Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-23
BULLS AND BEARS
special pi.psteh to me star.

Special Dispatch to The Star y
NEW YORK, June 23.-Sone members %
the speculative fraternity today were still
inclined to the belief that the stock market
would be Irregular and they did not see
much encouragement for entering upon
commitments of the long side. except for B
quick turn. 1t was plain. however thai
the speculative situation was gradually inas
proving and the opinion prevailed among
some Of the most experienced operators that
a permanent turn FOR the better would tak6
place before long. The advances scored yes,
terday were not regarded az significant oS
the beginning OF the sustained upward
movement. II was well known that the shcrt
interest had become very large and tho
greater part OF yesterdays buying was be-
lieved TO have represented the retirement
of short contracts. The bear party, howe
ever, was by no means ready to abandon
It's campaign and was not likely to do so
until there appeared a more pronounced inc
terest In the stock market on the part OF
the leading financial powers or the outside
public. 1t was Noted. however that bearish
operators were becoming a little less con-
ndent OF their position and were beginning
to exercise more caution in the sale OF
stocks. Some of the best market judges
were nevertheless of the opinion that good
many more stocks would be pressed for
sale in the near future. They believed
that heavy purchases made on the recent
declines would again be closed out on mode
crate rallies.
The main question was how soon renewed
buying power OF sufficient proportions to-
absorb the offerings of stock would develop.i
-
A sharp furry in money rates was regardv,
ed as by no means improbable before July
j, and II was taken for granted that the
hear party would not let slip good a.
opportunity to force prices of stocks fut>
ther downward. The formal announcemens
OF the intention OF the Attorney General to
Immediately institute criminal proceedings
against various corporate officials alleged
to have been engaged In the practice of reE
batting would doubtless also be used tens.
porarily to effect the same ends.
The steady Improvement of underlying
conditions, however lead the more faff
sighted operators to have a good deal Of
confidence IN the bull side of the market
for a long pull. They were of the opinion
that within the next week or ten days the
speculative position would have decidedly
brighter aspect.
The fall In sterling rates to a point ape
proximately close to the gold import level
was of a reassuring nature and bankers be-
lieve that We would have no difficulty in se-
curing the precious metal abroad II the los
cal monetary conditions actually need as
sistance from outside quarters. The abund-
ant rains which recently occurred in the
crop Delt aHOrueD suDstafEtlHi reason lor De-
lievng that the final outturn of the year Of
agricultural products would be much larger
than recent reports indicated.
Much interest attaches TO the movement
in Southern Pacific common. Indications are
that something Of Importance was develops
ing In this stock though persons having
close relations with the management OF the
property said that a dividend on the stock
in the near future was improbable. Rather
more faith was placed in the theory that
some S10.00o,0o0 or S20000ooo new pre-
ferred stock might be issued such a
basis as to give the common shareholders
valuable rights. 1t believed that some
such means as this might be determined
upon by the Hartman interests in connecs
ton with the rehabilitation of San Frau-
cisco 4