Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-12
BULLS AND BEARS

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Special Dispstch to The star.
NEW york. May 12-while the number
Of spscufators playing for reaction IN the
stock MARKET has grown larger daily. some
OF the more prominent spectators were
stiil adhoFing today to the opinion that
prfyes would continue to advance without
anything mora than . slight recaticn.
More OF the short interests was driven TO
cover yesterday and the remainder OF the
bear party was admittedly becoming very
serious. The technical position OF the mar
kst has, OF course. been somewhat weak
ened by the elimination Of q large short
interest, but shrswd Judges stili declare that
there existed an unwieidiy account for the
fan.
Intrinsic conditions are In all respects
favorable. and close market observers de-
ciared that there was nothing in the way OF
continuation Of the upward movement.
except profit taking. which was bound TO
occur from time to time.
Notwithstanding tho advances which have
taken place In the metal stocks. persons
In position to be well posted on these
Issues were very favorabiy disposed toward
them.
Amalgamated Copper, American Smelling
and National Lead, II was believed, would
further reflect the high condition OF actiy-
itY In the metal market and the larger
profits which are being made by those con-
Germs by reason OF the enormous demands
and high prices being secured for their
products. The great strength OF st. Paul
Union Pacific, in view Of its large earn
tngs and heavy assets, was not regarded
as particularly dead around 100
Interest IL reviving in the stocks Of the
southern iron companies. There IL under
OF Sloss-Shofdeld and Republic Iron and
Steel. Both OF these concerns have plans
well under way for extending the scope Of
their operations. which are expected to ma
terially benefit the concerns. 1t is under
stood that Sloss- Sheff1eld Steel and Iron
Company has plans about matured for the
erection Of 2 Now billet plant. and that an
arrangement has been entered into with the
Republic Iron and Steel Company for CO.
operation IN the new project.
Orders for rails received during the last
books for 1907 deliveries. have been very
large. Pittsburg advices say that nearly
500. 600 tons have been placed in this time.
market for from loo, 900 to $50. tons of Of
steel rails for 1907 delivery. These will
cover the requirements Of all the roads Of
that system. including the Pittsburg and
third and fourth track construction next
year. and its tonnage of rails win be for
that and maintenance purposes.
X
After a good deal Of dickering the ILL.,
nois Central railroad has notified the West
ern Passenger Association that 1t will
make a "a rate to st. Paul effective on
May Is. This cut was threatened at
Thursdays meeting Of the executive COM
mittee. No older line has met the rate
yet. The action was taken to force the
other lines to abide by their agreement,
and the rate will be withdrawn If other
lines maintain the present basis.
The Erie railroad has put all the locomo-
tive and machine shops on the line Of the
road on full time. Hours OF labor, as we'll
as the number of employees were reduced
by all the coal-carrying roads at the time
of suspension OF work in the coal mines
on April /. With the resumption OF mining
and the end of the strike on the great lakes
and the opening of the canal traffic the
Erie IS now getting ready to handle the
Increased business that will naturally come
to 1t under the changed conditions.
A dispatch from Waukegan. ILL.,. says that
the Corn Products Refining Company has
decided to repair and reft the long-idle glu-
close factory 1t owns there and which ia
adjacent to the new Warner plant. About
100000 will be expended on the plant and
repair work will begin next week. The fac
tory will have capacity Of 14,00O bushels
of corn q day.
The meeting Of the representatives Of the
Erie and Grand Trunk yesterday for the
purpose Of arriving at an amicable settle
ment of the differences between the roads In
the matter OF "differentiaf rates, was fruit
less Finding jrpn fa
terms satisfactory to both parties to the
dispute. a subcommittee was appointed and
directed to see If some way out Of the woods
could be found. and to report results to the
meeting to be held May %.
The gross returns of forty-one railroads
for the fourth week OF April were S11 ,547,-
6S3. compared with $40, 29o, 745 In the cor
responding week year ago, an increase OF
week of May. gross earnings of twenty
three roads were reported at So OO3 2O2 con-
trasting with $4.670.011 last year. gain OF
S424. 1875. or e26 per cent. For the month OF
April the gross earnings Of ffty-six roads
were reported at $52, 489, 7O5. an increase OF
50, 463, 693. or 11.64 per cent over the same
month of year ago.
X
Because OF the increased size of it's freight
engines the Baltimore and Ohio Railroad
Company has found it necessary to enlarge
several of Its tunnels which were cut years
ago. when engines were much smaller than
the modern leviathans in use on the great
roads of the country. Chief Engineer D. d.
Carothers. who will today complete his in
spection of the tunnels Of the system, has
Informed division officers that a considerable
number of the tunnels must be rebuilt to be
available for some of the locomotives that
have been put In use since the order for $50
new engines was placed last spring. Parts
OF several divisions will not see the new
machines until their tunnels have been al
tered. Enlargement Of tunnels will cost
several hundred thousand dollars. Some of
the smaller tunnels may be cut away.