Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-12
Marked Tendency Toward Realizing
in Stocks Today.
some BUYING OF RAILROAD SHARES
Sugar Was Sold Literally by Buy
ers Of Yesterday.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. July 12.-Realizing sales
were a conspicuous feature of the early
trading this morning. prices shading off
sharply from an irregular opening. London
was not disposed to buy owing to the I'M
satisfactory news from China, and local
commission houses reported an inability to
arouse public interest. Selling was notice.
able by interests which did most to advance
prices yesterday, and traders turned to that
side of the market in the belief that profit
taking would detract substantially from
yesterdays gain. In q few stocks there
was excellent support, but the majority
suffered from neglect.
st. Paul's decrease in earnings, previously
reported, and Louisville's unfavorable re-
port today had a tendency to dampen the
enthusiasm of the manipulative interest
Such incidents merely confirm the preQlc-
tons that the market would be made up of
special and not general price movements
during the dull midsummer season. Union
Pacific advanced sharply yesterday because
OF the magnificent semi-official statement
of earnings.
Today it made a slightly higher record
which 1t failed to hold for the reason that
conservative sentiment had changed to the
negative character which suggests buying
only on reactions This view does not re-
fleet upon the value of the stock but is
based largely on the belief that the public
will not appear buyers until election
uncertainties are diminished
Norfolk and Western was we'll taken dur
ing the morning on its dividend prospects
as viewed by the optimistic element, and
chesapeake and Ohio, for the same reason
became an active feature
baltimore and Ohio came In for a con-
siderable share Of the dividend debate and
Lhe common stock was easily advanced I'M
der small offerings Because of the diyi-
dend talk on the three properties last
named interest turned to the parent lines
now thought to control them,
Taken as a whole the market has gained
little In breadth. At the close of business
Yesterday 1t was thought change for the
better had come in this respect, but the
higher prices attracted liberal offerings
commission house accounts now show that
clients are committed to both sides of the
market, being long of some stocks and short
OF others The significant fact however
is that about a half dozen railroad STOCKS
only appear in the selling while the long
account shows at least twice that number
of favorites.
The evidence of discrimination is a eood
sign, and should go a long way toward
Keeping the market on an even keel.
Some talk is heard as to the certainty of
profits in the iron and steel trade. bur there
Is no interest in the stocks concerned. ont
side OF very small following supposed to
represent the various organizing syndicates
Sugar was sold for both accounts and the
buying of Tobacco was less confident. The
market Is again about at the limit of its
SWING IN tn, the upward arc, and any activity
at all Is likely to bring the average down.
trading market frequently gives surface
indications of bigger things but present in
dieations strongly favor only a trading
market no matter what the day-to-day
result may be. If holders of long stock
can be carried through the summer in that
capacity the market will need no furtbar
evidence of basic strength.