Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-05-12
Prices of Stocks Fell Of Today Un-
der Realizing Sales.
MARKET RELAPSED INTO DULLNEOS
There Was Fair Buying on All the
Concessions.
GENERAL MARKET REPORTS
Special Dispatch to The Evening star.

Special Dispatch to The Evening star.
NEW YORK, May 12.-Coniicting news
as to the movement of the Atlantic fleet and
lower prices in London encouraged some
profit-taking in the local market this mora
ing. Opening prices reflected fractional de-
clines in most every instance. and subse-
quent trading carried prices down from 1
TO 1i2 per cent from the initial sale.
The market relapsed into dullness at the
decline. ard commission houses bought
cautiously at every opportunity.
In the granger shares profit taking was
especially pronounced, London selling ST.
Paul and local houses realizing on Burling-
ton and Rock Island Some selling in the
latter stock was credited to inside interests.
but the rallies from the low prices were
easily accomplished by very moderate pur-
chases for accounts known TO favor higher
price.
The effort to put the stock to par having
been discovered. there is considerable stock
for sale fraction under that figure. Sew
eral times during the day the price lacked
but small fraction of fulfilling this pre-
dioticn. but the selling during the entire
n orning proved superior to the buying.
The earnings of the company are a guarar-
tee of higher prices, and there is little like
lihood Of the stock being more than tern
porarily checked by speculative conditions.
Burlington maintained its new level even
in the face of considerable profit taking
and these shares at their par value are des-
tined to lose their novelty the first time
the general market will admit of a fur
Their advance.
The Industrial shares were strong anS
weak by turns, and seemed to lack def
mite course of procedure. Sugar and to-
hacco were particlarly erratic. and the
manipulation was employed in sustaining
rather than in advancing prices.
Confidence in ultimate higher prices e--
ISIS on all sides, but there Is an increasing
spirit OF conservatism among commissi on
houses This attitude of caution is inspir "a
entirely by the fact that prices have had p
big rise since the naval triumph in thu
would be logical, and considerable idle
money is known 10 be awaiting only such
an Opportunity for investment
The abundant cash holdings of the rg-
lcnal banks, as disclosed by the recent 70
ports TO the controller. clearly indicate g..
enormous, although temporarily Inactive
motive power upon which the market may
depend for future needs. The public de-
mand Tor stocks is steady, If not liberal
ana sooner or later will become genera.
and dominate all other speculative forces.
The action on the revenue bill is 10 b.
considered as q factor. as its provision.
cover multitude of features of vital sig
niticance to corporations.
The tax on cooperate interest," as We'll
as upon the commodities manufactured by
corporations, will lie a considerable item
to at least few of the better known m
situations whose shares are listed.
Peace arguments are still in force, but
their significdT ce is restricted somewhat
by the fact that those who indorse them
were hut a short time ago confident that
war was improbable.