Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-04
AND BEARS


Special Dispatch to The Star.
NEW YORK, May 4.-''Ths big Iiauida-
ton is over and pikers are beginning to
sell the market short" This was the ex-
preston used by leading Wall Street OPP
orator this morning in characterizing the
stock market. This view seemed to be
shared by large number Of spectators
who declared that there was no doubt that
the forced liquidation was over and that
not much more long stock was likely to
come out at present.
Taken as whole, the action of the mar
ket yesterday was regarded as quite salts
factory and Ii was pointed out that pro-
| nounced rise In prices all along the list
could hardly have been expected In view
of the long period of depression.
Close market observers reiterated their
expressions of confidence in the speculative
situation as it now stands. They admit
that there was still good deal of bearish
sentiment and that the bear party would
undoubtedly continue aggressive tactics on
the short side until 1t finds that IT Is no
longer able to make any decided impress
sion on prices.
The drive at prices toward the close yes
terday was generally credited to portion
of the bear party and was not Regarded
with particular significance. 1t was admit
ted that this was in all probability mace
on the theory that the Presidents message
today on Standard OH investigation would
be construed as adverse to the principal
corporations with which those interests are
identified. 1t was thought that the market
had already largely discounted the innu-
ence of the forthcoming report.
All apprehension regarding the money
market is disappearing Matters pertaining
to the coal labor situation are not causing
much worry to prominent market interests
who believe that this Is virtually dead
issue.
Commenting on the weakness In Amalga-
mated Copper stock, a report of one of the
largest copper-consu,ning concerns said to-
day that while it knew nothing about the
speculative position of Amalgamated, 1t did
know that the market for copper metal con-
tinued in very strong position, and added
that all copper-producing companies must
be earning very heavy profits
~
A Pittsburg correspondent says the Unit
ed States Steel Corporation has closed
contract with the Bessemer Pig Iron Asso-
citation for all It's unsold pig iron for May
delivery. 1t will obtain about $4,000 tons OF
Bessemer and 1900 tons of basic. The price
of the BesSemer iron was S1I.2o ton at
the Valley furnaces, or $3.50 ton deliv-
cred at Pittsburg. For the basis iron Sl7.S5
was paid per ton. delivered at Pittsburg.
The employees of the Readings car shops,
who were recently put on thirty-six hours
per week, have now been ordered to work
ffty-five hours a week Shops will close at
noon on Saturday. 1t is believed that the
shops will go on full time shortly. About
500 employees are affected.
The Illinois Central railroad has fled with
the auditor of public accounts a statement
of the value of its property on its charter
lines and branches. 1t is the first charter
statement issued since 1859. 1t shows a
total valuation of $3.50 656 for the year
ending April l, 1906. The statement will be
used as the basis for state taxation pur-
poses.
The Pressed Steel Car Company has re-
ceived an order from the Western Maryland
Railroad Company for 100 steel coal cars
The contract represents an outlay of $3.50,
900. The cars are to be delivered about the
latter part of the year.
Edward D. Smith of Philadelphia yester-
day bought the Bay Shore railroad, at Nor
folk Va, for $765 600 fer the Norfolk and
Portsmouth Traction Company, which now
controls about all traction and lighting
urOperties in and around Norfolk.