The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-07
GOSSIP or WALL STREET.


with which 70 cover contracts was not 70
urgent a. on Friday. and there was evidently
no effort made 10 force a further retreat OF
the bear Interest. Fractional declines were
reported from the American quarter OF the
London market, but on the opening OF this
market stocks were not pressed for sale on
the contrary. trading became narrow ana
dull on slight price recessiona. in the Iest
half hour II looked a. n the bear element was
testing the market Some pressure was put
upon Union Pacific, which declined from
above 40 10 itGT, but the uading was not
heavy. The bear crowd, while Tying 70 get
the feeling OF the market was evoehuy
unwilling 70 lose many stocks The recovery
that went on on Friday was expected 70 con
tinue yesterday. and those who had been wait
ing 10 put out short stocks on further bulge
In prices we're disappointed.
Opinion il divided As 20 whether the vul.
nerable short interest has been eliminated
from the mar ket. The preponderance oil
sentiment among traders is still beArish
There has been much conjecture OF late
a. TO the position Of the Moore crowd In the
stock market. IL had been recognized Tor
nearly year az one OF the important factors
In the bull speculation. The point AZ winch
ia operation for the advance left on may not
be known there probably was no dehnlte
point. for its interests were highly diversfhed'
including both railroad and industrial secu-
rites and II had probably begun TO dispose
OF some stocks on a scale up while stu bulling
others for higher prices on which to sell.
The main fact Il that it, active interest IN the
bull market ceased IN the first fortnight OF
April The last Of It's holdings. therefore
we're probably liquidated before the break
IL Is said, as a crowd. 70 have made more
money out Of the bull market than any similar
L.. a. "a
ia perhaps the inost conservative member
Of the quartet. closed out his interest on the
long side OF the market a good while ago and
went TO Europe lie IA stin abroad. Judge
Moore. J. H. Moore and H. O. Reid left New
York last week fora trip Of inspection
over the Rock Island system. They VIII be
gone for several weeks. The impression
among the Moore crowds following IL that
It's operations for the advance we're termi-
mated somewhat abruptly owing 10 uneN.
pected developments in the general Wall
Street situation, which seemed inimtcal TO
further campaign on the bull side. It's
present attitude IA said to be conservative
rather than bearsh,
There Is pretty good authority for the state
ment that large short interest exists In Steel
preferred The bear element has tried re-
peatedly 20 club the market with that stock.
The support that has been given on each de-
cline below par was probably much stronger
than the attacking party expected 20 find In
the stock. II was reported yesterday that
calls on a considerable amount OF the stock
had been bought in London, which would
probably account for some OF the London
buying In this market.
One OF the largest railroad bond issues that
has been brought out this wear, the placing OF
which In one day was widely advertised at
u Naa.sa
il still in the hands OF the bond houses and
stock Exchange firms who took Il OF the hands
OF the syndicate in a moment OF enthusiasm.
Instead Of advancing az once 20 a large pre-
MUM and holding there the bonds never went
more than per cent. above the price a. which
they we're placed around Wall Street. and that
was but 4 temporary advance. due largely
to speculative transactions. Only few
spectators have ever been able 70 get out
even Il has been a great disappointment.
Under the same auspices a smaller bond Issue
was brought out little later. aud Wall Street
was very Chary about touching Il. Bond
dealers assert that the smaller issue was almost
a failure because so many houses found them
selves hung up with the other bonds, The
large issue referred tO-the one that hardly
anybody has been able TO get out Of as good
as even-wAs offered az time when the
instant success OF several preceding bond
not been given chance 10 participate or
these preceding issues there had not been
enough 90 90 around. There was enough Of the
big issue for everybody. even for spectators,
aud the response TO q general invitation was
overwhelming
4 house that has participated In several
pieces Of profitable financing il expected
sooner or later 20 take its share Of something
that does not promise 20 he very profitable,
and Il hardly dares 70 decline. for that might
cause IL 10 he Disseminated against when
better things were 10 be participated 10 again.
You have got 20 take your share Of what il
poor said one subscriber. rather Rloomily.
last week They don't call YOU u p and ask II
vol want 10 so in. They say. We expect
you 70 take so much Of this and II YOU refuse
a. Is likely 20 be remembered. 4 house that
has participated in several profitable things
il almost certain sooner or later 10 he hung
up with something that IL would not have
taken on it, Judgment
There il bic speculative interest In the
Japanese bonds.
After a decline in the stock market such az
has occurred since the middle Of April cir
cuitous Information 10 received TO the effect
that the big bucket chop oombinatl tons
have wiped out their sheets Fronting
thereby 10 the amount OF several millions
Of dollars. and the respectable financial com
munlty Il shocked at hearing that the bucket
shop business. In spite Of everything done N
abate II a. an evil. has continued 20 flourish
under a thousand aud one apparent difioul-
ties One who speaks with final authority
on the subject estimates that the amount OF
bucket shop business cleared daily In Wall
Street exceeds the transactions reported
on the New York Stock Exchange. This
is 20 say that when the market Ia active the
sheets Of the several wire systems maintain
ing headquarters in New York will show
an outside speculation avera ging more than
a million shares a day, This estimA - does
not include the business OF the New England
systems having headquarters In Boston
OF that OF the systems which have recently
been clearing their sheets In Philadelphia.
The total Of all, II the figures could be pro-
duoed, would doubtless be amazing The
bucket shop business Of the county Ia now
controlled by few large and very rloh COM
blnatlons They ba OK the trades Of hundreds
OF ofices all over the country. The bucket
shops that are found In every large town
throughout the country, for example through
New York State. are not independent CON
Germs doing business on their own capital
Their trades are telegraphed 10 the head