The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-11
SUDDEN LIFE IN
THE STOCK MARKET
Equitable trouble is Regarded
as Settled
VIOLENT PHASES ARE PAST
The Weather LAP Was Favorable, But
Private Reports Continued Bull
ish and Southern Spots
Were Reported Firm.

New York, June 10.-The sudden life in
fused into the stock market today iusti-
fed the opinion of those who have com
planned that much of the repression on ac-
tivlty has been due to the open dispute
over the affairs on the Equitable Life
Assurance Society. The steps achieved at
Yesterdays meeting toward effecting
settlement of the affairs of the society
were accepted as a promise that the vio-
lent phases at least of the trouble have
passed, and that the uneasy attention
which II has attracted throughout the
financial world will now lose its absorb
ton and its effect on sentiment This IS
the end most desired with regard TO the
whole incident on the part of market
operators.
The announcement felt was substan-
tally manifested In the large buying
orders which were present in the market
for execution at the opening Very large
blocks of all the important stocks We're
taken at a substantial advance in price
over last night This lifting of the price
level attracted some profit taking but the
effect was slight and the advance in
nrice was strongly resumed after the
appearance of the bank statement. Inc
large loan contraction, amounting 10 Sll'-
1852 200 was attributed to the preparation
for the redistribution of the Japanese
loan deposits. These deposits remain
available for the call loan market.
The effect of the weeks operations on
the cash item was a small increase IN
spite of the supposed large transfers 10
trust companies reserves. The net ell
feet was an expansion of $3,777,225 In the
surplus, which was regarded with salts
faction. Operators were inclined also TO
anticipate a favorable government crop
report to be given out later In the oay,
and which might help the market on
Monday. The wheat market itself showed
some unsettlement from the disagreeable
surprise afforded by the Kansas state re-
mort on the June condition of wheat. The
market closed strong and active with
prices UP from l to over 3 points ON the
day. The bond market was firm in SYM
pathy. ooo
Total sales of bonds, par value, 81 $780, 600.
Prices of stocks have lost no ground
during the week. but the market mas
been llfeless and only of negative slehin-
cance as a reflection of prevailing uncer-
taintv over the future conditions affect
ing values The usual operations by pro-
fessional room traders which are feneu
upon to keeup up business in periods while
large operations of banking interests and
general speculation are suspended, nave
been curtailed by the stock transfer tax
Proceedings have been commenced to test
the validity of the new law and pending
the decision traders are disposed to re-
frain from operations The barrenness or
the actual market is thus fully disclosed.
Business also is confined to few promi-
nent stocks for which the market Is the
broadcast A large proportion OF each
DAYS meagre business is thus found in
half dozen or less of the leading speeula-
tive favorltes
Attempts to market any less active
stocks find no bid in the market and
concession of many points in the price
is found necessary to effect the sales
The market is almost equally narrow on
the selling side, so that wide advances
are recorded from time to time on an