The evening world., 1906-03-07
MLLGRHZ.
WEDNEsDAY. MARCH Z.

WEDNESDAY, MARCH a. .
In the opinion Of many close observ-
ers Of the stock market the further de-
cline in prices to-day offered some COED
Bargains Men with fat bank accounts
bought very literally at the lowest
prices. presumably with the intention OF
putting the stocks away In their strong
boxes. There is a widespread belief in
Wall street that certain stocks are now
selling at from 10 to 20 points below
their actual value. This Is particularly
the case with the Steels and some of the
railroad shares where the greatly in
creased earnings insure liberal divi-
dends. Some of the most conservative
brokers in the Stock Exchange are ad-
vising their customers TO buy United
States Steel and half a dozen of the ac-
tive railroad shares at the present
prices.
The improved attitude of the United
States Steel shares 'Nas due to semi
oficial statements that Lhe earnings
of the big corporation for the first quar-
ter OF thds year will approximate
( sS5,o00.OOO, the largest quarterly earn
ings in the company's history 1t is
Z -@-efe ANtgAAHA aAltI IIl1 QlIGCuQEb Oh Ull9
company have determined to issue un-
derlying bonds in connection with the
construction of the new steel plant in
Indiana. There has been some talk
about meeting the Indiana expenditure
I by the sale Of portion Of the $50, ,OOO, 900
( OF per cent. sinking fund bonds now
IN the treasury of the corporation.
These bonds could be marketed, it is
said, at par, but the company will keep
them In reserve.
Readings sensational drop Of three
points early in the day reflected the
nervousness that has developed in spec
ulative circles over tho persistent coal
strike rumors. The latest scare story
was passed around to-day to the effect
that the coal operators had determined
to make no Concessions to the miners.
Members Of the Stock Exchange are
very free with their criticisms OF the
aggresBively independent and defiant
attitu6s OF the anthracite coal Presi
dents. Private advices from the coal
regions have convinced Wall street men
that the miners DO not want 10 strike !
ana VIII not strike u the operators !
handle them tactfully.
Consolidated Gas was a conspicuous
target for the bears throughout the day.
and its weakness had a generally de-
pressing effect on the whole market.
Several lots of this stock were disposed |
of Through forced liquidation. The re-
cent downward course Of the stock |
market developed the fact that there
was a very extensive short interest A !
majority ~ the 'Snorts" covered ON |
1Jonlay and yesterday and tho remain
der are believed to have covered to-day. /
In one large brokerage oflco several !
customers were short from 10000 TO !
5000 shares each.
The neXplicable Jump In the price OF
CoInsbuolI Tunnel stock from y TO an /
exoites only moderate Interest. for she !
reason that those shares are closely 1
held and have not been pubiiclv dc1i, /
" Tor long time. Even the officers 1
q utfe company saw that they cannot |
ssycouhL Ior hhis sudden upward move
gomstock lode have not been operated
4oF Ahe past two or three wears and
Sasre SlsSS,lt nave been no dividend or interest
luoped capital stock OF the ConstocIr |
Tunnel Company is $4,000, 600 ana the nor
value OF the shares is S2. P'-'
Ihe guinness of the bond market was
s,..S ssIssysd 70 limited extent to-day by a
Eho-polnt advance in the Wabash is-
49,. 80. Inls advance was In connection
wien the persistent report that tbe
Wa5oasn directors viii this spring make |
3 aSsrlputlon ts OF some kind to the hold
eIs OF the debenture Bs. There was nm
usual activity in the curb bond market
during the day. the trading being con-
nned TO two issues. The new INTERIOR
g9od-sized lots at prices ranging from
q 70 81. These bonds will be listed On
the Stock Exchange as soon as iss1,sd,
The international Mercantile Marine
to-day.
The general weakness Of the stock
market Is attributed by the most activa
traders to the sluggishness OF the none
tary situation The New York banks II
is asserted. have not bettered their rnnsi.