The Birmingham age-herald., 1905-06-04
IMPORTANT WEEK
 IN STOCK MARKET Equitable Explosion Had Been
 Well Discounted IRON AND STEEL QUIET Equitable Case Has Exerted Marked
IRON AND STEEL QUIET
Equitable Case Has Exerted Marked Influence of Depression In the Stock Mar<et-Wlll Foster
 Spirit of Caution.

New York, June 3.-Today's small busi- ness in stocks represented nothing more than testing operations by professional traders. These operators were inclined to take the ground that yesterdays ex- plosion In the Equitable Life Assurance society indicates the worst that might be looked for from that troublesome ep- isode in it's effect upon the stock market The outcome was pretty dennitely fore seen yesterday while trading in the stock market was still in progress and 1t was assumed that that the usual rule would hold that speculative operations had overdiscounted an expected event.
 The rise in prices for the first hour had no other visible explanation than this at tude upon the board room operators. They devoted some special attention to Reading on professed confidence in a coming in- crease in the dividend on Central Rail- road of New Jersey, and the Central of New Jersey stock was marked up oyer 2 points in consequence. The demand for Amalgamated Copper was associated with the coming. annual meeting on Mon- day and the circulation of rumors that some sort of financial statement was to be issued by the corporation at that meeting
 The board room traders attracted little following in their ventures and prices abroad of the unfavorable character of the coming bank statement. The $10,- 100000 shrinkage in the cash held was far in excess of preliminary estimates based on the known movements of money The lArVn 1anrnacn DFu otf fPih fa1 n wifi h. drawals by the trust companies in con- nection with some important syndicate subscriptions which had been called in this week Amalgamated Copper rose to the top after the publication of the bank statement had spent it's effect but the close generally was irregular and little changed from last night Total sales of bonds, par value, $1,205, GOO.
 Operators in stocks have had a number of important happenings to consider this week. but the conclusions arrived at have not been well defined, so far as they were reflected in the stock market itself. Movements there indicated rather q further doubt and unsettlement. Deal ings have been on a small scale, and fluctuations of prices have been irregular and poorly maintained. The going into effect on June l of the New York trans- fer tax had some effect in curtailng transactions of the purely professional kind such as rely on an extremely small mnrgin of profit on a large number of shares to be turned over during the course of each days trading. The tax of S2 on the transfer of one hundred shares of stock bears a considerable pro- portion 10 the small fractional change in the price upon which this class of opera tors rely for profit on transaction.
 Of the weeks events having an impor- tant bearing on general affairs the de- cision of tie naval contest in the battle of the Sea ofrJapan had an inspiring effect but it was of only momentary duration. It was hoped this event might relieve the securities markets of some part of the repression which had held them in restraint. But the after effects proved that the possibility of a Russian success had been only slightly considered In some purely speculative operations by professional bears, and their buying to