Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-23
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK, May 23-If certain infor-
nation had today is correct-and 1t should
be-surprises await those who refuse to be-
lieve that satisfactory progress is making
in the adjustment of railroad relations In
the west and northwest quite cheerful
view of the situation is taken by some OF
the largest financial interests in wall
street, and the probabilities are that the
scheme of building st. Paul line to the
Pacific coast will continue in abeyance-one
might almost say remain perpetuaily IN
limbo. Apparently. from the point of view
of the important interests referred to, the
real factors adverse to the stock market
are the attitude of President Roosevelt to-
ward corporations, his scheme for enlarg-
ing federal control of railroad rates and the
possibilities of an agitation for tariff re-
vision as a result of the order about Pana-
ma canal supplies, although this was modi-
fled almost to notification last week. APP
parently, also. in the view of the interests
cited, the stock market has more than dis
counted the efforts of the Administrations
course. and there is more than little prob
ability that some important facts will de-
velop before long, especially in regard to
the railroad rate legislation propaganda.
gressional opposition to it.
There is a large hiatus between Lawson's
promise, at the outset of his campaign OF
revenge and ruin, to break all the bucket
shops and his performance 1t is lmpossl-
BILE to believe that the big bucket shop
combinations have not been rendered rich
beyond the dreams of avarice by the pre-
cipitous declines in the market in the last
six months. Presumably from underground
sources reports have circulated In WaI
street more than once in this period, Wnen
one of the periodic blasts blew from Bos-
ton, that the bucket ship interests were
selling the market in the effort to break
prices.
Pressure on the structural steel plants OF
the country is enormous. 1t is Iact lhal
this branch of the United States Steel cor
pora tion's business is booked well INTO
next year. The Pennsylvania railroad
placed an order yesterday with the Amerl-
can Bridge Company for 3ooo tons, oo on
structural Steel and will soon order 5000
tons more for viaducts on the Phiiadelphia,
Baltimore and Washington division.
The bridge company has also obtained
contract for "a coo tons of steel TO De USED
by the Philadelphia Rapid Transit Com,
pany, and it is booking a pumoer OF sIiali
OF ders for railroad and hlSnWaE priuSeo,
shops and stations. This is IN addition 10
its contract for first section of work At the
PENNSYLVANIA railroad station in this city.
1t is estimated that the company mas al
ready booked orders this month IN excess
of 1900 tons. and 1t Is believed that psIore
gate 100 900 tons. Leading mills ana shops
are now waiting for the contracts, Whicn
will soon be let for construction WORK lor
the New York Central station, the Manhat-
tan bridge and docks at New Orleans, ana
a number of other projects which are near
ing the stage for structural steel contracts.
Railroads, both foreign ana domestic, are
pacing supplementary orders for moderate
tonrages of rails. 1t Is estimated that or
ders for about - 600 tons were placed last
week alone The demand Cor plates was
strong and mills are well booked aneao'
some of them for nearly twelve months
BiIets are slightly more active, cut SOIL
steel bars are extremely quiet.
The directors of the Kansas City South
ern will meet on Monday IN TINS cl'y iui
reorganization. 1t is reported that Adolf
phus Busch of st. Louis will enter the
board soon. The new management mas uh-
der consideration many plans for extending
the road and increasing its business. IL Is
said however that no alliances with other
lines are being considered at present, ana,
while 1t is the intention to extend the ROAD
to New Orleans, it is denied that the Kan
sas City Southern has any connection with
the Colorado Southern. New Orleans and
Pacific Railroad Company recently incor-
porated in that city.
LEAD BULLS AND BEARS
Special Dispatch to The Star.
NEW YORK, May 23.-Brokers in touch
with or representatives of first-class bond
ing-house information or opinions were in
clined from the start of business today
to advise persistent and discriminating pur.
chases of stock, not so much for turn as
for good profits to be taken perhaps con-
siderably later in the year. The market
itself Is regarded having been pretty
thoroughly liquidated, and has possibly
been structurally strengthened by the en-
largement of the short interest. The es-
sential basis of prices, easy money, good
general business and better prospects and
a good crop outlook are unimpaired. and
the technical position Of the market does
not seem to warrant short sales at this
level There has been. according to those
who have had the orders, some very inn
pressive buying lately of the steel stocks.
PENNSYLVANIA group, St. Paul, Union Pa
cific and the Northern Securities group,
copper and smelters.