Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-05
BULLS AND BEARS


Special Dispatch TO The Star.
NEW YORK. June 1.-The action Of yes
teraay's stock market was today regarded
with the greatest satisfaction By those who
have been predicting an upward turn. and
expressions OF opinions vera quite gener-
ally to the effect that substantial bull move
ment had now got under way. It was
pointed out that the price movement and
broader distribution Of business presented
more indications OF q sustained RESUMPTION
OF bullish activity than had been seen in
three weeks. While commission house busi-
ness was not extremely large. at the same
time the buying OF stocks by the oommis-
sion house following was Of broader and
more confident nature than had been the
case In long time.
The rise In prices was OF course, attrib-
uted to the Improvement in the monetary
outlook and the good crop reports Leading
bankers believe that in the neighborhood OF
turned from San Francisco this week and
that the movement would continue In the
same direction for several weeks more.
The government report on condition Of the
COTTON crop and the acreage has inspired
good deal OF enthusiasm In the bull
party. It was stated that the easiness with
which prices rose yesterday was simply a
logical consequence OF the proceedings in
the stock market during the previous fort
night In that time there was a good deal
OF quiet abscrptio nof good securities
which very materially reduced the floating
supply of stocks, and consequently o real
demand for securities which developed yes
terday could be supplied only at advanced
quotations.
The sharp advance in Colorado Fuel yes
terday was not generally attributed to any
essentially new developments. Persons in
formed on the matter say that for several
months past good deal of this stock has
been absorbed by prominent banking
house, and thereby the great bulk of 1t has
been taken out Of the market. Consequent
~ In the absence of a supply of long stock
little difficulty was experienced in running
the quotations up several points.
The leading railroad stocks. particularly
the granger roads, which for some time
have been comparatively neglected, are COM
ing more into favor, and 1t is believed that
Union Pacific and Atchison and St. Paul
will figure prominently from now on. Some
very well informed persons are of the opin-
ion that developments under way will re-
suit In Western Maryland becoming a
much more prominent feature in the stock
in the near future than 1t has been.
X
A Pittsburg correspondent sends the fol-
lowing: "a terminal railroad on which a
number Of trunk lines, including the Erie.
the Shawmut and other systems. may OBJ
tain an entrance into Pittsburg is projected
by an ordinance introduced into the city
councils last night. The new company.
known as the Pittsburg and Tube City rail-
road, asks for franchise for steam line
from Try street and 4th avenue eastward
to the city line Charles g. Cameron, a
well known oil man, is the chief promoter
of the new line. Ex-senator Lee, counsel,
gave the following outline OF the plans of
the new road The road will not only be
an Independent passenger-freight line be-
tween Pittsburg and McKeesport. but 1T
an tn 9TH
wishing to come into Pittsburg. There is
the Erie road. the Shawmut and the Buff
falo, Rochester and Pittsburg roads that
want to enter the city, and number of
lines that have been completed as far south
as Indiana county that are trying to get
into Plttsburg. The Wabash can also come
In on this line by connecting with 1t up the
MOnongahela river. I suppose the Erie and
the Buffalo, Rochester and PittsbuFg roads
are likely to connect somewhere on the
other side of Williamsburg. Under the fran
chise agreement any road can use the line.
1t will cost about 100000 to build the
road. Plans and surveys have all been
made. am not prepared to say who be-
sides Mr.. Cameron Is interested financially
The ordinance was referred to the cor
porations committee of councils"
~.
The Erie railroad has purchased the
Clarebee Coal Company and the Avoca Coal
Company, with a production Of LOG, 600 tons
and 75.00O tons. respectively. This will
eliminate two coal companies from the COM
petitive field. The price has not yet been
stated The mines have been shipping their
coal over the Erie road for some time.
-
1t is reported from Mexico that coke
famine which has had serious effects upon
some of the industrial plants of this coun-
try. has been experienced In Mexico during
the past few weeks. The coke shortage
caused a number of large smelling and iron
plants In northern Mexico to close down
temporarily portions of their establishments.
1t is stated that the growth of the industries
which require the use of coke in their OPP
Grafton has outstripped the railroad trans
portation facilities, and that, while there
are large stores of coke at the port of Tam
pico, it cannot be distributed fast enough
to keep the big industries running full time.
The railroads are doing all they can to re-
lieve the situation, but their efforts give no
t1romisa nf soon nyprcoUatuO tho shprtaga