Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-12
First Hours Business To-day
Was Very Active.
MANY SELLING ORDERS
PRoFIT-TAKING OPERATIONS
CAUSED A DROP IN PRICES.
Floating Supply of Long Stock for Sale
Did Not Manifest Largely
Crop Report.

NEW YORK June 12.-Transactions in
tnday's stock market seemed through most
of the session to tend to indicate that Sat
urday's bullish demonstration might be
something of flash in the pan. There
considerate activity in the first hour
this morning, owing largely to an accumu-
lation of selling orders over Sunday on the
strength of Saturdays session.
Under these profit-taking operations
prices lost from half point to a point
and more all around in the first half hour
and the subsequent proceedings were chiefly
interesting for the evidences they afforded
that the floating supply of long stock for
sale was not very large
Conservative critics were of the opinion
on saturday that the market was hardly
likely to develop a broad speculation for
rise at this juncture, with so many i'm
portant factors still in a state of uncer-
tainty.
Inc government crop report published
late on Saturday afternoon was distinctly
favorable but was. reflected today in AID
Vahces IN wheat and corn prices, and could
hardiy be said to have been reflected in
Stocks at all. The progress of settling the
Equitable affair along the lines laid down
by the new interests now In control of the
society. is looked to restore something Of
the public confidence that has been alien
ated from Wall street for long time but
these eventual considerations are not re-
Which manifested more interest today in
various fmaginings about the possibility
that the outcome of the Equitable episode
might have on the local traction situation.
Secretary Shaw's Announcement.
Secretary Shaws announcement about
midday that the depository banks would
not be required to remit government funds
under the second call until July Is, re-
lieved in a way a certain amount of mis-
giving to the immediate future of the
local money market, which seems likely TO
have to stand heavy strain on various
accounts toward the end of the month.
On the whole. the news developments of
the day were quite favorable to the con-
structive side of security prices including
as they did number of satisfactory rail-
road returns for the first week of the
month. and contented statements by rail-
road traffic officers in regard to the volume
of business In addition to the items of in
teligence already noted.
An interesting feature of the trading it.
self was the renewed activity of several of
the large room traders who practically quit
business last week. and opinion is growing
that when the market has any impulse to
activity the important factors in making
business will not be idle despite the imposi-
ton of the stock tax.
AS rule this class was enlisted today
on the side of higher prices. and there did
not seem to be any noteworthy selling for
the short account such has been accus-
toned to appear on other occasions when
panicky screech has come from the Boston
Cassandra, such as was dinned into specu-
lative ears this morning.
There Is unquestionably. however.
latent short interest of large extent. If the
fact that several important houses which
have been large lenders of stocks privately
OF late have not had the stock returned Is
any criterion. There did not seem to be
must noteworthy significance in the course
Of particular stocks: they all had their
moments of temporary depression during
the day. but the local fractions. the Harri-
man Pacifics, the Steel issues and the At
lantic Coast Line group were conspicuously
strong features of market that became
generally stronger early in the afternoon,
following the news from Russia and Secre-
tary Shaw's announcement.