The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-08-02
GOSSIP or WALL STREET.

The b~uoyancy Of Fridays market was
carried over into the first hour OF tradinO
yesterday. On very heavy TRANSACTIONS
Reading and Union Pacific advanced to new
high records. the general list was strong and
the volume Of business greater than In any
other opening hour Of the week. Commits
sion houses reported q volume Of business
unusual for q Saturday and were responsible
for much Of the strong character Of the trad
ing. Many Of the stocks that they bought
had been taken on by the traders on the
previous day. and this evening of traders
positions brought about a slight reaction IN
the last hour. In this last hour the volume
Of trading was much less than In the frst
hour. The market generally continued
strong until the close. which was dull and
embarrassing. sl
No one pretends that the more important
terms of the Harriman-Gould transaction
have been made public. Mr.. Gould, II ID
generally belle we'd. does not want them d.
vulged Tor personal reasons. and Mr.. Herfi-
man wants them kept secret for a time Tor
business reasons. Undoubtedly MI. Hartman
appreciates the value Of the element Of mys-
terry In any deal OF market Importance, and
with many OF the terms concealed IL b alto
sether likely that the agreement will Be used
time and time again until It's market influence
IL entirely exhausted. BY that tirne."s
broker remarked. I'VE will know all that
Mr.. Gould has given up. Also We viii know
that some Of the people higher up have been
distributing stocks"
The 1000 900 Wheeling and Lake Erie
notes were secured by 81. 600. 900 Wheeling
and Lake Erie bonds and equipment o IA cost
price Of q. 2oo. 900. With the present value
Of the equipment. about u 800, 900 probably.
the bonds up as collateral for the notes could
have been secured for Se.Soo. 900. or at . price
but q little above 80. Since the bonds repre-
sent q suficient interest In the notes TO INIT
ence all reorganization plans II has seemed
to many railroad men that the collateral was
worth at least the face value Of the notes.
It u well understood. however. that add
tionsl collateral In the shape Of additional
securities or pledges Of action BY Gould repre-
sentatives under Hartman guidance were
also secured. II 10 the enct nature of this
additional security that continues to make
the transaction Of interest.
The American Railway Association rave
out q report at variance with most Of the
other reports Of July business conditions.
impf 20 snsss o'n fSs A AaS iosn2 h: sHa:q mssSe
si oad r. hor umS.r rs nP G;s can an f tnsTs: Js,v q
70 July -
have adopted tho tactics used BY bear opera
tors In the copper stocks last year. with the
ments are used to advance rather tina de-
msss.t pTf IN london s' Was y' used dn 70 S degrees i priSes
that the so-c2lied metal exohense here was
are buying warrants n the London future
market and prioee are advancing on the 30
Prices OF copper futures and spot copper
naturally stimulate the copper stocks and the
Spectators interested In the movement arg
spreading thelr purchases Of stocks over al
,h aso market: N r .psaai ssHRsT m ssSSa,s1s' WITH fts
we'll a. money, Profits from the utilization :
Of these means 70 depress prices wers among
the greatest made last year: for thsy his the
4 criticism that % made on such. operations
this year 10 that the game 10 getting old.
London markets we're Siossd and viii not
resume business until Tuesday morning.
Ths average Of prices ct the oloss was about
Y Of per cent. higher than ct the close on the
preceding Saturday. tn market In the last
two days had recovered all the losses Of the
vas stii under tie control Of the anne inter.
ssss which hays. figured actively throughout
81 tie week did not bring about che sxpscss&
n Induced very little liquidation, speculative
or otherwise. 90 that 10 offered no Great amount
o. &c snt 70 those on the short SIDE
undoubtedly increased, was not increased e
greatly As the bull man!puiators may vel
Of most oritlos, the condition a she Hefksf
m 4; .S Sis. q S s. sSass 4 ~ -; s'.s w 49,