Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-26
BULLS AND BEARS

Special Dispatch to The Star.
NEW FORK. June "a While It was ex-
pected that prices would go somewhat
lower as . result OF the bearish sentiment
which has been 30 prevalent, conservative
observers did not look for big slump In
the stock market. unless some new impor-
sant factor Ia the situation. such, for in
stance. as serious damage to the crops.
should appear. Although the bearish SEN
tinsent predominated there were man promi-
nenf In Wall street who have been study
ing the situation closely who believed that
tnere would be marked reversal OF the
pessfm1sttc sentiment within reasonably
short time. They believed also that the
Investigations that are being carried on
under the direction OF the federal govern
ment will be more favorably regarded. even
by the highly speculative contingent In the
stock market than they have been so far.
In connection with the last mentioned
point there was excellent authority for say
Ing that all the important news with re-
atoms was out. SO far as President Roose-
Welt was concerned. Upon the same author
lily It may be stated that he has no fur
Their startling announcements to make in
this connection. The Investigations and
prosecutions which are in progress or have
been ordered will be conducted along the
lines that have been mapped out. Accord
ing to this authority. the government does
other large corporations.
II this program be carried out. conserva-
tive observers believed that the chief re-
suit of what has been done, and Of what
is planned in the way of Investigations,
would be beneficial to all interests. They
also were strongly of the opinion that when
the investigations shall have been complet-
ed the sentiment throughout the United
States with respect to Wall street would
be much more favorable than at the pres
ent time and that it would be fully realized
that large undertakings may be successful
ly financed only in Wall street or In the
large financial centers of Europe.
Several companies in the Rock Island
system held meetings of their boards of
directors today. In the case Of one COM
pany dividend action was taken. The add
vices which the Rock Island interests In
this city have been receiving daily regard
ing crop conditions are gratifying. They
say that the wheat crop in the territory
served by the Rock Island system. which,
of course. is the largest territory served
by any railroad system In this country,
will be good. Corn and cotton promise
well. but. Of course, 1t Is several months
too early to speak definitely regarding these
two crops The acreage. however. in the
Rock Island territory Is large The earn
land system continue to show substantial
increases
John Shelton Williams, formerly president
of the Seaboard Air Line railway, is here
and said today that the conditions south
were practically all that could be desired.
Cotton crop had been damaged somewhat
in some sections by weather conditions, but
Mr. Williams looked for good yield. Bank
ing conditions throughout the south con-
tinued to Improve. He says that the bank
in Richmond of which he Is president has
about doubled its deposits within the last
twelve months.
It Is reported from Philadelphia that the
board of directors of the Pennsylvania Rail-
road Company, at it's meeting Wednesday,
will pass a resolution directing all en-
employees of the road to dispose Of whatever
coal stocks they may have acquired and
to buy no more Of them. 1t Is expected
that the special meeting of directors APP
pointed to investigate the charges of graft
and bribery among the officials and en-
ployes will also make report to the
board.
For the first time in years the 1900 en-
ployes of the National Tube works. roll
ing mill and other plants of the United
States Steel Corporation in McKeesport,
Pa, will close for over a week. Notices
have been posted at the tube works to the
effect that the mills will close June 30 and
and remain closed until July g. For a num-
Der of years the mills have been shut
down only a day or two for the celebration
of Independence day. During the shutdown
repairs will be made and machinery will
be located In the new mills and changes
will be made in the old mills.
Rail contracts were placed yesterday ag-
gregating 1900 tons, and there are now
$1,000 tons under negotiation for export
to Mexico, Chile, Peru and Bolivia, as well
as 5000 tons wanted by Canadian road.
All the business. with the exception of 5000
tons. is for 1907 shipment The largest in
diyidual contract was placed by the Della
ware, Lackawanna and Western railroad
for IL, 500 tons, and 1t Is understood that this
will be increased to 5000 tons today. The
an additional contract for 10000 tons; the
Wheeling and Lake Erie Railroad Company,
q supplementary order for 10000 tons; the
Grand Trunk Railway Company, two addi-
tional contracts for $500 tons each, and
the Central Railroad Company of New Jer-
sey, 5000 tons-all for next years delivery.
The National Railroad Company of Mexico
amount of rail contracts for 1907 is now
1 ,200, 900 tons.
The receivers of the Diamond State Steel
Company are reported to have sent notice
to all stockholders who consented to the
plan for the taking over Of the company's
plant and property by new company that
~ 49,. la Aotf.