
vative commission house. has all, the ear
marks of a big bull market In process OF
development. All the 'preoedents lead to
the belief that speculation Is going to
broaden out In the autumn. with big innux
Of public buying. Now we have only II pro-
fessional market. the chief feature of which
Is the unmistak able burllshness OF important
interests and the accumulation Of stocks by
Wall Street. ! never knew a condition OF
this kind that was not followed by pablo
speculation for the rise. should not be sur
prised to see during the next six months
one Of the greatest outbursts of public spec
ulation we have ever had. The price Lowell
will not stop 1t. think the history Of specu-
lation will show that high level Of prices
Is more likely to-. attract public buyingrof
stocks than low level, When stocks are
selling at bargain prices the public naturally
thinks there must be something wrong with
the financial situation. and IL will not take
bulsh position. 1t is always the Wall
Street interests that put their money into
securities when they are low, for they know.
the values that are In our seourities.. The
public doesn't become convinced that these
values are there until after the heavy aceu-
mutation by Wall Street interests has forced
prices to higher levels The higher PRICES
20 the more certain does the public become
of the character Of the country's prosperity
and the more ready to invest IN securities,
Steel preferred Is a striking example. When
it was selling on a ~ or IA per cent basis.
the public would not touch it. The heavy
accumulation was by Wall Street interests.
Now that the stock Is going from to Q
per cent. basis. 1t is coming TO look more
attractive to the public.
with large public interest in the market
the sharp reaction on Friday would probably
have been followed by further decline
yesterday. But now the commission houses
have very few margin calls to send out and
decline of I or .. per cent. brings out
very few stocks. The trading element was
disappointed in yesterdays market. 1t
expected a poor bank statement and thought
to cover short sales very easily before the
close Of the session. But the moment effort
was made to recover stocks II was found that
the market was really bare OF stocks Missouri
Pacific. which sold down to iOe In the first
hour, recovered very sharply on transactions
Of few hundred shares, and closed at lo7H.
an advance OF full point for the day.. Union
Pacific. after saRging to 1851. advanced to
1855 after the publication OF the bank state
ment. showing slight gam Ior tne oaS :.
~. Paul on small traalnG' cioseo polh'
higher tnan on Frioay. ! ne traoihs tnroush-
out the iist was merely nominal anu mere
was no press9reto sen STOCKS. me oanH stare
but so long as money over the end Of the
year ia quoted around 4 per cent. the con-
traction Of reserves incident to the move
ment Of the Western crops will have little
effect on speculative sentiment. II there
ia 70 be a furry in call money it will be ex-
pected in the course of four or five weeks. 9,
The three states expect 10 harvest more
than 80 900 900 bushels Of iax. T.
some nrokers who have watched the
market in National Lead think that there is
an effort n keen the price OF tho stock down
Ona of the mcst active brokers in the stock
IL one who has handled a great deal Of the
peadip manipulation. just before the close
Yesterday he was offerinR /, 900 shares OF Lead
A. Az. when a broker went in to buy 100
.ha 70. for n commission house the broker who
1xas ofy.rin @ tho thousand share. withdrew hin
oTer and soid the hundred shares At a.. I'm
.,,sd,atslv after he offered 900 shares at a.