Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-19
BULLS AND BEARS


Special Dispatch 10 The star
NEW YORK. June 19.-The successful
notation Of the $5O.0OO.0 600 Pennsylvania
loan st Paris. as officially announced last
night. was regarded today as the most Ia
vorable immediate influence. Certain spec
ulators were Of the opinion that this wourd
be followed by a considerable rally in the
stock market. though the opinion was by
shrewd operators that any rise in prices
would not be sustained for any great length
Of time. The financial community has been
reasonably certain for some weeks that the
Pennsylvania negotiations would be brought
to q satisfactory termination. and the for
mai announcement Of the same was conse-
quently expected to stimulate good deal
OF short covering. but 1t was hardly be-
Heved that fresh buying power on = large
scale would develop In the immediate flu
ture. An enormous short interest has I'M
doubtedly accumulated In Pennsylvania
railroad. and covering movement would
in all probability be reflected In a sub
stantfal rise in this stock.
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There are other conditions. however,
which experienced operators believe would
continue to exercise an adverse influence on
oP0SdAatiVia- uc AaGAtily VAIN WuaCA I1CSS
declined yesterday afternoon following their
previous advance was not at all liked and
was regarded as an indication that liquida-
ton was not yet entirely over. Further
more. the buying which caused the early
rally in the stock market was not regarded
as of a very impressive sort, and gave no
indication of any decided disposition on the
part OF the larger financial interests or the
outside element to extend support. The
nearest to anything of this kind were some
purchases on a scale down. but nobody
seemed particularly anxious to buy stocks
during any part of the day. except certain
shorts who became little nervous.
some more far-sighted operators. how
ever are beginning to take more OPP
tlmistfc view regarding the future of the
market than they had taken during the
last week. The fact was appreciated that
the heavy selling which had already oc-
CURED. with the consequent decline In
prices, was not likely to continue In SO
pronounced a form. at least much longer.
The absorption of stocks on the way down
would. of course, sooner or later result in
reduction of the floating supply to such
an extent as to make 1t possible to bring
about a substantial rise whenever condi
tons are ripe The recent rains In Kansas,
Nebraska and other sections of the crop
belt, 1t was admitted. have materially I'M
proved the condition Of the growing cereal.
fact which must have its influence on
prices when other specifically adverse con-
siderations have been removed
y
The money outlook was today regarded
by leading banking interests as fairly salts
factory, and the absorption of $4,000. 600
Pennsylvania bonds by Paris. of course.
greatly improves our foreign credit. and not
only Is assurance against gold exports but
places us in such a position as to make it
possible to readily import gold from Europe
should the local money rates harden to
any considerable extent.
The Schuylkin Coal and Iron Company.
according to Pottsville correspondent. has
bought the Ecket and Spangler tract in
fremont township, Schuylkill county, for
$144,O00. This company has bought more
than a dozen other tracts of valuable coal
land in this county during the past six
months, and Is negotiating for several other
tracts lying between Tamaqua and Lykens.
There Is a general impression that the Del
aware, Lackawanna and Western, or some
rival OF the Philadelphia and Reading Com
pany. Is behind the negotiations.
-.
The Nashville and Huntsville railroad. OF
which J. H. Common has been the president.
has been bought by New York interests
and, 1t is stated. will be completed into
being intended to extend from this city to
Birmingham and thence to Pensacola by
direct line. T. M. Steger of Nashville will
succeed Mr.. Common as president. and Tracy
w. Pratt Of Huntsville. Ala, is one of the
new directors.
Mayor Dunno of Chicago handed two We
toes to the city council last evening. One
was a veto of the ordinance allowing the
street car companies to change their cable
lines to trolleys. The other vetoed the ordi-
nance fixing the rates for electric lighting
The trolley veto carried with 1t suggestions
as to amendments to the ordinance. which
the council promptly adopted and then re-
passed the ordinances as amended The
amendments are negligible. There seeming
ly is nothing now standing In the way OF
taking the cable car from the street as soon
as the physical work can be done. The
electric light ordinance veto was a fat one
A motion to pass 1t over the veto received
80 votes to 81 against 1t. AS it takes Al to
pass q measure over veto the ordinance
is dead.