Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-09
BULLS AND BEARS.

Special Dispatch TO The Star.
NEW YORK, May y.-Leadlng members
OF the speculative community reasserted
their confidence in financial conditions this
morning and the opinion was quite general
that prices OF securities would experience
further advance in the near future. Some
reaction OF moderate proportions was. OF
course. admitted to be possible In view OF
the rapid rise since the middle OF last
week. 1t was taken for granted that some
OF those who bought at the lower level
would be inclined to realise on their hold
inEs: but the outlook was now 30 favorable
In all directions that the market 1t was
believed would have little difficulty in alb
sorbing all offerings OF this nature. While
a temporary setback In some stocks may
occur. close market Observers declared that
any decline In prices would soon be again
succeeded by rise above the present level.
The short interest is still extensive, ac-
cording to the Judgment OF some OF the
shrewdest operators The action of the
market within the last few days ts cited as
showing the manner in which shorts have
to climb for stocks when they attempt to
retire their contracts
Well-informed banking interests express
themselves as quite optimistic on the United
States Steel stocks. The great activity in
for the steel corporation sufficient to alb
serb its full output for the balance or this
year and In some departments running
over Into the first quarter OF 1907. 1t Is
pointed out, can have only one effect and
that Is to greatly enhance the earnings of
that organization. Talk of a resumption of
diVidends on the common stock Is beginning
TO De heard In conservative quarters and
some very well-inforn1ed men are Of the
opinion that dividends will be resumed In
october. 1t Is understood that certain d.
rect0rs OF the corporation are in favor OF
this plan. while others are expected to
wait until next year
Erie common is also regarded very favor
ably by some of the largest market opera =
tors The earnings OF this company are
showing gradual Improvement, and spec
uiatlve interest In the stock is reviving.
The sale of large amount of copper yes
terday at ~ cents per pound Is cited as an
evidence OF the very strong position of the
copper metal market and clearly indicating
tnat the earnings of the AmaIgamated Cop
per Company. for a long period ahead win
be easily two or three times the amount
required to pay the present dividend rate
ana shrewd operators express the opinion
that amalgamated stock will shortly be
selling at a much higher figure Shelters
and lead it Is also believed will experience
q further rise
1t Is announced that the directors of the
let the question of reducing the dividend
remain In allegiance until the next annual
meeting OF the stockholders when they will
De asked to determine what should be done
In the matter.
Plans looking to the consolidation of the
brick manufacturing industry seem to be
progressing satisfactorily. The scheme IS
being worked out by Pittsburg interests
where the principal office will be located
The capital of the new holding eompaDy
viii be about $1o,0OOOoO.
A dispatch from Pittsburg saws the Penn
syivania Railroad shopmen, of the Pitts
burg division have been ordered to resume
full working time this morning. They have
been on short time practically since April
!, when shorter hours were ordered be-
cause or the menacing coal strike The
men were placed at % hours a week They
Will work SO hours week, beginning this
morning.
X X
Justice Harlan OF the United State Su-
preme Court at Norfolk. Virginia has grant
ed a writ of error to Frank ID. ZelI and
others in their suit against the sale OF the
Bay Shore Railroad In the event or ZeIl
giving bond of 100000 the sale of the
Bay Shore road Will be tied I'D unit, after
OCTOBER, pending the retrtaI of the casa