The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-07
GOSSIP OF WALL STREET.


have been placed in the ultra speculative
class gave "a most impressive exhibition.
This development was taken by come
people as the strongest proof that a new
speculative Impulse Is manifesting itself.
They base this idea on the theory that
the railroad list as a whole can never
present the stimulus to the imagination
contained In the Industrial list. Also
the railroads are capitalized on n scale
that enectually prevents these stocks from
moving like some OF the sensations OF
the industrial HIST, even II the necessary
miracle" could he produced to provide
the buying. Another feature OF the days
market was the immediate effect upon
speculative sentiment of the rise. This
was best illustrated by a veritable mood
OF tip that were circulated during the
day. Perhaps the majority Of these
had to do with stocks In the Industrial
list, SO that apparently the Street has
recovered from what some cy mic referred
TO as Its nightmare Of peace"
A mtg Rise.
Two years ago General Motors stock
was selling around 80 and there was
great talk about the company's financial
dificulties which some persons con-
sidered !nsurmountable without the aid
Of a .eccivership. In the following
spring the stock rose to 80 and a Gus
toner of a leading Broad street COM
mission house took a trip to Europe on
the profits he made by selling out In the
eighties. After the outbreak OF the wal
General Motors SOLD at 90 in the gutter
market. Yesterday the stock sold and
closed at $40, up 37ia points on the day
and 60 points higher than this time a
week ago. Yesterdays closing price IL
really the equivalent of $50. counting in
the $50 cash dividend recently paid. At
his level General Motors Is only slightly
under the high mark made by Bethlehem
Steel. incidentally there was no sale OF
Bethlehem steel yesterday and many
observers are asserting that General
Motors ~ to be the bellwether of the
new bull speculation that some people
profess - see coming, taking the place
of the former stock in the public's eye.
Conscience.
The confidence OF the Street in higher
prices for General Motors Is quite re-
markable. Prices in the thousands are
talked of without anybody apparently
thinking that n tangible explanation
thereof Is necessary. The week end let
ter Of a brokerage firm surm.ses that
the people buying the stock now are not
doing so with their eyes shut and pre-
diets several hundred points further.
There Is one runior OF an absorption of
the Chevrolet. which might have helped
the movement along. but in responsible
quarters IL is denied that any such deal
Is contemplated. A peculiar feature of
the rise in General Motors has been the
steadiness and absence OF excitement
with which new high marks have been
reached In this way II has differed
from the advance In Bethlehem Steel,
which in recent stages at least was
spasmod!c and excited. The real bull
- 49, 800. Ia. "a
small amount. There IL only SIS, 500, 900
all told and the great bulk of this is
obviously out of the Street altogether.
Thus the present high price Is being
made on the remaining free stock.
which probably amounts to very little.
SlOss-shemeld.
On the recent great boom In the steel
and iron shares II was complained that
Sloss-Sheffield Steel was not receiving
the attention It deserved and that II
was being crowded out OF public atten-
ton by other less deserving issues.
During the past days the stock has de-
veloped activity and has been the
strongest in the iron and steel list. The
high of 64Is yesterday compares with
an extreme top of 65 made at the end
OF last December, when the whole in
dustrial list was on the crest OF It's
recent boom. 1t is interesting 10 note
that the present movement, in Sloss-
Sheffield has conceded with a visit, paid
to New York by the president OF the
company. Mr.. Naben is understood to
nave given MS irieHus mere 70 u'uei-
stahu una' ne Vneet.ul " tne ~
rent ous'hess an" i'oepe.'S ~ ~ eoih-
pahs' ohe eet'na'e .hs eurren'
business IL .ha' ne 'o"'r"ns e"!h-
nus " INC az VI W. N"' v" NV
stoeh'
"
There appeared to be no specific cause
for the days strength IN Norfolk and
Western. For a long time IL has been
known to every one that the company
WAS doing extremely well, and earnings
as thew have come in have ~corroborated
this opinion. Apparently the floating
suppIv Of the stock has been greatly
reduced. as this is one OF tn. stocks
that would naturally feel the great pres
sure NJ idle funds for Investment Tn.
oc,oho, narnin,s ouh,,sb.5 las xuel
&C.. -,hau sta,,i;rI u,,h ma, .houano
n.oo,,,aw,, ,a,hra 80, ~, a - a,,
pp,', w. .nI, a,nhas,,., ,anaann,
Nv T. - ahr,.u. o., non,h. =,
~. a,.
- ~" a..
m..Hs; .o W.
u'v!"eHn ray" WI, 70 pe,
cent ING pr'ce ,e'ei Oh '"e S."h' u
,nat can oe 'o's'oereo any suiue' s"s
ses's tna' 'nere may 10 soh'e'n'"s IL
the s'ory, "