The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-11
STOCKS AND BONDs.

New York, May 10.-The active iiquida-
ton of the two previous days in the stock
market was relaxed to-day, leaving a large
extended short interest on the defensive.
Yesterdays final recovery gave an impetus
to the demand for Americans on the Lon
don market which lifted prices for the
opening here. There was some slight
outside demand, through commission
houses showing that there is an element
which Is watching the market closely for
indications that IL has turned.
The opening strength from these causes
quickly gave way under the attack by the
bears, who used the statement Of st. Paul's
earnings for the first week In May. This
statement, showing decrease from last
year for the first time in many months,
did in fact have a strong influence on SEN
timent 1t was forcible reminder of the
fears which found expression for some
time past in Wall street that the reaction
in the iron market and in general business
would inevitably lead to a falling off in
railroad earnings. A continuance of la
Dor difficulties at various points caused
some uneasiness, and the bears profe ssed
apprehension over the pessimistic tone of
Lord Salisburys speech last night Quito
liberal buying for London account served
to counterfeit the last named argument,
the arbitrage houses estimating the buying
for London account as high as 40,o0)
shares But the most effective succor for
the q UrSdk OF over D
points In tobacco and from persistent
heaviness in Sugar. Prices very generally
drlfted back to last nights level or below,
but al no time during the day did the pres
sure of liquidation become severe and the
bears found difficulty In getting stocks
whenever they bid for them.
The absence of pressure prompted some
Of the small pools TO resume operations,
notably that In Missouri Pacific and that
stock was bid up during the day nearly 2
points. The covering of short contracts
gave notable strength also to the Atchl-
sons, the Pacifics and Louisville The up
ward movement In the trunk lines was not
as marked as In other stocks. The metal
stocks were inclined TO be firm all day,
though they were not very actively trad
ed in. American Steel and Wire led the
movement, both in stocks rising over 8
points on rumors that Federal Steel inter-
ests would be represented In the board Of
directors. The foreign market generally
improved to-day on account of the eiser
money conditions reflected in the favorable
weekly reports of the government banks of
England, France and Germany. This was
especially true of the Berlin market
where the iron and coal stocks have suffer
ed acutely from fears of American con- pc
tition, owing to the reported decrease in
consumption here. There was some slight
apprehension that gold might go out on
Saturday TO England in response to yester-
days advance in the Bank Of Englands
paying price for American eagles, but the
exchange experts are generally agreed that
gold exports to London offer no profit un-
der existing conditions
The local money market was not QUOTA
bly, changed to-day. but the surplus OF the
banks is declining.
Bonds recovered In sympathy with
stocks. Total sales, par value, S2,445000.
United States old as coupon advanced
X in the bid price.
Total sales stocks we're 1890 shares,
Including Atchison, 1O510 do preferred,
1885, Baltimore and Ohio, 13650; Penn
sylvania. II $50; American Smelling and
Refining, $3.50; American Steel and Wire
3l.77O do preferred, 1870; American To-
bacco H,9l2; Brooklyn Rapid Traneit,
$685. Federal Steel 1880; Sugar, IS $50;
Western Union, 600.