The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-24
GOSSIP OF WALL STREET.
A Dear ~PrepaeanAa.

For Q fortnight past Steel has been
immovable. II has held within . nsr-
row range while something like . mil
shares have been turnsd over. For
some time some people have been ask
ing Why United States Steel did not 60
up. while others have been asking why
u did not q down. The stock has
fooled both spectators for the advance
and speculatorS for the Gail. The con-
ndencs Of the buyers has been matched
by the confidence Of the sellers. The
professional element, including several
large operators, has committed itself to
the short side. confident that Q reaction
would coms. Their state of mind 10 per-
maps moro anxious than that q the
buyers because the buyers can AFFORD to
walt. The sollers feel more uneasy
action is delayed. They sold stocks on
the theory that the public would sell.
But the public has 20 far shown little
or no Opposition to l~iQuidate. A. q ~
suit, the market for Steel 10 specifically
overSold n the shorts see Themselves
locked In. Evidence Of the u~nsasinsss
on the part Of the short interest 10
shown IN various ways. II 10 displayed
In the scarcity Of the stock on setbacka-
II 10 shown also in . regular propaganda
for the distribution Of valuable infor-
at0tiOi ttOeoys ~
propaganda 10 the mailing Of printed
cards bearing the following inscription !:
~. 3. Steel. ala per cent. The above
10 The yearly average income received
in fifteen years Of the greatest pros
perity America a y seem" This
method OF presenting the bear argument
IL not novel. II has bsen employed In
almost Identical fashion on several sfm-
liar occasions in the past.
Ca. PressvrsA.
American Can preferred went 10 q
new high mark. This 10 APPARENTLY IN
rosponss to the reiterated rumors that
the back dividends on the preferred.
amounting to something more than .
per cent, are TO be paid on within .
fow weeks time. IT 10 Interesting to
note In this connection that the omnon
stock shows no disposition to follow the
lead of the preferred. A Gcod deal
Of comment has been caused In recent
weeks by the tenacity With which Can
sticks to the sixty line. withseanddn6 oil
efforts Of the traders to II 0eeert
Il In either direction.
New Haven.
Clark, Childs 4 Co. say Of New Haven
New York. New Haven and Hartford
|: one Of the greatest pussieo Of the cur
rent market. Apparently Il sells where
II does simply on the strength of its
reputation, which conduces to the hops
with the old holders Of h stock that
some day II will return to its former
estate. But It IL q rather forlorn hops.
On the strength OF current earnings,
Erie common 10 worth, II statistics count
for anything. much more than New
Haven. New Haven 10 facing . period
Of dinicult financial operations in the
States courts have .decreed II must sell,
AZ we'll ~ in the arrangement OF m
unwieldy floating debt. The company
We believe to be solvent, but 1t has
been able to live to this time only
by reason Of In past strong standing
with the public. Its security holdors
have many troublesome problems before
them. and II sexms a. II owners Of the
stock could reasonably shift 10 the low
priced issues OF other Eastern roads
and avoid the worries incident to a
general financial reconstruction. which
certainly 10 In store. II II not only
floating debt which complexities the New
Haven problem. out also . pressing
necessity for money for improvements
which must BE- made to pressFvs IL busi-
hcoo ~ w ~" WS
"But New Haven stock 10 years away
from dividends. Il 10 understood tAa&
the whole subject Of financing 10 now BE-
Ing considered by the management and
that the majority sentiment Is In favor
Of an issue OF preferred stock to take
care OF pressing debts and needed i'm
provements rather than tho creation Of
any new mortgage obligation. The
money needs of the a are staggering.
Its floating debt 10 nearly ISL .000. 900.
including the New England Navigation
Company notes u eighteen months
ahead. for which the New Haven AZ the
| only stakeholder Is liable. Its bonded
and floating debt ~aggregates to-day
about SITE for each 800 OF stock out
standing. against which 10 10 be placed
the securities of controlled railroad. troll
ley n steamship lines which must be
sold by order of the courts M which
are Of most uncertain value. In addition
10 these debts the Dad must raise at least
3 100000 for various improvements
during the next hve years. and II 10 earn.
Ing less than ~ per cent On the stock
to-day"
CPucible Dividend.
The Crucible Steel directors declared
a dividend Of ~ per cent. on the pre-
At