The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-16
GOSSIP or WALL STREET.,

! 4 sharp break In prices yesterday took
the bull following unawares and caused u
! some little uneasincss. Brokers we're over
/ whelmed with Inquiries as 20 the nature OF
/ the selling, and those who had put thelr GUS
toners long NJ stocks during the Week We're
| required 70 give reassnring reports OF tne
| market There had been very strong
/ opening but on the advances stocks were
| freely supplled After three days OF rising
| prices there was naturally a pronounced In
| cllnatlon among traders TO secure pTonts'
/ and to their selling was added a quiet supply
| Of stocks from sources whence GOOD seluhg
has proceeded steadily for some time past
! Brokers whose observations are generally
! Trustworthy affirm that a large dlstribu-
! ton of stocks 20 the hands Of highly specu-
! latlvs bull element was accomplished last
| week A good deal OF this selling. they be-
] lieye emanated from quarters where hitherto
! the market has been deriving much OF its
! bulIish inspiration. On yesterdays sharp
price recesslons. however, there was very
| strong buying In several OF the high priced
railroad stocks. notably st. Paul Union
Pacific and Illinois Central The buying
| that has followed Northern Securities stock
| I'D TO this point Ia also Of very excellent
character. Houses supposed to be acting
for important principals that had sold Union
Pacific. ST. Paul and Illinois Central freely
on Fridays advances bought heavily again
]
these stocks had probably attracted too much
miscellaneous company on tho bull side.
transactions IN Union Pacific last week
Appropriated 600 oOo shares.
It may be demonstrated IN figures that
| from par up the advance In Union Pacific has
been Offset by the profits steadily accruing
| on the Union Pacific Company's participation
| In the Northern Securities distribution. IL Is
! as II Union Pacific without this participation
| we're selling at par, with earnings sufficient
. to warrant au increase in the dividend rate
/ TO . or even per cent. There is no reason
/ able doubt that the dividend rate viii be in
creased without any interest in the North
ern Securities distribution Union Pacific
stock under other existing circumstances
/ would look very cheap at par
/ The coming week promises 20 be eventful
! on the Stock Exchange. The mandate in the
/ Northern Securities case will issue on Monday.
/ The annual meeting Of the United States
/ steel Corporation will be held on the same
/ day. On Wednesday the transfer books will
. close for the special Union Pacific meeting
/ that is to be held on May 10 net on the pro-
posal to create sfOO. 900 600 new preferred stock
/ on the same day, Wednesday, the annual
/ meeting Of the New York Ceutrals stock
/ holders will be held At Albany. on Thursday
I held The events to follow the mandate in
] the Northern Securities case are awaited with
. intense interest The weeks developments
! will probably show how much or how little
/ truth there has been IN deal rumors that have
. moved the speculative Imagination so greatly
/ In the past few weeks, There have been so
many Of these. and they have been 30 con-
| Trajectory one Of the other, that they cannot
. all come true There will almost certainly be
disappointment IN some quarters.
! I'll the way Of Wall street to take liz dis
appointments philosophicaly.
/ tits said that there is large short interest
/ In Northern Securities II is not only a
technical short interest. existing against salcs
Of stock TO arrive from the other side but an
actual short interest. and the stock Is very
hard 20 borrow. Owners are reluctant TO
part with it even temporarily.
Il Il very evident that the market lacks
| the support OF the conseryatiy" class Of com
mission houses They are not fighting IL.
but they do not believe in the speculation
| and discourage clients from following the
| advances any further. At the same time
| they complain increasingly that the volume
OF outside business is disproportionate. u
cannot understand said an experienced
| market follower yesterday. how the old
fashioned houses can complain Of a lack
| Of business while at the same time they are
turning business down ] know OF man
having an account in such a house who bought
Woollen Goods one day this week lie was
perfectly able to take the stock mp and pay
for IL II necessary, but that did not influence
his brokers. They did not believe In the
market and least OF all did they believe In
Woollen Goods and they fretted and fused
until the client had sold it out The houses
that encourage speculation and 80 with the
market are getting the business People
want TO trade or they wouldn't be here. and
they want to trade all tho time and they
Will turn from these conservative old line
houses 10 others where they can get some
announcement to follow the market.
know OF conservative houses that have dis
eliminated against Union Pacific ever since
it crossed par, while other houses that have
believed In the stock have been able to make
a great deal Of money in 1t for their clients.
There Is no recognized personal leadership
on either side Of the general market az the
present time There is such leadership IN
| particular stocks. Of course, but on neither
side Of the general market is there any strong
| personality. year ago Jacob Field and his
crowd were whoOping things mp on the floor
| Of the Stock Exchange. thinking that they
| were the whole market An active session
| az that time was one Of 100000 shares The
| Field crowd cleaned up after a campaign Of
I perhaps Two months duration ana thought
that prices then were hiGh enough II had
made what il considered a killing on the bull
side and was satisfied But the bull market
| had only begun James r keene became
very powerful factor on the bull side, and
besides his leadership there was that Of the
Gates crowd, which was more open and au-
daCious In December there was personal
leadership on the bear side. Since then the
initiative on the bull side has been Of a some
what disguised character, with no personality
In il TO speak Of except now and then that Of
A demonstration under the auspices Of the
Gates crowd. Various operators who were
individually prominent in the market at much
lower prices are now in the background
Some have been fighting the tide and others
have merely sat still, Selling now and then an
opportunity 70 do something on one side OF
the other but in the main holding Hioof Mfr
Keene has not been at his Wall Street ofice
for many weeks He Is spasmodically active
in the market, but In his own stil way con-
Quoting his operations from a vantage point
in one Of the large uptown hotels He is not