The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-23
GOSSIP OF WALL STREET.

This Is not . market, says one com.
mentator. that one can take a decided 20.
sltion on. can't get bullish enough to buy
stocks. nor bearish enough to sell them Re.
Gently I have advised our people against
taking an aggressive bulllsh position on the
market and the market has not run away
from them. I,don'tsee that the right people
are In the market. except to support 1t when
It gets weak and to check 1t when it gets
strong. There has been, as Is plain to see.
an effort to restrict speculation for the time
II the larger interests were in favor OF the
immediate resumption of the bull campaign
they would have made use OF the ammun.
tlon they have had at hand this week. This
liquidation to-day. which has been vigorously
helped along by some of the professionals.
does not look to me as though 1t would run
further. Whenever there is lull in the
liquidation, the market gets dull. Except.
Ing Ia few OF the big issues. the offering OF
stocks down does not seem To bring out many
stocks
Some Of the less active stocks declined
very easily on small offerings. New York
Central lost 81 on sales OF less than 1000
shares. st. Paul, which was sold on the
rust reports in the Northwest. sold down az
on less than 10000 shares. Louisville and
Nashville lost as much on sales OF less than
5000 shares Canadian Pacific was down
az points at one time on very moderate sales.
Sugar and Atlantic Coast Line each lost
2 points on sales OF few hundred shares,
II there were any extended public interest
in the market such declines as these vouA
bring out stooks.
The bank statement has ceased to be Of
absorbing In terest to the speculative com.
munlty.
The selling pressure converged on the
Pennsylvania group and the Steel stocks.
IL had well defined geographical limits.
Reading. which was the weakest and most
active stock on the list. sellins~at look. FIVE
points below its best price on Friday. was
evidently being liauidated for some large
holders. 1t has been no secret since the
Heading dividend was raised that con-
siderable amount OF stock bought last year
at very much lower prices would be for
sale somewhere above par. This stock Is
probably coming on the market. Much OF
the selling Of Beading was done through the
large Western houses conspicuous few
days ago in the selling Of large lines OF Union
Pacific. Union Pacific was very weak at the
opening. Is It was again at the close. and at
no time did there appear to be any strong
support above l27. At the opening it sold:
l77h: q; 200. y: $500. Ut. 1t sold at l2eH
on Friday. The Steel stocks. which have
shown remarkable strength the last few
days, also became objects Of attack. They
each lost X. They showed much greater
resistance to the selling pressure than Reading
and Union Pacific. Half the days trading
was In these four stocks.
It Is the fashion to be short Of Union Pacific.
Another bull campaign Is under way In
coffee.
This selling said one shrewd tape reader.
looks too good to be the real thing
Those who try to bull Union Pacific above
1870 ind that stock comes out very easily.
while those who try to bear 1t below 1877 frd
support Of aggressive character. The stock
has been moving for some days through
I'VE point ran &c. and 1t strikes obstacles when
ever attempts are made to move 1t further.
Within this ran &c II has withstood the attack
Of very heavy liquidation without showing
any great weakness. Certain large owners
OF the stock think 1t ought to have rest in
the market. and they have opposed any out.
side efforts to make II the big market Lender
It was In the winter. These people we're not
enthusiastic over raising the dividend this
summer. It is known that Mr.. Hartman
was unwilling TO have the dividend increased.
and his friends discoura ged those who wanted
to bull the stock In anticipation Of the divi-
dend. Bankers interested In the propfrt.
say that IL lie selling at fair valuation. When
1t L. determine ed in what manner Union Pacific
will realize its large profits in the Northern
Securities dissolution q higher valuation viii
probably be placed on the stock.
big interests have unquestionably felt
that reaction was not inadvisable,' mem.
Der Of one Of the leading houses said after
the close of the market. and that II was en-
tirely unn ecessary to stand under the market
whom outside conditions were 80 favorable
as to have justified the increase Of several
dividends within . month
A short interest Of considerable Gze has
again been built up.
The money market. and not the bank
statement says q banker, lis the guide 70
follow"