Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-13
BULLS AND BEARS

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NEW YORK. Juno 1s.-The divergence OF
opinion among leading operators regarding
the immediate future OF tho stock market II
becoming more decidedly marked Repre-
sentaffves Of one faction are by no means
agreed an to which direction tho market
should take. Some Of those who have
previously held very strong bullish convic-
tons are losing some of their enthusiasm.
while those who have all along been IN
cfined to take y bearfsh view are becoming
somewhat more encouraged on their posi-
tion It should be stated. however. that
neither side h altogether confident. and the
inclination Is to snatch profits quickly
whenever they are shown.
The crop situation Be-. OF course. the sub
ject of paramount interest, and on this mat
ter opinions are decidedly mixed. The TIM
precision b growing. however. that condi-
lions in the west have not been altogether
favorable within the last week The most
serious reports of crop damage have adj
mittedly come from sources which would
be likely to be prejudiced and inclined 10
excessive rainfall. though yesterdays gov
eminent weather report tends In some de-
gree to confirm the belief that the atmo-
spherfc conditions during the last week have
not been entirely suspicious.
Some Of tho best market judges believe
that the price movements will continue IT.
regular in the near future, and. in fact.
until more positive knowledge Is gained re-
garding the crop outlook. Under the pres
ent circumstances very few are inclined to
enter upon heavy market commitments or.
they do. they will mostly be disposed to
take profits as soon as they accrue to any
extent The market Is regarded as walt
ing one and there is little hope Of securing
a large following until the situation Is
more clearly Defined One favorable fea-
ture. however. is found in the strength of
| fh< toch raatft0n IA haarfgh element
has been growing larger. and considerable
pressure Is exerted to depress prices. but
so TAR little impression has been made.
This Is accounted for on the theory that
security holders in vast majority are fair
ly well satisfied with the outlook and can
not be induced to throw over their stock
on mere adverse ,rumors or possibilities
On the other hand those of pessfmistic
views point out that the bull crowd has
not been able to bring about much OF
sustained advance In prices, and there
seems to be lacking. temporarily at least.
a power of absorption at advancing figures.
The money situation is generally regard
ed as favorable to q bull movement. and
some Of the best-informed interests believe
that the market is In position TO move
upward with some vigor should crop ad-
vices assume a more favorable aspect with
in the next week. Meanwhile conserva-
tive attitude Is generally taken In fresh
purchases of stocks. It Is believed tnat
some special issues will continue to expe-
rienee Improvement. although the market
as a whole Is not thought likely to expe-
rience much of an advance Immediately.
IT Is said that the directors OF the Corn
Products Refining Company at their meet
Ing on Tuesday will consider the question
of dividend payments on the preferred
stock. 1t has also been rumored that the
com pany would issue a statement at that
time setting forth the results Of the COM
pany's operations for April. May and June.
the company's first three months. and
tina: statements would be issued quarterly
thereafter This, however, Is incorrect. the
company has no intention of publishing
quarterly statements and will conflne It
sell to a publication of its report annually.
That the full dividend Of IN per cent on
the preferred stock for the quarter will
not be declared next week L. now regarded
as virtually certain In view of the extern
silva Improvement plans which the COM
pany has under way and In contemplation.
the dominant interests In the concern are In
favor OF pursuing a very conservative 6ivi-
dend policy at the start. Some OF the d.
rectors. however. are of the opinion that
the company's earning capacity will war
rant the declaration of full dividend,
though 1t Is very unlikely that the counsel
OF this element In the board will prevail
AMI the most that Is expected Is a dividend
OF per cent, and It may be even less than
that. or passed altogether.
The movement for the formation of
corporation by San Francisco holders OF
policies of the Traders Insurance Company
of Chicago. which offered to pay 60 per
cent OF its risks due to losses following the
earthquake, seems to be well under way.
Tne poHcyholders allege that the stockhold-
els of the Traders Insurance Company are
men OF large means and that they should
be made to pay more literally than the rate
offered.