Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-24
BULLS AND BEARS

cperthi Bispaten 10 Inc star
NEW YORK. May "A marked dlverg-
ence Of views existed among specuiats,rs
this morning regarding the future course
OF the stock market 1t was generally
conceded by all that price movements
weaid continue irregular for the time be-
ing and that speculation would be Inactive.
Many OF those who previously held buliisn
opinions have become Disguised with the
recent course OF prices and are now in
elined to withhold from further commit
ments until more definite plan develops.
In one way or the other. 1t was pointed
out that except in very few instances lhe
market was receiving little or no support
from strong banking interests. which APP
pear perfectly satisfied to let 1t take cara
OF Itself A representative of one Of the
wealthiest banking concerns said this morn
ing that he did not believe resumption
of bullish activity on large scale would
take place In the market for several weeks.
In the absence of aggressive buying on
the part of leading bankers and In view
of the public apathy regarding securities.
the professional bear element was, of
course, expected to continue to carry on
operations calculated to bring about low
Ell range OF quotations. Some of the best
market judges, however, believed that the
market was not on the verge of any de-
cided slump, and they hold to the opinion
dull sagging affair until the turn comes.
The money situation, In the opinion of
weii-informed bankers leaves no course
whatever for apprehension and the tact
that the San Francisco banks resumed
operations yesterday with everything WORK
ing smoothly was regarded as a favorable
indication.
Reports received from the different lines
well-nformed bankers leaves no cause
tinue promising. The hard coal stocks
seem 10 be at the present time most in ia
vor with the largest speculative interests.
ana IT is believed that activity will be
chiefly confined to such issues as Erie and
Reading, with some buying distributed
among the hish-priced anthracite issues.
Fittsburg reports that the Cincinnati Car
company yesterday placed an order aggre-
eating $o00.O0O with the Westinghouse
Electric and Manufacturing Company fer
equipment for the Ohio Traction Company
and the indianapolis and Western Traction
Company. The order includes two 2 DOD-
morse power steam turbines. The Westing-
mouse Company has been informed that
the last of a series of contracts had been
awarded IT for electriclizing fifty-seven
miles Of street railroad in St Petersburg
Russia, making it's contract In that city
approximate s7,000,000 The company will
TO-DAY close large contract for electrical
machinery for Mexican firm.
At Providence, r. l., Judge Brown OF
the United States circuit court last night
granted a preliminary injunction to prevent
PRESIDENT Edward Holbrook and other
stockholders of the Gorham Manufacture
Ing Company from exchanging or trans
ferr1ng Gorham stock for that of the Silver
smiths Company of New York. The in
junction Is the result of petition filed
by George M. Robinson, former president
of the Gorham Company. The question in
volved. according to Judge Browns opinion.
was whether the stockholders at their re-
cent meeting had not exceeded the pro-
visions Of their charter in authorizing the
transfer of the Gorham Company's assets
to the Silversmiths Company.
X
The Californian and Hawaiian Refining
Sugar Company and the American Sugar
Company's Pacific coast branch are at
loggerheads, and price cutting has begun.
The American Sugar Refining Company be-
gan the fight by cutting the price OF sugar
three-quarters cent pound for refined
sugar delivered at points on the coast. The
California and Hawaiian Sugar Company
met the cut and offered a rebate of 25 cents
per hundred pounds, where the old rebate
was only 10 cents per hundred pounds. The
danger lies in the possibility of the trouble,
now local to the Pacific coast, spreading
into the interior from the west. The Cali
fornia and Hawaiian Sugar Company be-
gan the business of refining sugar only last
April.
The company was organized early this
year, being the outgrowth of the Sugar
Factories Company, limited, of Honolulu.
This latter organization was previously
gagged in the production and sale of the
raw product only. The California and Ha-
waiian Sugar Company is controlled by the
same interests which are dominant in the
Sugar Factories Company, limited, and rep
resents about so per cent of the sugar
grown in the Hawaiian Islands. The total
output last year from the islands was 49,,
24S tons, of which 349,315 tons was pro-
duced by members of the Sugar Factories
organization. The Spreckels interests, which
are allied with the American Sugar Rein
ing Company. In joint ownership of the
Western Refining, control about 5000 tons
of the Hawaiian production.
X
X
In connection with the plan of the Bowl
ing Green Trust Company TO reduce Its cap
ital from 100000 to $1,O00,000, an officer
of the company states: 1.-The board has
come to the conclusion that better use can
be found for a large part of the money
which our company has invested in New
York city bonds. 1t has therefore been de-
cided to reduce the capital, and to sell
81, $4,000 of the bonds, representing the
companys capital to that extent and to
distribute the money to stockholders as
60 per cent cash dividend. After the pro-
posed readjustment of the capital. the COM
pany will have surplus Of 5000 600. The
bonds in which the capital is invested carry
a relatively low interest, and the stock
holders will be benefited to a greater ex-
tent by the distribution of the surplus than
they would be by keeping the money tied
up I'm bonds.