The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-01
JAPANESE STOCKS
STILL LEAD LIST
Evident Pressure Exerted
Against U. S, Steel
PRICES TURN DOWNWARD
News1of Weather Conditions Was Re-
aarded as Favoring the Grain
crops-Reading Make Az
eressive Advance.
PRICES TURN DOWNWARD

New York, May 31.-The strenth of to-
at first but the few strong stocks had
sympathetic influence on the general list
and advances became general during the
late trading. The tone was hesitating
and uncertain at first. This was partly
due to the influence of the London mar
ket where the ending of the stock ex-
change settlement caused a pause in ac-
tivity
The settlement was concluded without
any damage as a result probably of the
considerable recovery Of the last few
days in Americans. Its success had an
encouraging effect on stocks here as some
apprehension has existed of bad effects
from over commitments in Americans on
the part of London spectators.
international politics seemed to play a
small part in the market and in the be-
lief that an early peace was to be forth
coming was not so distinct factor as on
Monday. Japanese bonds in this market
continued to overshadow all others in
prominence. but moved with some irregu-
larity. Realizing in them was in evidence
after the opening and the first series
skies were carried to a sharp fractional
loss, but they recovered in company with
the rest Of the market. Evidence of pres
sure against the United States Steel
stocks was factor in turning prices
downwards during the morning. Reports
were current that practically existing
pools and agreements to maintain prices
in the trade were in course of dissolution,
following the example of the steel rail
pool
Fears were entertained that this would
serve to add to the difficulties of keeping
up prices and would increase the pressurs
TO dispose of stocks. With the possible
exception of the crop outlook there is
no one subject to which so much impor-
lance is attached as to the course to be
taken by the iron and steel trade. A
demonstration that the present lull in the
trade is but temporary would have the
effect. of resolving much of the doubts
now reflected in the stock market.
News of weather conditions were re-
garded as fasoring the grain crops, but
the weekly crop bulletin Of the weather
bureau received a mixed Interpretation.
The upward movement in the latter part
pulse from the aggressive advance in
Reading. No immediate news was forth
coming to explain the strength of this
stock, but there VOTE runors alleging an
intended increase in the dividend on
the Central railroad of New Jersey and
from these differences were drawn of
more liberal dividend policy on the part
of Feeding itself which controls the
Central Of New Jersey and this served to
arouse hopes of coming benefits also for
Baltimore and Ohio, Norfolk and West
ern and Chesapeake and Ohio stocks.
The expected report on the investiga-
tion of the Equitable Life Assurance So
ciety was awaited with great interest and
with professions of a hope that its pub
LEGATION would mark the close of the con-
troversy on that subject One effect
pointed out as growing out of the Rus
sian naval force is the opening of the
way for free transport of Japanese sup