The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-09
GOSSIP or WALL STREET.

Su,ins stocks, and the search vas 20 re-
vsrded that stocks we're sold steadily on
ana reason or another from the opening OF
the stock Exchange until N closing, and
ANA quota tons showed a good many sharp
declines from the closing prices OF Friday.
4, was afirmed In different q, artsrs that
bullish enthusiasm had been aroused only
lp wall street and was OF 4 somewhat tenta-
i've nature, depending upon a revival OF out
,tde interest and that experimental opeTs-
lions on the bull side had beeu Ineffective,
the public element Whose support Il most
uAnted responding indiherently 10 the IN
ducements offered, even in the low priced
. and widely distributed stocks- number
| Of aasacious commentators attributed yes
' ,erday's selling movement 10 feeling OF
dl.sppoin trnent over the results Of the weeks
4 hun campaign One conservative old line
house, for example. wrote: fridays very
: ,pparent manipulation was a failure as far
., attracting outside business was con
osrned This created feeling Of disap-
nolntmept aud led 20 considerable liduida-
Ton IN to-dnys market In order 10 secure
hiEher level II j. the belief that some OF
th, many stories Of mergers and deals which
have Affected the market for the last month
or Two should matcrialize.'
Toward the end OF the week manipulation
hseame 50 prominent In the market and was
d some Instances 50 lhnlJ ulSghh-u a. W
,v-ite the distrust OF q con seTvative bull
clement II il noteworthy that manipulauve
srpedIents which in times Of an excited
r1Iic speculation would doubtless succeed
oil enough are not at the present effective.
OF worte. produce an eject the re'arse OF
vost IL desred. Thus the violent manipula-
ton on Friday Of Rock Island common, TO
CITE but one example, awakened hostility
toward the general market and caused the
81. #b.tUa 10 ln
srutInized People were not deceived as TO
the nature Of the transactions. 4 stock like
Rock Island common H. not suddenly hfted
out OF q rut andmade the leader Of the market
on enormous transac ions by any other force
than that Of aggressive manipulation, and
spasmodC manipulation OF 80 violent char
, scter rather estranges than encourages legit-
innate speculative interest. The whole market
At once falls under suspicion and il declared
10 present an artificial appearance. This
particular movement hsttened out very soon.
Transactions In Rock Island common rester-
day we're less than 25.OOO shares
The strongest stock in Yesterday market
was Amalgamated Copper. which reached a
new high point al S4-,. The buying on this
advance looked very strong. brokers said
one house took nearly all the stock that was
offered from 81 TO Si7,. Bullish informal ton
on the stock continues TO circulate widely,
and IL il evident that the movement IL attract
ing large speculative following,
In the first hour yesterday St Paul was
very strong, advancing above 100 lts rise
was accompanied by report that financial
interests who already are very strongly
lntrenched in the property had taken over the
largest outstanding block Of individual hold
ings a. price 20 points above the ruling
market value Of the stock.
II IL somethinR 20 reflect upon that only
a YEAR ago. when prices were 10 70 40 points
lower. railroad corporations enjoying the
highest credit we're borrowing money on
notes a. per cent. because neither bonds
nor stocks we're at that time saabe. Public
investors bought these notes very freely.
IL was the beginning OF the 1904 investment
movement Many who invested their money
temporarily in corporation notes, preferrlng
them 20 0Ned Investment issues. are now
unable to reinvest the money on anything
ike the terms that we're offered year ago
In the regular bond market,
American Smelling common was advertised
to sell a. 100 on Friday. IL reached its highest
point for this movement yesterday. when II
sold at lie. IL closed. however. az recession
OF points from the highest. For tho FIRST
time since the bull campaign began the stock
became erratic In its movement last week
lstIve interest In the stock on this level than
there was anywhere under par, and II seems
not unreasonable TO suppose that many
who are trading In II az these prices are pro-
tectInR themselves with stop loss orders.
The market position Of the stock, therefore
IL probably not as strong a. II was wher
the price was 10 or 20 points lower. II Il
believed BY many followers OF the movement
that the pool has been trying 90 distribute
stock above no. Its efforts to do this are
thought TO be responsible for the erratlC
fluctuations refereed to.
Tie Noakncss Of Union Pacific Yesterday
coutrastcd ouriously With the strength oI
Northern Securities stock.
Uncertainty a. 20 tho market position ol
T'rion Pacific is doubtless a restraint upon Rer'
arsl speculation. For good while I mon Pa
r,fc has been regarded az the pivotal stock oI
the railroad lizt, and for that reason traders
are rrone to attach special importance "a
ne eurtf.stiors. Their. il no end Of theories
n explain she extensive borrowing Of the
stock Tho one most favored. perhaps
is that the borrowers are anxious TO discover
how the floating supply Is held. Those
who have been borrowing Union Pacific
so freely aud ndiscriminately around tho
Street for several weeks must have prettF
good p,,o,,nt by this time OF the entire hoHt-
ne -nit,l,. They ha"" $40, eed"d, e'heI
h,i t,rt or incidentally to some ether purpose
100 Creating q condition IN the market which
uchody prstcudS 10 understand. There II
roas,n 10 holio,e that some houses carrying
large Ires ~ the stock for impC rttnt princi'
rals ha 20 hoeu instructed TO lend II out freely
That adds another aspect to the hole puzzlins
business
Transfer hooks for the special Union Pa
c,Ae meeting that has been called 70 take
action on the proposed creation Of 500, o0o, oot
new preferred stock will close on April TO-
That will be two days after the mandate In
the Northern Securities case. which Il IA
ISSUE on April H. Many are curious 20 see
what kind Of show down will occur AZ this
Union Pacific meeting. II is wondered for
example. II the certain powerful financial
interests" who have accumulated large
Amounts Of Union Pacific common stock viii
oppose the creation OF new preferred stock.
The manufacturers OF popular priced min
ing and other securities who fourtshed i'm
moderately three or four years ago have not
been overprosperous Of late. The business
has fallen upon hard times. The expensive
ofioes that we're maintsined I'm the finest
Wall Street buildings In the heyday OF such
promotions have been abandoned for less
hn knv an