Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-20
BUL LIS AND BEARS
Special Dispatch to The star.

NEW YORK, June 2n-Some Of the Lead
ing spectators were today greatly eaeour-
aged by the more favorable turn which
anairs had taken In the stock market, al
though they were not vet fully convinced
! that conditions were In such shape az to
result In continuation of yesterdays up
ward movement
It was believed. however. that prices
would show some further gaia today,
though it was admitted that much of yes
tsIday's advance was made at the expense
% The short interest. Close market obser-
vers declared that only comparatively
small portion Of short contracts had been
covered and consequently It was expected
that the process would be continued to-day.
Fundamental conditions were regarded as
80 satisfactory that many of the shorts
were getting somewhat nervous and were
rot inclined now to carry operations
sggrassiyely for the fall The twist some
OF them received yesterday III Pennsylvania
nal made them decidedly more cautious and
most Of them were inclined 10 retire their
sEcr. commitments as soon AS they could
40 so 10 any advantage On the ether hand
the attitude OF the larger financial interests
ana the outside public remained apathetic
anu Until more convincing svidepce Is forth
coming of their disposition 20 enter upon
an aggressive campaign foc the rise, shrewd
SPECTATORS were Inclined to be cautious in
fresh commitments and were generally
ready TAI take small profits.
Some persons also believed that a good
deal of stock bought on the recent de-
cline would be fed out at any further adj
vances in the market There were some
evidences OF rather heavy feaiizing on yes
terdays advance and the question absorb
ing the interest OF the spectators was
whether sufficient buying power would de-
velop to take up the stock which would
come out and permit the market to con-
unue upward Many experienced operators
stu believe thar a sustained advance was
not likely to occur until around the LIST OF
July.
The action os the directors of the BaIti-
more and Ohio at today's meeting may be
very important influence on the immedi-
ate future of the whole market II the
dividend should be increased to 6 per cent.
as Is believed likely by some of the best
informed interests. the opinion prevails that
renewed confidence would be inspired in the
whole market. If, on the other hand, no
change should be made In the rate 1t was
believed that the market influence would be
adverse on virtually the entire list. Off
non-committai as te the probable action
which The directors might take.
The prospects of French investors absorb
ing securities on an extensive scale
was regarded with much satisfaction and it
ot Pennsylvania railroad stock was pur-
chased yesterday for Paris account. The
crop outlook was also becoming more en-
couraging and about the only factors re-
garded as against the market were those
of a technical nature. Whether or not the
strength of intrinsic conditions would be
sufficient to overcome drawbacks from
technical viewpoint remains to be seen.
A. a meeting of the executive board of
the Pittsburg Coal Company. Vice President
Toodfoid said:
'-ts result of the fitis5u.g Coal Com
pany advocating the adoption of TIE 1908
wage scale for the miners IN the last In
dianapalis convention and enjoying fun and
uninterrupted operation, orr company to-
Gay is unable to meet ali deman1s for coal
We have orders booked which will keep our
mines in operation to their fullest capacity
for the, remainder Of the year at higher
prices than We have beer abe 10 procure
In the past two years. Our profits for this
year are 100 per cent In excess OF those for
the corresponding time last year.
The board met to discuss existing copdl-
lions and those that might rlse from the
settlement made yesterday He.ween the
Ohio OF orators and miners IN the basis of
the 1913 scale. Mr.. Woodford announced
that the output this year 's fifty per cent
la excess OF lastzyear and more orders have
bera placed with the railroads for a daily
allotment of all available cars, while all
miners procurable are being put to work
Efforts are being made TO form combi-
nation of silk manufacturing companies.
The new company. If formed. will be cap
italized at something like $50, 600, Geo.
Among the concerns said to have given
options on their plants are the Chambers
burg Silk Manufacturing Company; the
Easton Silk Company and the Dushore Silk
Manufacturing Company and several other
small companies. The Sauquoit silk Null
Company is reported to have refused to
enter the combination at the present time