Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-08
BULLS. AND BEARS.

Special Dispatch to The Star.
NEW YORK. June s.-The action of the
stock market yesterday, as well as for the
past week In fact. has been very gratifying
to many spectators.
The gradual Improvement In prices from
day to day IL regarded as q much more
satisfactory Indication Of the underlying
strength 81 the market than violent rises
would have been. The upward movement
has not been 30 rapid as to encourage
pyramdding. which is always moro or less
dangerous to the technical position. On the
contrary, the steady advances each day.
usually accompanied by slight rscessiOns,
but leaving the market a. q whole some
what higher, Is regarded az . thoroughly
healthy indication. The market d looked
upon as simply a sober. but substantial
bull market. unaccompanied by unwarrant-
ed or rash speculation. It IL also to be
noted that the slow upward trend IL Of
such a nature as to encourage the traders
to put out frequent lines Of short stocks
and this method OF procedure greatly
strengthens the technical position.
The bearish element is admittedly fight
ing the advance on the theory that acci-
dents are liable to happen. and this seems
to be about the only ground on which the
beaIish position is based. With the SPLEEN
did business outlook. however, and the
further favorable developments in the
money market. some Of the most conserva-
tive and experienced operator conterd-
that 1t will require an accident OF q pretty
severe nature to impede the upward prog
ress of prices. There is known to have
been going on steady accumulation of
good stocks by substantial interests, and
the floating supply has very evidently been
considerably reduced. The broader aspect
of speculation which has developed within
the last few days Is taken as q particularly
gratifying indication OF a continued I'M
provement of prices.
Every one experienced in Wall street at
fairs appreciates the fact that the season
has approached when the amateur agricui-
turtsts who happen to be committed to the
shortside of the market feel called upon TO
bring about heavy precipitation in the crop
regions o, to cause a drouth in accordance
with their own market position. The usual
crop scares are. therefore, expected during
the rest OF the month, but the more sober
minded element is not disposed to pay much
attention to such factors, inasmuch as the
government report and private advices re-
cefved by the various railroads quite uni
formly foreshadow an excellent out turn of
the products of the soil for this season.
The London Daily Chronicle Of today pub
fishes an interview with Charles Wright
NIAGARA. president of the International Fed
Grafton of Master Cotton Spinners who
said that, while he did not underestimate
the Importance OF the cultivation Of cotton
In the British colonies. he regarded it as
absurd for statesmen to talk Of smothering
SPECTATORS with British cotton.
Many years, Mr.. NIAGARA said, must eIapse
before any substantial supply can be OBJ
tained from British sources. Much fs pos
sible by the development of the industry in
India, but for the present Great Britain Is
mainly dependent on the United States.
where there are yet immense possibilities.
Mr.. NIAGARA thinks the growing of cotton.
at ten cents pound ought to be renumera-
tive enough to attract capital and that II
labor and capital were obtainable, there is
Iotrln kLn4 ~ Ty-g y
add millions of bales to the present out
put.