The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-11-25
GOSSIP OF WALL STREET.

experimenting as II does the assurances
received from banking interests here and
entirely free from any suspicion OF a Wall
street faint, " is well worthy Of attention.
Nearly all the best known bearish operators
were actively enga ged in their favorite opera
ton. the principal selling coming from the
leader Of a clique which has made many
attacks upon the market with varying sue
cess in the past few years. Advantage was
taken of a day when a good many brokers
from whom support might he expected we're
way on account Of the Ysle-Harvard foot
ball match. but except in a few cases the
demonstrations were not very convincing,
as around the low levels the buying seemed
TO he better than selling. There was hardly
enough of the good buying, however, To
redeem the character OF the trading. and.
taken on the whole, there was nothing TO
entitle the days business to consideration
from any other point Of view than that OF a
traders market.
1t is always well after a rise TO look for q
reaction, and the greater the rise the greater
the reaction. The law of mechanics. which
with some modification applies to the market,
explains the decline in the last day or two.
While the bank statement was regarded as
favorable In showing an increase in the sur
plus reserve, II was entirely without influence
as a market factor. Tn traders professed
a dislike for the Great Northern melon, en-
tertained no pleasing anticipations Of the
Union Pacific annual report. said the large
interests were liquidating and refused to be
cajoled into a cheerful frame Of mind by
what they looked upon as a very small sugar
plum. In conservative quarters the asser-
tion was made that the improving tendency
manifested in the condition OF the associated
banks should not be disregarded. and there
is little doubt that the influence of this will
be felt before long.
Rumor said the Union Pacific annual re-
port would be published within The next
two or three days Ind did not mince words
In spea king Of it's cha racter. II was not
enough to say that IL would be- Disappointing
or very bad, A word was chosen. a single
word. the most expressive of a deCayed or
unhea lthy condition In the vocabulary Of
-the talent. and this was Perhaps lust as
well. for il Is impossible now that the docu-
ment can fall below all the anticipat ions
expressed regarding IL. On the decline in the
stock the buying seemed 20 be good. md while
il was possible that orders we're put in for
support, II is by no means certain that there
was not genuine accumulation by interests
which knew the details Of the promised docu-
ment and felt that after all it might make a
favora BILE impression.
There seems tu be a tendency 10 exa ggerate
the importa nee OF the effect on leans of the
distribution OF the ore certificates which D.
parently some OF the banks will not be wilin Y
to accept as the equivalent Of the redu elton
In the price OF Great Northern when the stock
sell. ex on December o. What appears to be
forgotten is that the amount Of Great North
ern carried on margin Is small. IL has Oft 2 n
been remarked that Great Northern stock
holders never sell" and this comes nea rer
TO the truth than would be the case in regard
to any other active stock on the list. Great
Northern iT very 10 rGely in the strong boxes
Of large interests instead of being carried on
margin for speculative account. and what
little there is in the street il in loans made
when prices were much lower and not since
disturbed. so that the colla era for a long time
has been more than ample Few people
have any idea Of the extent To which Great
Northern is owned abroad, but those who have
seen the list OF stockholders a ssert that not
only does 10 look like a leaf out Of the peer
age" but that the number Of members of the
families OF dukes. earls. viscounts. narquises
and baronets shows that there is little danger
of the extinction OF the House Of Lords through
rae e suicide. 10 might as well be commended
that the stock in the name Of these people
figures In Wall street lOan ms as that il has been
paid for the pawn Of the family oOronets.
AtCOTuLnK Y " dl Oilla "a VI NAC oNEVi wi
p~oration hat company could use 5000 900
tons OF ore G. year more than il il now using.
The statement is worthy Of the most careful
consideration not only in its bearing on the
business prospects of the company, but on
the Vaiue o u .ea. s.e oLe 80
Gates as II means Una y
IL liKeiy 10 mase ever enoIl 70 stAl' MINING
operations III 'ne Z p'opritS as o az
possible y" ao Hn IN ~, ~
propoilron Vi = nv W.
IL Is very W na - ~ III
uuctlve oIes, a. ~ ~" :
treat 'neee 1nan n ~
ucC IN p!H y w n. y inSn"n 81. go
CHcun9enNoo 49, 80 ~.
SoipotuVton y. n; Das.;hI,, go
rom u : Ha ynWa
ootaIh .ne : Hnn, sooIt,ie. '"n
por'a''on a"u
Missouri. Kansas and Texas was again one
of the est features of the market. and
the sustained strength Of the stock gained
wider acceptance for the reports Of buying
in the interest Of the H1ll properties. The
indications of such buying have been 50 strong
for some time that the wonder il they did
not receive general recognition earlier, but
now. although the traders have formed very
-a.sto oninio,a M 70 what Ia 1oiny IN tho,,