The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-03
SHARP LOSSES ARE
SCORED IN STOCKS
Equitable Controversy Still De-
mands Attention
REALIZING ON JAP BONDS
All International Stocks Are Affected
BY the Decline In Early Hopes
for Peace Between War
ring Nations.
REALIZING ON JAP BONDS

New York, June 2-There was further
sharp losses scored in the opening deal
ings in stocks today, after which a slow
recovery set in which required most of
the rest of the day to retrieve the ground
lost during the first few minutes of trad
ing and there was a steady decline in the
rate of absorption as prices got back
to last nights level. Only IN few cases
were any considerable gains established
on the recovery.
Very large attention continued to be
given the Equitable controversy. The gen.
eral belief arrived at yesterday as to
the very drastic character of the recon-
mendations contained in the investigation
committee report had a continuing effect
when the stock market opened. 1t was
generally felt that the formal publication
Of such a report would pc a depressing
influence on stocks, and would cause
general uneasiness from the fear of re
prisals and hostilities which might be
preeipitated amongst the contending
parties to the dispute There was much
gossip in circulation as to the source OF
some of the recent selling of stocks which
oOdBhl ~ punt ilOllN0 III tlC PAO-
ceedings of the Equitable investigation.
Foreign stock markets offered a con-
tributary cause to the depression here A
decline in the hopes of early peace as
a consequence of the outcome of the bat
tie off Japan was reported from foreign
investment centers. This affected all of
the international stocks in this market
and prompted some heavy realization in
the Japanese bonds. The activity in these
issues has overshadowed the whole bond
market during all of this week. The OPEN
ing downward movement In stocks over
ran itself, and the pressure to sell light
ened materially. When shorts attempted
to cover there developed some scarcity
of stocks. Reports from the Equitable
meeting indicated a vigorous effort to
prevent the adoption of the report of the
investigating committee with seeming
prospects of success.
Operators who had sold stocks on the
apprehension that the publication of this
report would depress prices were naturally
inclined to rebuy on the latter prospects.
Union Pacific was especially responsive to
the changes in sentiment on the Equitable
Incident, as it has been throughout. Thu
special strength of Reading was connect
ed with revived rumors of a coming in
crease in the dividend on Central of New
Jersey. Traders centered their operations
on this stock in a movement against
the shorts in the market. The influence of
crop news was diverse. The government
report on cotton, notwithstanding its I'M
favorable comparison with last years fig
ures, both as to condition and acreage,
was better than had been expected in the
trade, as was evinced by the heavy I'M
loading. OF cotton.
In the grain markets, on the other hand,
the Missouri state report with the large
decline in condition of winter wheat
showed May was an unfavorable factor.
Railroad factors for April shows that very
large increases in operating expenses. with
effect on net earnings, resulting in the
case of the Pennsylvania lines, both east
and west of Pittsburg and Erie, in a de-
cline in net earnings. The forecasts of
the currency movement indicate that the
receipts from the interior have partly off