The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-07-31
GOSSIP or HAEL STREET.


However dull and do the stock mfskst
may have bs-n In the spring and carly
summer. the Angus, make, IN the last
four wears has been extraordinarily lively
Always thsrs has besn some extraordinary
deN elopment tanning speculation To white
heat In 1914 N Vas In August that the
celebrated Hartman dividends wero de-
ella red With the result that tho month
witnessed the most eTci,sd speculation OF
the year and sfo~ks advanced To point
but little surpassed since tina, time. In
1907 August n ushsred In by the ga. Ooo. 90
Standard Oh nne and stocks broke 90 q lower
level than has been witnessed since. With
the single exception OF October. 1901. Last
year the month saw nrst . furious builsh
speculation inspired by reports Of Union
Pacinc'S ssGregat loo plan and then extraof-
dinArily erratic fluctuations a. IL became
known that Mr. Hartman had come home
to die. In addition 10 the extraordinary
Developments that tho IASt four Augus's
have Witnessed. the month normally pro-
duces keen speculation. for IL Is then that
approximately correct IDEAS can first be
formed Of the seasons crops.
Il may turn out that this year the eE-
tTaordinAry development from Q market
standpoint occurred In the week preceding
August IL now seoms altogether lmprob-
able that the next four weeks will see any
thing 80 unexpected or dramatic As the
collapse OF the Pearson Farauhar syndi-
cate. But a. tho beginning OF August this
year there prevails greater uncertainty
regarding the most important crops. corn
and cotton. than on tho FIRST OF any pre-
vious Angus, for Ave years The appre-
citation or deterioration OF these crops
should furnish a basis for a lively specu-
lat on in the CON ing weeks, even u nothing
unusual happens and brokers who were
so disgusted with he business that hey had
determined to retire may reconsider their
decision
Tho fortnightly bulletin OF the American
Railway Association and the compilation
Of bank cleArings for the week supplied
the more cheerful news contained In the
trade reports The former showed q de-
crease OF 800 In the number OF idle cars
on all the railroads IN this country and
canada In the two weeks ended July 20.
The decrease was most marked In the
middle Atlantic states, though Kansas.
Missouri. Colorado and the far West also
reported . heavier movement Of trafic.
The number Of idle coal cars increased
Bank Clearings for the week were q, po2.
week and s.. iN. 600 900 for the correspond !
inx week last year. The gain over the last |
" eek in July. iaoo. IL equal 70 per cent. |
New York. Philadelphia and 81. Louis re- |
ported large increases. Chicago a slight de- |
crease.
Other week end trade reports we're OF
mi Ned character. II was considered -inEu- !
lar that the weekly summaries OF retail |
trade conditions by D~A and Bradsfrssf |
presented opposite conditions. one report |
ing progress. the other retrogression in
general trade. Ordinarily these authorities
agree rather closely
The condition OF the iron trade AZ pre-
sented by one OF the leading Eastern in
terests IL The pig iron market closely |
reflects general conditions Tho decline in |
prices was the inevitable result Of an over
production. but the accumulation OF stocks |
has not been exceptionally large. The very |
decided curtai ment OF output as q result |
% lower prices AS operated TO check this |
accumulation and any further decline would 1
rAuse the blowing out OF st!ll larger num- |
Der Of stacks. Meanwhile the melt of iron |
BY actual consu mers goes on At q very |
rate and the fear OF possible !
further deeliues has been the chief factor 1
In holding them OF from buying. while !
no one expects an immediate Improvement,
l. would take only a few moro favorable .
developments such a. this weeks to change
sentiment very decid edly
One Of the big brokerage houses IN talk
uE Of the Pearson-Faruuhar episode had
his to saw. II was said In comment OF the
h ouseholder - ho fred at a burglar and .hot
his wife that his Intentions were all right
but his aim was bad And Ia may be said
o. the Pearson syndicate which sought to
obtain control OF = series Of railroads with
The intention of welding them into a new
system that its Intentions
were Of the best but ts Judgment was all |
4 wry when 10 borrowed money Of the hackers
OF existing transcont mental lines for its
purpose. The syndicate was assisted to
load itself down with the securities Of those
railroads At inflated prices. Then support
Was Withdrawn from the market and prices
Sasged steadily to the point a. which 1t was
considered safe and sound business to de-
mand better cola teral from the syndicate
for its loans The dema nd brought about
Inc LIQUIDATION Of a long line Of gilt ed R.d
stocks that only served to drive prices fur.
her down and st.ll further depreciate Il .
value 81 the Pearson syndicate. collateral
putting the lenders IN position to insist
On the Immediate payment Of their loans Al
whatever cost to he borrowers Result
Utter collapse Of the y. = whose ~.rtrttie.
have passed into the hands OF banking in.
erests friendly to existing transcontinental
tner and at prices anywhere from ~ to 40
per cent. less than the Pearson party paid
or them