Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-02
BULLS AND BEARS.


| Special Dispatch to Ehe star.
| NEW YORK. May 2--The fresh outburst
| os uonidation yesterday. which came some
what unexpectedly. has again served 70
cause great unsettlement In speculative
sentiment The majority OF spectators
were inclined to adopt q conservative course
this morning with regard to new commit
ments on the long side Of the market Ex-
plantations of yesterday's decline were
many, but the consensus Of opinion APP
poared to be that the sharp break In St
Paul bad as much oe more to do with the
general slump as any other factors.
Close market observers discredited the
| rurnors OF the sale In tho open market
Of part OF the company's s2o,00O.0e0 treas
ury stock. Neither was It believed that the
slight falling on In net earnings shown in
the companys monthly report yesterday
adequately explained the decline. The gem
eERl belief among close market observers
was that large individual holder Of St.
Fan stock Was yesterday forced to throw
over hts lines. The individual whose name
- mentioned a. having been forced 70 sell
ID accustomed to carry speculatively heavy
amounts OF stock, and II 10 believed that
the fall IN prices within the last few weeks
had 20 Weakened his position that the fresh
attack on values yesterday brought out
good portion OF the remainder Of his hold
fnEs.
Leading operators generally agree that
prices are now down to q level which
makes stocks intrinsically cheap. and one
large trader said this morning no one can
nope to judge the exact bottom. but that
personally he was now ready to buy
stocks. believing that they would show him
good profit before long
The opinion was expressed, however, that
some further scattered liquidation was like
~ to occur today. This would come from
yxvhna L., Il
impaired and from those Of previously bull
Ism convictions who were likely to become
disgusted with the course Of the market
ana throw over their stocks on general
principle.
Representatives Of banking interests say
tnat altogether too much Importance was
gwen to yesterdays furry in money rates
Iney believe that this was due to a COM
Dination OF circumstances Of merely tenn
porary nature and the money market
VIII fali back to its normal level in a day
or two They point out that the continued
importation OF gold cannot but result in
MAINTAINING money rates at this center at
q reasonable level. The scare which was
created by rtLrnors of drastic recommended
tons In Commissioner Garfield's report on
the standard OH Company, Is believed in
banking quarters to have been entirely I'M
warranted. Neither Is there any great an
prehension of serious developments in the
labor controversy.
The Chicago, Milwaukee and ST. Paul
placed orders yesterday for 100000 tons or
steel rails for delivery in 1907, the Chicago
and Northwestern for 5000 tons and the
Northern Pacific for 1000 tons, a. total Of
ASo,oOo tons. AS heretofore reported the
Louisville and Nashville and the Southern
railway have placed orders for 10000 tons
open hearth rails with the Tennessee Coal
ana iron Company. The aggregate tonnage
therefore already booked for 1907 delivery
IS 53oOO0 tons. Negotiations are pending
Tor 10O,O0O tons more. The New York Cen
trai placed supplementary orders yesterday
Tor 1905 delivery for $500 tons, the Michi-
gan Central, for 2,O0o tons, the New York
Chicago and Western for 5000 tons and the
Boston and Maine for 5000 tons The to-
tai sales OF steel rails for this years deIiy-
cry are between 35OO,0UU and =, 800 90 tons
The large portion Of this tonnage will
necessarily be carried over into 1907.
IL is reported from Pittsburg that the
fennsylvania Railroad Company Is neeo-
tiating for about 10000 steel cars for next
years delivery. Most of the cars. = II is
SAID, Will be made by Pittsburg concerns.
orders IN hand will keep the Pressed Steel
Car Company's plant busy for the rest OF
TINS year, according to adyices received
in this city