Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-19
bulls AND BEARS
Special Dispatch to rhs Star.

Special Dispatch to Tns Star.
NEW YORK. May Ie.-Specuiators were
expecting to see a dull market today and
one without decided tendencies In either a.
rection- Yesterdays decline In prices. how
ever. seemed 10 have In no manner shaken
confidence In the ultimate Improvement In
prices. It was stated that there was very
evident disposition on the part OF leading
banking interests to allow the market to
take Its own course for the time being, al
though 1t was not generally believed that
the reaction will be carried much further.
The recent disclosures regarding the CON-
duct of certain minor officials OF the Penn
syivania railroad has admittedly had
tendency to impair confidence temporarily.
although 1t was universally conceded that
the practices Of such officials have In no
way really impaired values. In view of the
weakness displayed by Pennsylvania, how
ever, experienced operators declare that It
was no wonder the rest OF the market
should be somewhat depressed. The con-
sensus OF the best opinion among well in
formed interests was that the market was
simply waiting for new impulse which
would enable the plans Of those working
for higher prices to be carried out.
The passage of the railroad rate bill by
the Senate In the form which 1t finally took
was generally regarded by railroad inter-
ests as calculated to work in favor of those
corporations
roads said today that his private advices
were to the effect that the dry weather In
the winter wheat belt had as yet resulted
In no material damage to the crops. None
tary conditions, 1t was pointed out, present
every indication Of remaining easy for an
indefinite time While the professional ele-
ment was largely ranged on the bear side
of the market, substantial interests believed
that a a he in
uiauon disappeared prices would resume
their upward course.
The total gross earnings of Ito railroads
for the month of March were reported at
S159, 800. as compared with s143, 978, 40
In the same month of 1905. From January
1 to March 81 the gross earnings Of no
roads are given as 1891. Ass. S77, contrasted
with $685., 015.271 in the same period OF the
previous year. For the month of April the
total gross earnings Of f1fty-six roads
amounted to So. 400, 705. as against $40, 946.-
OH in the same month Of 1905.
The second week of May for twenty re-
porting roads, shows gross earnings of
sa9SS5S3, against $.375. $50 In the same
week last year
A Plttsburg correspondent reports as fol-
lows: Work Is to be resumed on the con-
structton of the Lake Erie and Pittsburg
railroad. and the company intends to re-
open its Office IN this city within the next
week or so. 1t Is not generally known just
what the company intends to do with Its
proposed line into the Pittsburg district
but 1t was learned yesterday that the sur
veyors are still at work in the Sewickley
valley. 1t was intimated by those In a po-
sition to know that the road will be built
into, cfiis district and that the route to be
followed will be announced within the next
week. The Lake Erie and Pittsburg Railroad
Company was organized more than year
ago and announced plans for the direct
line from L4orain to Pittsburg Three lines
Were surveyed from Wellington, Ohio to
Pittsburg, and the officials have not fully
decided just which route will be selected
Work has been started on the new road
from Lorain to Wellington and It Is ex-
pected to be completed this year. It has
been learned from official source that
the Pennsylvania Railroad Company and
the Vanderbilts will operate the road when
completed. 1t will have connections with
every plant controlled by the Steel Corpora
ton between this city and Lorain, and will
secure large amount Of the tonnage to
and from the plants Of the corporation In
this district
The Continental Insurance Company, the
Williamsburg City Fire Insurance Company
and the three other insurance firms who
were dissatisfied with the action of the
New York Fire Insurance Exchange in In
creasing the insurance rates and reducing
the brokerage rates signed the general
agreement yesterday to observe both the
reduction Of brokerage and advance in COM
missions as announced by the exchange on
May 4. Their signatures make the agree
ment unanimous.
II
The total bank clearngs Of all the clear
ing houses of the United States for the
week ending today Saturday estimated)
have been $2,937. 154. It's, compared with
1885 312. 249 in the previous week and
y. rs, 259, 785 In the same week of q year
ago. Individually, the more important
cities report follows. as compared with
year ago: New York increased 9.4 per
cent; Boston, S9.3 per cent; Philadelphia, 81
per cent; Baltimore. 1871 per cent; Chicago,
13.4 per cent, and New Orleans, So per
cent. A loss Of 81 per cent was recorded
by St. Louis. The total increase for all
cities during the week compared with the
same period OF 1905 was 7.8 per cent.
A London dispatch from Port Said, May
10. to the Daily Mail. reports that the
Yemen rebels have reoccupied the principal