The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-08-23
GOSSIP OF WALL STREET.

| Manipulation so bold that tt astonighe ed
| many Of the most experienced brokers
afforded the principal topic Of conversation
ut the close OF yesterdays market. Tia
majority OF brokers could find no parallel
to 1t in their experience. 1t was not alone
that stocks came out In such big blocks as
to make O total Of more than a million shares
in two hours trading. but that more than a
million shares were supplied In transactions
In only eleven stocks and that prices iuctu-
ated 80 sharply between sales. 1t was the
general opinion that the session was one OF
the most extraordinary as regards fuotua-
lions In the history Of the exchange. The
majority Of the brokers concurred In the
belief that on the whole the manipulation
was the boldest and. according to some,
the orudest in their experience.
Transactions Of but 1900 Pennsylvania as
compared with $4,000 New York Central.
1900 Anaconda as compared with 1900
Amalgamated. 2.7oo Steel preferred as COM
pared with 1876, 900 Steel common. testified
forcibly to the lack Of public interest in the
market and the intensity OF the pro fessionai
interest and manipulation. Seldom had such
glaring discrepancies been seen before.
Astonishing, also. was the size Of the indi-
vidual transactions. sales OF 5000 shares and
upward being 30 frequent as to make the
mar dealing in 1000 share lots resemble the
veriest piker. The market was. In fact,
no place lOT tDO Btnhlt tTAuGT u nus Ol
the room traders realized It. Whenever
any one Of them ventured to send In an order
he could feel certain that the stock would
be bought or sold at a price wide Of the price
on the tape ct the time Of giving the order.
This attitude Of the room traders emphasized
the magnitude Of the professional or manipu-
lative business.
The suspicion Of q wholesale matching Of
orders was 80 widespread that many brokers
talked Of asking the governors OF the ex-
change to make An Investigation. Whether
or not this is done, the sheets showing the
days transactions are sure to be scrutinized
very closely as they 60 through the Clearing
House.
Tho opinion that the manipulation was
designed to force short covering was gem
orally entertained In the FIRST hour; at the
close Of the second hour this opinion was
modified by an idea that It might be designed
to facilitate distribution OF the Hartman
stocks and Q few other speculative issues
which arc still largely held. according 70
current belief. by the wealthy spectators
who ~insugurated the bull movement. in
the first hour there was very heavy buying
by q house which has been technically II not
actually short Of very large blocks OF stocks.
The buying was oste~ntatious-too ostenta-
tious. in the opinion of many brokers. to lend
certainty to the conclusion that the buying
was all short covering. II itwas short cover
Ing tho house got It's stocks very readily in
view Of the fact that the covering vas oon-
Quoted 20 openly. Floor traders who COW
cred shorts in the last hour said that they
rot their stocks easily enough. n those
who held 70 tho opinion that the manipuls-
ton was designed 10 force short covering
reached the conclusion that It had failed to
profit those responsible for 1t.
Although the days movements were not
expensive to those short Of the market, they
undoubtedly resulted in Q great decrease Of the
short interest and. quits ss important. in de-
terring further short selling. Few operators
In which m~anipulative tactics were 20 sud-
denly and freely employed. and most Of those
who did took the precaution TO close their con-
tracts before the session ended. The technical
position Of the market was accordingly much
weaker In all probability at the close of tho
week than at the beginning.
Deniais Of any danger Of a Rock Island re-
ownership were 20 frequent and 90 foroible
that the prospect Of this story passing into
oblivion as q market factor seemed better
than at any previous time Of late. It IL sell
dom that reports based on 20 little foundation
or without any foundation whatever have
been circulated 20 persistently to the detri-
ment Of market values- A great many trad
ers, It was remarked. accepted them with q
credulity that was little short Of astonish-
ing.
In the midst OF all the turmoil the position
of New York Central was materially Inn
proved. that stock holding its gain better than
any Of the others. Purchases were no doubt
made for purposes Of manipulation. to per-
NIT distribution elsewhere and for covering
OF short contracts. but there was also heavy
buying on the theory that the talk of dividend
red has been as i'll founded as that Of q
Rock Island receivership.
The figures Of the bank statement showing
an increase in deposits and In surplus reserve.
accompanied by Q decrease In loans. corrobo-
rated the opinion that there has been heavy
distribution in important quarters.
THE AARKFT