The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-07-29
NEUTRALITY-SUSPICIOUS.
SUMNER DAYS WHEN THE BBor.
Frs LOAD UP on "IT ~ SiIDs
When the Public II out and the Leaders A..
Away the Room Traders Set on Foo,
All Sorts Of Stories or Big DeaIs. Mi
dend increases and Money G'ondition.

dend Hncreases N Money Condition.
DOG days In Wall Street." said a brots,
who Ia IN analyst Of market infnencs,
-afe dull days In a way, for they are dav,
when the general public takes a v~acatino
from stock speculation and when mos, q,
the leading mon in the big corporation,
are either abroad or at resorts far from n.
Stock Exchange. In a sense, though
the dog days are lively. At no other tim.
Of the year does the Street hear 80 many
rumors Of impending big deals"
The broker went on to explain his state,
ment. The absence of the general pubio
and the market leaders, he said, left A
purely professional market and no clas
looks as CLOSELY for underlying influence,
affecting market values as does the er.
perienoed room trader.
-The room trader prides himself on Nj,
JUG gment," he said, "and on his alacrty |
In detecting the significance of current
news. His ear lie close to the ticker and N
believes In getting in quick on the receip,
OF favorable or unfavorable news. Rt
his very ~quickness permits him no time "a,
investigation and on that account the po.
fessional market is moro affected and swayd
by all sorts OF visionary stories than Ia Tia
market with the public and financial lead.,
Interested. II seems as II there was a con.
tinuous rivalry between the bulls and bear
to see which could put out more fiction
to impress the credulous professional
It has been a matter Of general commn
In the Street that the present dog days an
especially prolific Of rumors and stores |
calculated to swing the market a point or 70
The origin Of most Of the stories is con.
cealed with all possible care. Springini
from no one knows where, the m q, |
about the floor Of the exchange, are quickly
telephoned to brokers' Offices and tacked !
on brokers' bulletin boards, and thence vey
often find their way into market Letters Or !
the comments Of financial writer's.
In this way in the dog days bulls and bean |
have been fighting increasingly over tho
attitude Of "the big interests"
.The big interests in the Standard on
crowd are selling stocks and are going to |
show Roosevelt an object lesson. Theyllkt |
him know what his fight against them means
to the business Of the country" aThe biz
interests are leaving the market alone
aThe big interests have finally come to tho
support Of the market These and hun.
dreds Of other statements float about the
Street.
A Boston Spectator who prints his mar.
ket opinions in display type is the great
specialist in reports of the doings Of ths|
Standard Oil crowd. .Lurid accounts OF the
plight Of the standard Oil men on account
Of adverse Administration action and their9
plans for revenge are mailed to all the brok.|
- $1,000 o~ laxu Nnua Tho rtofn. \
s ssass f Enslish ef IN which hiI they icy are lee P R1seli
makes them eagerly read and they provoke
a little interest on q dull day, but Wall street
apparently has had It's all OF scares from this
Next to the doings Of the big 'interees'
Wall Street cares moot for b condition o.
have depleted their cash below the legal re.
serve limit, that the banks are calling loans
that the rate for over the year loans ia prac.
tioally prohibitory, that the banks are refus:
ing loans secured by . particular class OF
.ss,G bu nIe Re- Rsp eat 'e q f tSis k md k Re1s'f been cen
remarkably plentiful this summer and
though warranted In some. cases., often
brokers have found by personal inquiry |
that they we're entirely without Foundation
But long before an authoritative denial
Reports Of increased dividends by various
railroad and industrial companies and talk
about the long pending ore deal betwsi
the Great Northern and the United State
Steel Corporation have been ~favorite amnu,
dividend increases in Baltimore and Ohh
Ontario and Western, American LocomotFu
and other companies and when thr
prophecies came true there was a multi
tude of predictions regarding dividend ID
creases OF other companies.
For two or three weeks recently hardf
a dsy passed without definite assuranN
from q source close 10 the management J
that this or that dividend was to be ID s
creased at the next meeting OF the directors X
There was q responsive effect to these r
ports at first, hut later they began, lug
the bear talk concerning the big interest,"
The ore deal involving the transfer q r.
moro than enough iron ore to last the Unilh
States Steel Corporation a hundred yaH
was practically consummated' nearly eve!
day for q month, until the chairman OF 10
board OF directors, on the eve OF his d.
~nouncement regarding 1t might be expected
in the near future. With great ore deal
reports from bull sources the bears hH
sent out reports that st. Paul was unaSs
to raise money for its extension to TIE
Pacific Coast, The company, it was repe,
6uly U0CihToO LdU 0IlucdNOlcb w W" -
loan In Paris, In London and in this county
but had been unable to find the money
at reasonable terms.
"The Standard Oil crowd controls s.
Paul" the bear literature said. "and whN
Standard Oil can't borrow money on living
terms who CAM"
Meanwhile the directors of ST PAU
like the Standard Oil directors, kept thN
own counsel closely and gave nc intinatm
Of the plans OF the company.
The rumor crop has likewise produce
big yields In reports Of real estate speI
atfon, OF an impending collapse OF 10
real estate boom, OF trust companies am
savings banks being loaded up with TO-
estate mortgag es; as often the building
activity has been cited As evidence =
the great prosperity OF the country, SlM.
larly In the steel and copper trade a lts
furry In copper or iron prices has pta
put out to depress copper or steel stocs
and such reports have brought from uS
bulls glowing accounts OF the copper a "
steel orders booked for next year
to the present the professional r,'ha
warfare In copper and steel stocks I"
been conducted profit. orcH-- ..
Every few days there is somethln
radically wrong with one Of the PehI
~syivania's tunnels, and no sooner Is w.
defect discovered than there appear Y.
ures OF the remarkable increase nj W.
roads earnings. The Pennsylvania cs
is typical, says the broker analyst; Ne
NJ A1N~.. - AM "a t.