The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-02
DAYS OPERATIONS
GREATLY REDUCED.
Equitable Dispute Causes Con-
siderable UneasinesS
is UNFAVORABLE FACTOR
Aoney Market Is Slightly Firmer Than
In the Recent Past-continued
Pressure on Steel
Stocks.

New York, June Judged by the vol
ume of transactions today, not much i'm
poitance would attach to the days stock
market, but the extent of the reduction in
prices effected by the days operations
must be allowed considerable signifi-
canoe as on index of the specula-
tive attitude towards values. To a
large extent the results of the day repre-
scented simply retreat from the pro-
fessional commitments to the long side
of the market. which were made yester-
day.
Specific disclaimers of some Of the un.
authorized rumors upon which advances
were effected had nothing to 10 with the
change of disposition. A sense of dissatis-
faction with the meagre response from
any outside sources to yesterdays demon
stration was factor today. The greater
part of the changes in prices was effected
pretty promptly as the trading began,
and represented a revised estimate of val
ues, as much as an actual result of rela-
tive supply and demand in the market
Prices gave way promptly on light Of
ferings, and when the lever had been
touched which was Judged to be appro-
pirate to the new opinions, the market
sank into a pathetic dullness and suffered
little from additional pressure OF liquida-
ton. There was little resilieney, however,
and effective new demand was at
tractod by the cheaper prices.
There can be no doubt of the impor-
lance attached to the equitable Life AS
surance society controversy as an unfa-
vorable factor in the market. A large part
of the days discussion centered upon that
subject, and the closeness with>which the
tenor of the forthcoming report of the
investigation committee was guarded, left
room for wide range of surmises over
It's character. Some of these and the in
ferenees of the results 10 follow were
disquieting. The stock market has had
abundant experience In years past of the
amount OF mischief that can be done to
values of securities by the working out OF
personal animosities and antipathies of
powerful capitalists. There IS an uneasy
supposition that such animosities under
lie the dispute over the affairs of the
great life insurance corporation. The EN-.
FILTERED character Of the controversy will
keep alive fears of some development of
hostilites which may effect the stock
markets until settlement is arrived at,
and a definite solution secured.
There is some feeling prevalent that the
Equitable incident. coupled with a num-
Der of recent bank failures has had the
effect of prompting a course of house .
cleaning amongst financial Institutions
generally and to an over-hauling of re-
sources and their standing. The desire
to know the results Of such a process may
very probably have its part In the wait
ing attitude which is now pronounced in
financial circles. The days news from the
crops did not throw any definite light IN
their prospects. but the feverish move
ments in the grain markets was signfi-
cant of the problem still to be settled of
the outcome of the crops.
The money market was Slightly firmer
than during the recent past. owing to the
operations I'M connection with financing =
purchase commonwealth the new Shelters
Securities company, but no much signifi-