Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-09
BULLS AND BEARS
Special DtspaseA = ma star.

Special DispateA b TIA STAR
NEW YORK, June e.--Notwithstanding
he rather sharp selling movement which
developed yesterday afternoon. certain ops
raton sttn retained their buliish convic-
tons ON the stock market. Reactions of
such 9 nature as occurred yesterday were
to Improve the speculative position. Much
OF the sailing WAS understood to have bean
dome BY western wheat spectators. on the
theory OF crop damage. 1t was to be ex-
sections Of the crop belt, but taken AZ q
whole the outlook for the growing cereals
was regarded as altogether satisfactory.
It dimcuit for any kind OF naarket
to suit everybody. and some of the weak
kneed former bulls are becoming little
discouraged over the failure of prices to
continue their upward progress without IN
5errnpti9n. IT WIN be recalled, however.
during the last few pronounced bull move
Inents that the criticism was generally
heard that the market was going up too
last and was not subject to frequent reac-
cur In order to make the position entirely
healthy. That criticism can hardly be
offered In the present instance. Some OF
the most experienced operators declare that
the kind OF a market we have been having
Is more conducive to general speculation
than one in which prices move up abruptly
day after day with virtually no setbacks.
The more conservative element Is inclined
the market now with entire satisfaction.
They believe that frequent setbacks, COM
paratfvely slight in extent. will encour-
age the development Of greater ac-
tivity and more diversity in the trading
throughout the list. They maintain that
it Is unquestionably bull market, which
Is being engineered in the same manner.
Good judges would not be surprised to see
some further irregularity in price move
ments today, due to the closing out of COM
mftments at the end Of the week, although
they are confident there will be decided
revival of interest in the near future and
that stocks will resume their upward course.
Considerable amounts of short contracts
were put out yesterday afternoon and there
Is generally believed to be quite heavy
short interest In the market at the present
time, which, of course, improves the tech
mcal position. Leading banking interests
are In nowise disturbed regarding the out
look for money, and they expect rates for
both call and time loans will be easy until
the end of the month, anyway. when some
temporary furry might be occasioned by
the midyear settlements
A dispatch from Pfttsburg says:
"A decision from the United States Circuit
Court of Appeals which has important
bearing on the position of the Westinghouse
Electric and Manufacturing Company Is
made public. 1t concerns a long litigation
over patents covering automatic electric cir
cult breakers. which are claimed to be held
Dy the company because OF It's ownership OF
the patents of Wright & Alberg, granted In
1899. The Cutter Electric and Manufacture
Ing Company was the defendant in the suit.
charged with infringing on these patents.
The suit was tried and decision rendered
in favor Of the Westinghouse Company. The
case was reheard upon the petition of the
defendants, and the decision after this re-
hearing is again favorable to the Westing-
house Company.
In the action of the Continental Tobacco
Company against the city of Louisville, the
court Of appeals at Frankfort, KY, has af-
hrmed the decision of the circuit court in
favor of the city. The tobacco company
Brother and the American Tobacco Com
panies. 1t refused the payment of taxes
from 1900 to 1904 inclusive, under q section
of the constitution and city ordinance
granting to new manufacturing enterprises
exemption from taxes for five years The
court holds the law did not apply to COM
panies which take over the business of
other concerns. as otherwise tax action
could be postponed indefinitely by reorgan-
izing. The judgment in the case amounts
to S120,0
{ The total bank clearings of all the clear
ing houses of the United States for the
week ending today Saturday estimated)
were $2,574, ISL .557, compared with 50. 424-
$40 .27S In the corresponding week of q year
ago. Gains were scored by the following
cities: New York. 143 per cent: Boston.
SO per cent: Philadelphia, 90 per cent: Bal
cent. and st. Louis, 2.5 per cent. The loss
of IL per cent was sustained by New Or
leans. The total increase of all cities for
the week was 1873 per cent.