The daily morning journal and courier., 1905-06-02
STOCK MARKET FEATURES
PRICES LOSE MOST OF WEDNES-
 DAY'S CAIN.

Fractions Worked Up and Reacted
 Peace Prospects Not So Imminent
 The steeIs-Reading and U. P. Divi-
 dend Talk. - MetropoIitan-wheat
 COrn-COttOn.
 Stocks were weaker yesterday, and lost about all of Wednesdays gain.
 The alleged causes were the less bril- liant prospect of immediate peace nego- tiations, and the prospect that the Equitable report would not be reassur- ing.
 Then, too, there was absence of sup port to the market noted.
 The delay in publishing the Equitable report has led to suspicious that the Prick committee has uncovered a good deal that some people would like to con ceal. All sorts of reports spread through the street this afternoon re- garding the drastic characters of the evidence disclosed, and of the recom- mendations made.
 Then, too. there was disappointment because the Jap's great victory hadn't caused wild enthusiasm ill financial. circles even in Europe.
 The Metropolitan street railways quarterly statement was unfavorable. The New York City railway controls the Metropolitan system. The report which reaches Wall Street indicated deficit after charges of $1,322, ,000, as compared with a deficit of $7S6,O00 for the same quarter last year. It was ex- plained that last years report did not include the Third avenue and Central cross town lines. The principal argu- ment used to advance the traction shares was that new tunnel systems would greatly add to their earnings.
 The announcement of the comprehen- sive plans which the Ryan interests have for entering the underground traction field helped Metropolitan, as the future of the surface lines which they control depends on better paying auxiliaries, such as will be built if the Metropolitan people get the contracts.
 There was a sensational advance due to short covering of over five cents in July wheat at Minneapolis and about l 3-4 cents. z
 Efforts to put out 1000 to 2000 share lots of Union Pacific and Reading yes terday met with recessions sometimes of 1-4 point, indicating that the men who bid them up Wednesday on what appeared to be "matched' orders, did not want them yesterday.
 Corn was higher, but only to a mod crate extent. Expectations that the first government crop report on the condition of cotton will be less bullish than heretofore anticipated caused break of IS to 20 points in cotton.
 The selling of the Steel group was ac- companied by reports of cutting of prices in important lines of finished products. .E.,+t
 The Northwestern crowd are very bullish on July wheat. It sold in Min neapolis at LOO yesterday. It is believed that July in Chicago will touch a dollar before new wheat arrives.
 That the public is not in the stock market to any considerable extent, and that it will take more than the proba- I ble establishment of peace between Russia and Japan to stimulate buying of securities, was very apparent yester- day. ',
 The continued weakness of the Steel stocks was unfavorable to the bull po- sition, and every quarter clipped off the price of Steel preferred added to the bearishness.
 The comment was frequently heard that Reading above 90 may fairly be said to have discounted an increase to 9 per cent. basis, while 124 for Union