Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-24
BULLS AND BEARS

Special Dispatch to ne star.
NEW York. April Assortment among
spectators this morning was by no unaaun
unanimous. and some Of those who pre-
viously have consistently maintained Q
butltsh position on the market wore In m
uncertain frame Of mind. In view Of yes-
terday's decline. however. q fairly sub
stantiaI rally was generally expected to
occur before the close today. Close market
observers are of the opinion that there was
less real liquidation In stocks yesterday
than might be supposed from the extent of
the decline. 1t was believed that the stun
was chiefly caused by aggressive operations
by the bear party. and that comparatively
little long stock cana out although Il was
admitted that some heavy holdings bought
on last weeks break. were again disposed
OF. The opinion was held by shrewd oper-
ators that the short interest In the market
has now reached enormous proportions. and
the covering Of such contracts alone would
De sumcient to bring about considerable
Advance.
The fact 10 appreciatde. however. that
many OF the bullish operators are likely to
become dlsGusted by the recent action OF
the market and throw over their stocks. A
prolonged period was not believed to be
likely until present unsettling influences
have disappeared.
The weakness In the bond list yesterday
was regarded as quite clearly an indication
OF the liquidation Of insurance companies
to secure funds for the settlement OF their
liabilities.
The best-informed banking interests do
in the near future. and declare that such a
possibility offers no reasonable excuse for
the selling Of stocks. Sd some operators did
yesterday on that theory
According to a Pittsburg correspondent.
the smoky city is taking more than the
usual interest In the quarterly statement OF
the United States Steel Corporation. which
is expected this afternoon. The estimate
Of earnings here runs from $36. 600 to
$40sO00,000 The current quarter Will, in all
probability. establish a new high record.
Il can be said that new high records in
production at least have been reached. due
to the fact that certain of the mills are
meeting with great difficulty In securing
raw material. This is particularly true In
the case Of the American Sheet, Steel and
Tin Plate Company, which, as Is generally
known, has been forced to close many of
its mills on account of the scarcity of raw
steel. A representative OF the steel corpora
ton says the steel situation Is stronger than
1t has ever been since the corporation was
formed, and representatives of many other
plants with headquarters in this city agree
with him.
From the standpoint Of structural steel
the current month will not be as favorable
as the preceding one. In March the Ameri-
can Bridge Company secured 10000 tons
new business, breaking all records for a
corresponding month. This months bust
ness will scarcely be in excess OF $4,000
tons. May will probably establish a new
high record. as the bids for the new Man
haitian bridge, which call for 10000 tons of
steel. will then be opened. Manufacturers
now put forward the argument that the
San Francisco disaster has demonstrated
the superiority of the steel skyscraper and
that 1t will eventually result in structural
steel boom.