Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-22
BUI Is AND BEARS

Special Dispatch to The Stat.
NEW FORK. May zs-Speculators were
generally OF the opinion today that the
stock market would continue dull for some
time yet. without very definite tendencies
In either direction. Outside participation Is
ON very small scale. and, according to
reports Of commission houses the small
public following. which began to come In
last week. shows no sign Of increasing. On
the contrary. trading is virtually all OF .
professional character. with little buying or
selling originating outside OF the stock ex-
change. The room traders continued bear
Ehly disposed. although close market OBJ
servers declared that even the largest bear
operators are not inclined to aggressive
fact that they have been unable to force
any real LIQUIDATION and recent commit
ments have been rewarded with little or no
profits In the great majority Of cases.
The investigation which Is being carried
on OF the Pennsylvania Railroad Company
affairs Is beginning to be viewed In more
disclosures made win not only eventually
result in benefits to the Pennsylvania, but
likewise to all other railroads where similar
practices may have prevailed.
Many operators have been disposed to re-
frain from extensive commitments in the
market until the reopening OF the San Fran
cisco commercial banks. In order to aScer-
tain just what the effect of this will be- 1t
Is generally conceded in local banking cir
cles that the resumption OF business by the
San Francisco Institutions Will not be ac-
companied by any adverse developments.
and when this Is shown to be true 1t is be-
ieved that more activity will prevail in our
market.
Specialties are likely to continue the fea-
ture OF the market for some time yet. until
the basis is laid for a general upward move
ment in the whole list The Copper shares
are still regarded favorably by some very
shrewd operators. The prospects of the
passage OF the free alcohol bill have been
the means of creating a considerable fol-
lowing In dfstillers' securities, and in the
event of the bill becoming law. 1t is init
mated that distillers will reach much
higher market level.
The Texas state railroad commission has
refused to sanction the proposition OF the
Missouri. Kansas and Texas Railway Com
pany to issue bonds to the amount of $685.
100000 on its Texas lines, including the TAX
ing UP of an outstanding issue of about
S6,0O0,000 Of bonds. The road will be al
lowed to submit an amended application
TO the commission. The commission has
adopted motion requiring the Texas Cen
tral Railroad Company to cancel $65OOO
OF bonds which were issued without the
authority of the commission.
II
A Ptttsburg correspondent says: "Orders
for structural steel and building material
for San Francisco that have reached Pitts
burg up to the present time have been of
such size and regularity as to give the
manufacturers here a chance to grasp about
what the nature of the trade will be there
IN the reconstruction of the city, and vet
number of them pronounced the Idea of
rush in orders on account Of the earth
quake as out Of the question. The business
is there and it will come out from time to
time, just as the Baltimore trade came but
the new business will be SO distributed that
IL VIII not have much outward effect.
This opinion Is spreading among other
building material men Also and 1t is nota-
Oily the case with the cement manufacturers.
The usually high freight rates on cement
Wmcn are in excess of structural steel on
on ali-raH shipment. however, almost pro-
hfeits large orders coming to the east
A special meeting Of the stockholders of
the Boston and New York Air Line Rail-
road Company will be held in New Haven
on June Ii to act a proposition to sell
the property to the New York, New Haven
and Hartford Railroad Company and to dis
tribute the net proceeds among the stock
holders.