Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-30
BULLS AND BEARS

|0ULL0 MU DLHn0
Special Dispatch to The Star.
NEW YORK. June Representatives OF
both the bull and bear parties in the stock
market who were seen this morning said
they saw nothing In the situation to lead
them to change their position Just now In
terests DESTROYS OF seeing higher prices be-
lisvsd that present quotations'for the Stand
ard issues were considerably below The In
trinfio values, and that tho market would
turn upward abruptly before long. while
repI esentatiyes OF the bear party. which u
now distinctively In control. asserted that
the market was going steadily lower on
further liquidation and short selling.
A board member who watched the trans
actions closely during the last hour yester-
day said that the declines were chiefly due
to almost reckless short selling. Another
exchange member said that he knew Of 50.-
600 shares OF United States Steel preferred
that were sold short during the last hour
by a small group Of Individuals. He believed
that steel preferred was extremely attrac-
two as an investment issue at present prices
and said that capitalists were quietly buying
1t and the dividend-paying railroad shares
like Baltimore and Ohio. Pennsylvania, 81.
Paul and Union Pacific. n.
Men who have kept In close touch with
the earnings Of the United States Steel cor
poration since its organization said that
they confidently expected the earnings io1
the present quarter to be the largest record
ed for any quarter thus Tar IN me nls sS
saw no reason for changing their estimates
of $3s 100000. which had already been given.
there was disposition to believe that
money would be considerably easier within
a few weeks than has been predicted re-
Gently Members of the bull party be-
neved that the absence of furry In the
money market In connection with the July
first disbursements would make favora-
Bile impression. which would be felt next
week.
It was believed also that the extremely
favorable reports that the railroads would
make for the fiscal year ending today
would also create a favorable impression
that would be reflected in stock exchanges
transactions. The complete reports would
begin to come to hand In six weeks or two
months and without scarcely an exception
would show large increases in both gross
and net over the figures for 1900 AS
result Of these excellent exhibits, 1t was
thought that several important railroads
would Increase the dividend rate on the
common stocks. The Atchison was ex-
| pected to be one OF the first large systems
to take such action.
The Oneonta and Mohawk Valley Rail-
road Company. successor to the Oneonta,
Cooperstown and Richf1eld Springs Rail-
way Company, which road was sold under
mortgage foreclosure yesterday, has re-
ceived authority from the state railroad
commission to issue a mortgage for 81 $780,
600. The bonds are to bear per cent in
terest until 1909, per cent until 1911 and
per cent thereafter. The proceeds of their
sale will go for reconstruction under the
reorganization plan for extensions of old
lines.
~
| A Ptttsburg dispatch says: Robert Il.
Cochrane president of the Master Builders
Association, states that the builders In
tended to resume operations In this district
at once. with whatever workmen they can
secure. union or non-union.
He says: 1.-THE initial step was taken on
Thursday, when forty carpenters were
placed at work. The men are being paid
| $3.50 a day. 1t is estimated that $1,000, 600
worth OF contl acts are or have been, tied
up by the strike and the stoppage has Sc
riously affected all lines OF business We
are confident In the ultimate outcome of
the present efforts because of the inter-
views the employers have had with their
| former employees. which show that the vast
army of workers Is not In sympathy with
the present dispute"
X
Work has commenced on the construction
Of the Calinte and Phoebe railroad which
will connect Senator Clarks San Pedro
railroad with the Phoebe mining district.
are on the ground the track laying will fol-
low close after the grading 1t js expected
that Phoebe will be reached within ninety
days
X
The Nevada-Utah Mines and Shelters
Corporation is building it's tramway to cor
meet with the railroad and will begin the
shipping OF to the Salt Lake Smelter
of the American Smelling and Refining
Company rs soon as the railroad Is ready
to handle freight.
y II
The Old Hundred Mining Company has
been incorporated under the laws of Maine
| with capital Of S5,oOo.o00 and has ac-
ouired several large mining properties on
Galena mountain in the San Juan mining
| district, Colorado. including mills, reduc-
| ton plants. tram lines, etc.. recently con-
| structed and put In operation within the
| last few days Howell Kinds OF Cleveland.
| Ohio. Is president, and Thomas A. Nevins
| of New York, vice president Of the COM
pany. The stock will be traded in on the
| Boston and Pittsburg exchanges and on the
| New York curb
|
| A charter was granted In Harrisburg. Pa,
| yesterday for the Westinghouse Console
dated Foundries Company of Pittsburg,