The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-18
GOSSIP or VAIL STREET.

Two or three orders In the nrBt hour, ana nS
these included some In the most prominent
class II may be inferred that tho smaller
offices were not particularly rushed with
business. That outside interest was exceed
lnRly small was a fair oonofdslon from tn o
fact that the opening was very narrow. n
large number Of usually active issues falling
to figure at all In the transactions for the
first half hour. Among these were all the
Erie issues. Metropolitan. Chesapeake and
Ohio. Missouri, Kansas and Texas. Republic
Steel common and preferred, all the Wabash
issues. Colorado Fuel, Sugar. 1llinos Central.
Ontario and Western, Northern Pacific and
Central Leather preferred and common.
This list might be greatly expanded by the
inclusion Of others. like Car and Foundry.
Chicago and Northwestern. Wisconsin Gen.
trail. which are usually among the moderately
active class. and an imposing list might DO
made Of stocks In which there were no trans
actions all day.
There was, OF course. a reason for the over
towering dulness in the fact that the next few
days would probably bring q decision for
peace or war In the coal regions. IL was any
man o gtess as to which way events might
shape themselves. Nobody carel to bet
upon the prospeots by buying or selling
stocks; for a strike might be declared In one
field and not In the other: and there was, In
ANSNp hS "oy Va Ahh III hiBhe hhpptb'
That Chesapeake and Ohio and Norfolk and
Western did not open until near II O'Clock
indicated the utter lack of knowledge in re-
gard to prospects in the bitumlnous fields,
while significant Of the absence of any infor-
nation as to how matters might shape them
selves in the anthracite region was the fact
that the first transaction In Erie was not re-
corded until the session had run considerably
more than half Its length. There was some
1iannatflNn tn anal annOura 1aO,ant In thu faNf
that coal dealers talked as II q strike OF anthra-
cite miners Yves a certainty: the reasoning In
thls case being that II these people really
thought so they would not be likely to let the
public into their confidence or to make special
efforts to sell coal now when by retaining their
supplies they might be able to obtain strike
prices within q few weeks.
One broker whose seclusion was invaded
by a customer entering his office with the
query. What do you think OF the market2'
replied: The what2 | see nome
There was hardly enough serious dis
cussion to influence trading In q hundred
shares of stock. Here and there a bfoker
could be found who had pretty strong con-
%victlons. although preferring to keep them 4
to himself until a propitious time arrived
for their expression. Some of these repressed
aTRuIleUta CeutTeu 'HTOuuu tue IHIucu Otattd |
Steel annual report. or more especially around
that part which dealt with the foreign trade
Those who had made a special study Of iron
and steel matters commended the policy
OF keeping plants running to full capacity, |
Notwithstanding that in order TO dispose
Of the entire output 1t was necessary to sell
In foreign markets at a lower price than was
charged to the home consumer. Great
Significance was attached to the fact that
tha peinaa oannrad abroad laaf yaar pauna |
nearer to the level maintained at homo than
In any other year in the corporations history,
as this was accepted as an Indication that
within a few years the foreign trade would
contribute considerable net revenue to the
company. The tendency which had begun
to disclose itself was expected to continue
until important developments came Of II.
One Of the differences from the relatively
better prices obtained by the Steel Corpora
ton for material sold abroad was that an era
OF commercial activity had sprung VI all
ovor the world which would tax the iron and
steel plants Of the great manufacturing coun-
tries like Germany En- gland and the United
States and induce the former to raise their
prices to q level where despite the higher
wage rate America could obtain business
abroad on terms which would allow a hand
some margin Of profit for our man ufacturers.
The raising Of a large loan by Russia would
be followed by the announ cement Of iui-
portant railroad and other projects designed
to give employment to workmen and to
d. yelop the neglected resources OF the Cars
empire. Such enterprises would make heavy
demands on German steel makers. leaving
the markets of the rest Of the world practi-
cally In the hands OF the En- glish. American
and Belgian lronmakers.
The rumor about q ieas Sc OF Louisville and
Nash vile took new form and was accom-
panied by q clrcunstantiality Of detail which
IL had lacked before. In its new shape the
story was that Atlantic Coast Line was en-
deayoring to obtain consent OF some Of ne
largest OF the minority holders Of Louisville
and Nash willie to the srran cement OF a lease
In accord ce with which Atlantic Coast
Line would guarantee 8 per cent. on Louis
VILE stock. But II was said Mrs. Hetty
Green, whom the rlmor credited with owning
nearly one-fourth OF all the Louisville stock
or one-half of what remained outside the
Atlantic Coast Line treasury. opposed q
lease on any basis which did not guarantee
at least 10 per cent. on the stock she owned.
For this reason the merger project, the re-
port said, would be held In obeyance for the
Whether there was any substantial
basis for the rumor or not 1t is certain that
it fell very fiat on such a market as Wall
Street suffered from yesterday.
T. W. Lawson incurred the undying hatred
a number Of Office boys and others by put
ting out a green circular on March 10 and q
red one~on March II. II was asked II the
advice OF a man who made a fatal mistake
like that could ever be worth anything.
Next TO Amalgamated Copper the stock ]
which showed most activity In the day. trad
Ing was Missouri Pacific. AS to the real char
acter Of the buyin G In the latter opinion was
divided, but 1t did not seem a. II the selling
was particularly significant. A good deal Of
IL was undoubtedly for short account. as many
Of the traders made no secret Of their belief
that the recovery OF more than 3 points from
the low on Friday was as much as should be
for the present. Friends of the
ridlculed the idea that large inter
were selling around the present level.
"A year ago" these said, 1T became evident
to bankers and other large interests that the
could not do more than earn its
dividend. They stood aloof then, but now
are reversed and they have again
come forward with their support" The condi-
lions which existed q year ago made IL clear
that there would be little IL any margin after