Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-22
Dull Market Followed the Re-
port on the Equitable.
SHORTS HASTY RETREAT
RETIREMENT OF SOME LARGE
FALL COMMITMENTS.
Reading Advanced Strongly From the
Opening, Which Surprised Many,
Who Expected It to Sag.

NEW YORK, June 22.-Somewhat to the
surprise of a considerable speculative con-
tingent who put out fair amount of stock
yesterday afternoon. thus causing some of
the heaviness that appeared then. and to
which profit-taking sales contributed. the
financial and speculative community placed
dulish construction on the report of SUI
perintendent Hendricks on the Equitable
Life Assurance Society, which was publish
ed this morning.
The result seen in a hasty retreat of
these shorts. and a further retirement OF
portion OF the long outstanding commit
mentS for the fall. with a consequent sharp
al1-around advance in prices which was
facilitated by further operations for the
rise and by fair amount OF outside buying
A lower range of prices for Americans sent
over from London was altogether ignored.
and the opening was made at generally
fractional advances from last nights clos
ing quotations.
Conspicuous exceptions were Union Pa
CHIC and Southern Pacific, but these TWO
issues quickly recovered the lost ground.
while other stocks quite as influential
moved up rapidly until gains Of q point
or more had been recorded. Among the
strong features were Copper. Baltimore aid
Ohio and Pennsylvania, Erie. Smelters and
the local fractions. The course of Reading
was an unpleasant revelation to those who
had expected the price to sag upon the
publication of the good news of the in
creased dividend To a less extent, but in
the same way as did Shelters following
the dividend meeting on Tuesday, Reading
advanced strongly from the opening On
tario and Western moved up also, and the
course of these three stocks was illustrative
of the confidence that prevails with regard
to their dividend prospects at every distant
date a confidence that Is. however. not
confined to any particular issue. but OBJ
tatnS as to many, such as Union Pacific.
Baltimore and Ohio and Norfolk and West
orn. to say nothing of Illinois Central ana
the Atlantic Coast Line group.
SO far. however the possibility Of dis
turhance of the peace Of Europe has been
reflected almost wholly In a restriction of
business on foreign bourses and not in
decline in prices which have IN the main
held steady.
The construction placed by Wall street
upon the Hendricks report seems to be on
the whole a just one. It Is taken for
granted that the findings of the state SUI
perintendent of insurance, following the
disclosures made by the Frick committee.
and followed as they may be by revelations
made in the progress of Paul Mortons in
vestigation and by the findings of inquiries
conducted into the management of similar
institutions, are all steps in the right direc-
tion-a return to the old fashion standa rds
of honesty for which Grover Cleveland de-
clared In accepting trusteeship of the
Equitable; a return which seems to be al
ready making in the case Of the Equitable
Itself as result of the plans of those who
took over control at q time more truly
critical than perhaps Wall street has be-
gun to realize.
Expectations Realized.