Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-06
BULLS AND BEARS.
Special Dispatch to The star.

Special Dispatch to The star
NEW YORK. July 8.-By reason OF the
rather sharp declines In the stock market
during the last hour yesterday afternoon
sentiment with respect to the Immediate
future OF the market was again consider
ably mixed this morning. Those who are
in favor of higher prices at this time firmly
believed before the opening yesterday that
active stocks woulud enjoy a rally OF a sub
stantiai character and that the higher
range of prices would be maintained. While
1t was claimed that during the forenoon
there was a better class OF buying in evil
dence than had been noted recently, 1t was
admitted that buying was not of general
character. and obviously 1t was not of any
aggressive character. except on the part OF
holders of short commitments.
Notwithstanding the conflicting conditions
which govern the market at the present
time. conservative banking interests main
tanned that If the business of the country
was to continue the large scale that was
now Indicated. and IL the crops were to be
reasonably good, standard stocks were
cheap at present prices and might DC
bought for investment and even for specu-
lation If well protected.
The prevailing sentiment however, was
that the market would go lower.
There has naturally Deen a great oeat Vi
discussion as to the position of life insur-
ance companies as result or the law re-
Gently passed, requiring them to sell GER
tain grades of securities within a period or
five years.
AS is generally known. this measure is to
be contested, but man who is familiar
with the policy of one of the three largest
life insurance companies, says that his
company does not propose to participate IN
tl,a h,,A rx.4D 70
securities covered by the Law the market
will take them. The shrewd observers are
of the opinion that the standard securities
which have been coming upon the market
whenever 1t displayed strength represented,
to some extent. at least the holdings OF In
surance companies.
Some observers are of the opinion that
the selling of this character and by private
investors will be sufficient to prevent a
general upward movement IN the market
A man who Is well Informed regarding
United States Steel affairs, and who few
weeks ago estimated the net earnings OF the
corporation for the June 30 quarter at
SIS. 100000, is now of the opinion that they
will be nearer 100000 than the former
figure. He says that il the crops this year
are reasonably good the steel business
should continue on practically the same
large scale which now prevails for at least
dHOtncT year. w IlH TSSpSSt W tho ASPottS
of scarcity of labor in the Pittsburg dis
trict, he says that this is not new con-
dition. as 1t has prevailed for the last five
years. He adds that there is no greater
scarcity of labor now than there has been
during that period.
1t Is understood that officials of the
North American Company are very we'll
satisfied with the showing which is being
- ,Xat
owns or controls. In spite of the fact that
the United Railways Company Of st. Louis
did an abnormally large business in con-
nection with the exposition last year. It Is
expected that the returns for the current
fiscal year, which ends December 81 next
will be about as large as they were for
1905. The increase has been principally
upon lines which did not handle the expo
sition traffic to any great extent. On these
lines the increase thus far this year over
20 per cent. The business of the Laclede
Gas Company in ot. Louis is reported as
very satisfactory.
The trolley companies IN Milwaukee which
are owned by the North American Company
are building suburban lines rapidly toward
Chicago and when a certain point Is reach
ed 1t is expected that connection will be
made with the lines running northward
from Chicago, so that the lines will have
a through service to Chicago. The Detroit
companies owned by the North American
Company are increasing their business and
receipts rapidly.
It is reported from Pittsburg that, COM
mencing this week the big mills OF the
National Tube Company. in McKeesport.
will suspend for eight days for repairs.
This suspension is longer than the officers
of the company would like. In view of the
rushed condition of the mills. but the sus-
pension was heightened to permit the trans
formation of the old plant to the modern
one. good many of the smaller mills
will suspend for repairs during the present
month. Portions of the Carnegie plants at
Homestead will be idle for repairs and
changes, but the suspension will be for the
brefest time, varying from two to five days.
At Sharon Carnegie mills are closing for
only three days. Plans for the suspension
of the sheet and tin-plate mills of the
American Sheet and Tin Plate Company are
not all known. but several Of them are
scheduled to close this week and others
later. These concerns, together with por-,
lions OF the American Steel and Wire Com
pany and the Independent Sheet and Tin
Plate companies, will throw out probably
$1,000 men for the first week In July, after
which time the suspension will be more
scattered and fewer men will be actually
out of work.
The construction OF the western extension
OF the Minneapolis and St. Louis, which
will be about $50 miles long, Is being pushed
as rapidly as possible. 1t is expected that
the larger part of the line viii be in opera
ton by October and The entire line COM
pleted and in operation not later than De-