The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-08
GOSSIP OF WALL STREET.

dom OF the administration Of their trust, or
in their lack OF wisdom. have great influence
on the beginning. the extent and the length
OF this next period OF prosperity" And
further: Encouragement 70 a wild specu
lhtive boom at this time. when Improvement
~ Justified more by hopes and possibilities
than by immediate actual conditions. might
act the whole period OF recovery back month.
SIX months, year. great speculative
boom now Ia not what IA needed. II Is. In
deed, one Of the special dangers, II bankers
IN the great centres are unconservatve In
the Inducements they hold out TO secure de
posts and accumulate great stocks OF money
which VIII loan al such low rates az to en-
courage unduly speculative spirit. they
VIII strike blow at this returning prosperity
which may long delay its coming" The
speaker was Frank A. VANDERBILT. vice -pres
dent Of the National city Bank
Brokers' who lost heavily in tho collapse OF
the Montreal and Boston exploitation are
beginning TO sco a light They entertain tho
hope that they may yet be reimbursed
As often as the market rells on or per
cent. the Improvement in general business Is
declared TO have been overtaked In Wall
Street.
Bond dealers In Wall Street have become
outwardly resi- ned to the active competition
OF several OF the more prominent national
banks. but their private comments are worth
listening TO The larger bond houses arc
going In more and more for exclusive issues
which will be- beyond this competition. This
is Il recourse. however. that Is not open to
the less resourccful houses Agents repre-
scntinC bond houses through the country
meet with this hank competition everywhere
The banks In some instances offer induce-
ments which regular bond houses are unable
to orer The most elaborate bond circular
issued this season is that OF the National CITY
Bank II offers wide choice ~ Investments.
the list including railroad, municipal. indus
trial and government bonds The circular
says The National City Bank Of New \ ork
In submitting TO investors the issues of bonds
herein described desires to call attention 10 the
fact that it Offers only such securities as have.
after thorough investigation. been purchased
outright for investment account. No bonds
are offered in which tho bank has merely L
commission interest The bank Offers 20
act as custodian OF bonds for investors. to
collect coupons without charge. etc. md II
also offers to investors the use OF its financial
library. adding That the bank has at ts COM
mand one OF the most extensive collections of
corporation documents in existence
4 development on which the market or
particular stocks should bs bought OF sold
IL sometimes known 20 everybody and ny
evnr,i,odv ignornd untl tn. sne,ulnflve
INTERPRETATION of il has npr.arod upon fhe
top. Traders ,vnI sn, maj a sto,p sbnuld
Inc snII an SOM, .,i-c ,,i.,., ~ ,e,,s b,ttbey
will not sau T., ,;ntil tber Gee what others
more powerful than Themselves are going
20 do about it An outline OF what the New
YORK city lnterborough Railroad Company
proposes 10 do IN The Bronx was authori-
tatiyely published on FRIDAY morning for
70 ,,.rcstye ma, ,bis n,i,bt H., mad. ,ba rre.
to,, for s.,l,,,s. ,,,ora,',.n, !, NI,tro,oIi-,r.
h,,, ,b,. waited "a s,, ,l, scli,,,, ztart harorn
.h,r,aai,.as1 ,,l,,,, ana, i,jt;,,;,. Nc,ro-
nolita, s,resr p1nvav stool, ha. aunered
a decline since Friday morning OF about
. points bear crowd operatns heavily
in the metropolitan issues last wear was ue-
ieated IN inc nnarNet IN soth'"nhe sigma
short interest is supposed to have weak
ened the technical or speculative position
OF the stock II has Welded rather! easily
in this instance to selling pressure
AZ one tifne ihst yeur. oeIore 'le oesihi.lnT
OF tine pun iharAe'' sentiment Oh 'ietIUpo''I"'
street hah"Ay ""' n'eas'uap'S o'"i's"
anu iA' ~ INSTANTANEOUS '"ol '"'e'o 7l 10
createu- l"ei ,,rI' w. OV"un a O" t-
AZ ne eAeH Oh Wy s"o. - w "'lIu 'iie pi''r
az ccu i'oil, ~ Az ni"' "" ~ W." ,.'''Io
hleh polnt oil I9o', IN "ctoper' ms auE a eIi
was attended IN us ialT' stsses oy ios,,..e
aHirih"uouS lt't 49, ~ ,, Inv u
Guided. The papers we're declared at least
twenty times 10 have been duly signed and
delivered, and people who were bulllng the
stock ~ this time waeered money at large
odds that tho terms of the denl would be pub
licly announced on one specified date after
another n was while Wall Street was mo-
mentarlly expecting this announcement that
the bun movement eliminated. Meanwhile
n miscellaneous long interest. fully IA large as
the short interest on a lower level, had been
created above t20 II must have been pretty
profitable campaign.
ne p'l"V't"i L.,ts-aS -. - -.
from original sources
Shortly before the Close 81 tradlhg yestet
day the New York 'entraI- mon racine
story was revived. II had been auiesceht
for two days II there " hothihg IN nus
story rs II was put out last week presninabIy
in the interest OF speculative operations
houses and individuals thht DO not Willingly
lend themselves 10 IN" circulation OF raise
rumors must have been skllfully imposed
,'.- e,I,er tbon tho Vanderblts had Ralnpd