Los Angeles herald., 1905-06-02
BY Associated Press.


NEW YORK, June 1.-Judged by the
volume of transactions today not much
Importance would attach to the days
stock market. but the extent of the reduc-
tons must be allowed considerable slgni-
f1cance as accounting for the speculative
= attitude toward values.
10 large extent the results Of the day
reported simply a retreat from the pro-
fessional commitments to the long side
OF the market which were made yester-
day.
Specific disclaimers of some of the au-
thor1zed rumors upon which advances
were affected, had something to do with
the change of position. A sense of dis
satisfaction with the meager response
from any outside sources to yesterday S
demonstration was a factor today. The
greater part of the changes in prices was
erected promptly, as the trading began
and represented revised estimate of
values as much as an actual result of
relative supply and demand in the mar
ket '4
Prices gave way promptly on light Of
ferings, and when the level had been
touched which was Judged to be appro-
pirate to the new opinions, the market
sank into a pathetic dulness and suf-
fered little from pressure of liquidation.
There was little resiliency, however and
no effective new demand was attracted
by the cheaper prices.
There can be no doubt of the import
arice attached to the Equitable Life con-
trOVerSy as an unIaVOraDle factor IN the
market. A large part of the days dis
cussion conferred upon that subject and
the closeness with which the tenor of the
forthcoming report of the investigation
committee was guarded left room for a
wide range of surmises over its charac-
ter. Some of these. and the inferences of
the results to 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 per-
sonal animosities and antipathies of pow
erful capitalists. There Is some feeling
coupled with a number of recent bank
failures has had the effect of prompting
to course of house cleaning among
financial institutions generally and to an
overhauling of resources and their stand
ing. The desire to know the results OF
such a process may very probably have
its part In the waiting attitude which Is
now pronounced in financial circles.
The days news from the crops did not
throw any very definite light on their
prospects, but the feverish movement in
the grain markets was significant of the
problems that are still to be settled out
of the outcome of the crops.
The money market was slightly frmeI
than during the recent past owing to the
operations IN connection with financing
Of the purchase concerned in the organ
ization of the new Smelters Securities
company, but not much significance was
attached to this, and the weakness OF
STOCKS was not conHecteu III any way
with the conditions in the money market.
The continued pressure on the U. S.
Steel stocks was of large sympathetic eff
feet and considerable realizing in Read
ing and Union Pacific was connected with
the changing views of a prospect Of div
idend increases, which were considered
good in connection with yesterdays buy
ing.
The market made no effective recovery
and closed easy.
The Japanese bonds were very heavy
today in company with the general bond
market. Total sales, par value, $4,000, GOO
United States bonds were unchanged on
call.