The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-24
GOSSIP or Wall STREET.

ou VIC ulOUo IoVOTuUc uOWb
mouth. which vas instantly reflected In the
foreign markets. the market here became
buoyant. and for the first time In many days
the general list moved UP evenly The fault
a good many people have been finding with
the market Ia that " has been a very ono
sided affair. On Tuesday. for example.
Reading and Erie each advanced sharply on
very heavy trading. while ol,.er leading
stocks were weak, the most prominent specu-
lative railway stock. Union Pacific. actually
declining a point. The trading yesterday
was very evenly distributed through the
list, and the advances were very uniform
The three most prominent stocks In the ad-
vance were Union Pacific. An,algamated
Copper and Pennsylvania. on all OF which
there has been pressure for several days
1t would be difhcult to say which stock had
the greater influence on sentiment. Union
Pacific or Amalsamated Copper. The one
advanced to the high level of last. week. and
closed at . higher figure than It ever has
before. while the other responded In a marked
degree to the further risein the price Of cop
per. As these two stocks are the ones In which
a very powerful speculative crowd 10 most
largely interested. simultaneous advances
In them such ~, we're. seen yesterday have
decided effect ON sentiment.
Tho Street Is beginning to speculate again
on who really controls Union Pacific
The Steel stocks. which have been neglected
for some days. were taken up again tn the
afternoon. 1t lie evidently the purpose OF
those who are In charge OF the Steel stocks
In the market to keep the fluctuations In the
preferred stock within q narrow range and
to mako the stock look attractive to people
who will buy 1t and take 1t out OF the market
for investment A great deal Of this stock
which was distributed to investors in the
initial Steel campaign has never come on
the market. 1t was carried all through the
depression Of 1893 In the present campaign
In the Steel stocks great deal mere 81 the
preferred has been taken out OF the mai ket
by investors who are convinced that the
Z per cent. dividend Is assured. Many OF
the buyers OF Steel preferred for investment
would be very glad Of another opportunity
to get the stock at bargain prices in period
OF depression In the steel industry. Some
of the largest investment holdings OF this
stock average below 80 In cost. IT is be-
coming more evident that the big specu-
lation In the Steel stocks In the future will
be in the common stock. leading Official
Of the Steel Corporation says that the trade
outlook has never been so. favorable as now:
that the corporation will have to 20 into
the market to buy pig iron within few days.
and that the rail orders for delivery In 1905
will establish new records.
a few hundred shares. 1t sold at l4a>, last
week. The fluctuations call for no eEplaha a
alton. The stock IL in class by itself. The
principal owners Of it think 1t is going to
sell away up in the hundreds some day. and
they pay not the slightest attention TO daily
fluctuations Of a few points. They say the
road is earning II per cent. and that 1t is
going TO be grain carrier when the fact
that Lackawanna ever carried anthracite coal
Is forgotten.
Two weeks have elapsed since the publ
cation Of the Governments August crop
report. which has been the principal slim
illus to the stock market In the advance OF
the past few days. Since Aug. 10 Atchi-
son has gained 2h, Canadian Pacific. s: ST.
Paul, 5: Great Northern. ~: Illinois Central. 2;
Missouri Pacific, 81: Northern Pacific. *
Rock Island, 3; Southern Pacific. Q. and Union
Poetic, Q. Among the Eastern railway stocks
Erie has gained 4. New York Central. I: Penn
sylvania, 4; Reading, II. and Delaware. 4
Hudson, II. Amalgamated Copper Is up and
the Steel stocks N This is. very constd-
ersble rise, even for August, In which stocks
usually advance on. good harvest reports
Nv. Jones. In his detailed report on the
Northwestern wheat crop. estimates that
the total damage from rust this year was
40, 900 900 bushels. This was about. 10 per
cent. OF ,tu0 6pTlu& Wuodt CtOp 40 Csthhdecu
by him. 1t 10 rather remarkable. In view
of the controversy over the size Of the wheat
crop, that Mr.. Jones and the Government
are only rs 600 900 bushels apart on spring
wheat He gives less to the three States
and more to the outside States. The a. O0O. 900
bushels difference between the Jones report
and the latest Government report Is found
to be chiefly In winter wheat. which tho
private expert places at 370 900 900 bushels.
..-~l -,fSh Cav rvvSu IN
600: The chief interest ip the size Of the
wheat crop is now In the surplus that will
be- available for export. While We may
have only a. moderate surplus OF wheat for
export, IL seems to be assured that We will
have a very large surplus Of corn. Our
corn exports last season were consdera bly,
larger than our wheat exports.
London was a considerable buyer Of oil
our stocks with the exception of Erie. which
1t sold In volume. It is more than likely
that the London selling Of Erie was on orders
from this eide. One Of the largest operators
In the Street has habit of conducting his
operations In this market through London.
especially when he has line Of long stock to
dispose OF. Operators who wish to. conceiI
their trading often find that they can best
do 40 by cabling their orders to London. +;
Atchison preferred, long neglected stock.
ADVANCED 10 lUO, tHc ulkheet piiSc ~ HAb sVtu
At In three years. This stock has fuctuated
between par and los for q year. Not even
in the Lawson panic did 1t sell down to par.
That II has not appealed more strongly to
investors. has. been frequently commented
upon. It has paid per cent. for five years.
and II has behind II 500. ooo. 900 Of common
stock paying 4 per cent. During the bull
campaign of four Years ago there was pool
in the stock which advanced 1t to los. but
could never distribute its holdings at profit.
The liquidation by this pool extended over
q period Of several years.
The moment the Portsmouth affair IL over
all the speculative comment will hinge on the
money market. =,
Those who have tried independently to bull
Louisville and Nashville above $50 say that
a very large amount Of stock has been put
over the market In the sos. and. that IL has
the appearance Of being placed there BY
Atlantic, Coast Line interests, The, idea Ii
hold by some persons that these interests
wish to discourage speculation In the stock