Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-16
BULLS AND BEARS

NEW YORK HAY 1es-The reactionary
tendency of the stock market for the last
two days was regarded today by leading
members OF the speculative fraternity
quite desirable and was not taken as In
any way indicating that the general drift
OF prices would be downward On the other
hand. sorae OF the best judges declared
that the technical position OF the market
was strengthened and they believed that
resumption OF the upward movement was
now about due.
Professional operators are expected TO
continue their attacks at any vulnerable
point in order to enable themselves to cover
their short contracts profit Close
market Observers say that the bulk of the
selling yesterday was done FOR the short
account and that very little real fiquida-
ton occurred. 1t was pointed out that the
great bulk of securities rests In strong
easily. The drive at st. Paul yesterday
was credited to q professional operator who
Is accustomed to swing large lines of Stoke
and who Ia Temporarily committed to the
bear side Good Judges OF technical con-
ditions ere inclined to believe that when the
shorts attempt to cover they will have to
do 1t at loss.
The rapidity with which the Pennsylvania
loan was absorbed yesterday has created a
very favorable impression, Notwithstanding
all the talk of undigested securities. This
Is pointed to as indicating the enormous
amount of capital which is ready and even
anxious to secure employment at Al to
per cent basis on thoroughly good Sc
curity.
The metal stocks continue In much favor
There are many who believe that Amaiga-
mated Copper has been manipulated so as
70 encourage an Increase In the short in
terest. Talk Is beginning to be heard I'm
conservative quarters OF an Increase in the
disbursements to the common stockholders
Of the American Smelling c ,,,. E ,,,....-
Company, Representatives 81 the intel
STATES ~yys. Evaporation expect that this
quarter will show the largest earnings of
any similar quarter in the company's his
tory
n
| dispatch from Cleveland says the con-
ference between the Marine Fireman and
representatives of the Lake Carriers Asso-
citation, which had been on for the last two
days considering the question of wages,
ended abruptly late yesterday. the Marine
t1remen leaving the conference and refus-
ing to accept the proposed wage scale. AS
the Iongshoremen. tugmen, oilers grain
scoopers and water tenders are affiliated n
| is believed the break in the negotiations will
| carry out all those and throw the lake
carving situation back to where 1t was
| previous to last week. when the agreement
was reached between the Lake Carriers
| Association and the longshoremen which
| resulted in a resumption Of traffic.
!
| -
The Union Traction Company of Chicago
| and the city's representatives have come 10
satisfactory terms in regard to the north
and west Chicago cable systems which are
to be "trolleyized" and dropped four feet
lower under the river than the federal soy-
eminent required. The proposed ordinance.
| SSnder which the work is to be carried out
| by the traction company. provides for mu-
nicipal supervision and not municipal own
ership. The measure, which will be drafted
today, Will provide that the entire cable
system Of the North and West Chicago
companies. now operated by the Union
Traction Company, shall be trolleyized at
once, and that as soon the trolley sery-
| Ice Is Installed the work of lowering the
tunnels under the river shall be UNDER
taken by the Union Traction. The monthly
II Zee Is to be lump sum and not a percent
age OF the earnings. The exact amount of
the fee which the city will get has not vet
been determined but there is no serious
difference on this point
BY way of Pittsburg 1t is reported that
the Atkinson management has authorized
| the construction at once of large electric
cranes at the San francisco terminals.
These are designed especially to care for
the immense amount OF structural iron
that will be needed in rebuilding that city
most of which will be shipped from Pitts
burg. These terminals will be modelled
after the Pennsylvania terminals at Jersey
City.