The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-13
A DISPOSITION TO SELL.
Trading In Stocks Has Been feverlsh and
Irregular All Week.
BUSINESS REACTION IS HAVING ITS EFFECT
Wall street waiting Until Commodi-
ties Reach the Bottom--A Heavy
Falling on in Grain Movement.
Especial to The Post,

| Especial TO Tbe Post.s
| New York. May i2.--S. Mum, Son Co.
say:
Stocks broke on renewed liquidation by
pools, lower prices In London, falling of In
general trade, decline in prices of many
commodities and dullness OF outside specula-
ton Anaconda declined on lower prices In
London and falling off in the copper trade.
Pools sold Missouri Pacific and Baltimore and
Ohio common and there was heavy selling OF
grangers
bad bank statement was expected, but 1t
turned out to be less 80 than anticipated.
loans decreasing $2s7,9OO and surplus reserves
S645,7 Yet April railroad earnings were
very favorable and considering the fact that
there was one less business day in April
than in March toe showing for April is
really as good as that for March. 1t is
! pointed out that the earnings of 100 roads
/ operating 100000 miles OF track were $4S,5I5,-
! OS2 gain OF 1872 per cent over a year ago,
compared with an increase Of 17.5 per cent
| in March and of 1a.o per cent in February.
Every group of roads except one Eastern
road, shows gain, the percentages varying
| from as low as 81 per cent, in the case OF the
southwestern roads, to 1876 per cent, by the
| trunk lines. IL per cent by the graugers 10
| per cent by the Southern roads and AS per
/ cent by the Central, Western and Pac. nc
/ systems. For the four months OF the cal
1 .
below ,000 a gain OF IS per cent over
year ago and following progressive gains
10 previous years for long. time past. SUI
Plus reserves now in New York banks $ls,.
90 40, against S27 1877 625 a year ago, and
Si609I .225 at this time in 1898.
Although trade IS sacken.ng railroad eurn-
lnSs are still good ana lowering OF prices
for commodities may and doubtless will,
mean an increase OF trade.
On good breaks buy for a rally but trade
from the present only for moderate turas
New York May 12.-The tone of the trad
Ing in stocks was feverish and uncertain
today and the disposition to sell was still
evident. There an effort to support some
stocks and the short selling by the bears
was followed by buying to cover contracts
Missouri Pacific was lifted at one time
point above last night, carrying the railroad
LIST with 1t. The grangers. especially bur
llngton and Southern Railway preferred, were
pretty well supported after tho rally in Con-
lnental Tobacco preferred from its particular
point Of slump. This stock recovered almost
completely before the close.
Stocks were offered freely at the higher
| level OF prices and declined to the lowest
before the appearance OF the bank stalo-
ment. Peoples Gas, the local fractions aud
the steel stocks were all notably wax and
large losses were registered in lunncr or
shares which have not been traded Ia DUR
ing the recent declines Some effort was
made to rally prices after the bank state
nlent BECAUSE it failed to show the expected
heavy expansion ia loans but 1t was success
ful only In isolated instances The close
eenerally was unsteady and net changes were
mixed.
The weekly report OF the mercantile aceu-
cies confirmed tho feeling that the business
reaction has not yet reached its limits and
the opinions expressed in the senate yester-
day of the possibility oil foreign tolnp.ica-
tons on account of the Monroe doctrine as
applied to the Danish West indies, VAS SIed
by the bears as further ground for speculative
depression.
Prices for stocks are lower than they were
week ago after a week of great irregularity
and uncertainty in movement. For two days
me market looked as though general Lquida-
ton had set In, but the recovery on Monday
afternoon was the result OF movement to
cover by the bears who had been selling
shorts but who became alarmed at the cessa-
ton OF the pressure to liquldate. The iQuida-
uon, in fact seemed TO be completed TOT
the time being and its limited extent gave
color TO the supposition that it had been
Que to tho selling out OF a pool whose man
ayers had tired OF their success in getting
prices up; The strong aud skillful man. p
ulation with which the market was sustained
while the liquidation was being effected
showed that the sellers had large resources
ana a wide reaching concert of action The
market rail. ed considerably from the low
point on the demand to cover bear contracts
and efforts We're made by bull points to OK
tend the advance. but the general demand
the market fell back into dullness and re-
newed weakness.
Wall street wants to know now much
further the decline in prices OF commodtl
must go before renewed consumption will be
invited IN sufficient volume to absorb pro-
ductop. Upon the answer to this question
depends future profits for industrial enter
prises rs we'll as earnings by railroads So
Tar as events of the week have served to
throw light on the problem, they indicate the
reimbursement is not yet complete. A marked
influence was eNerted in speculative senti-
ment by the Indications that the business
reacuon was beginning 10 Affect the volume
/ OF railroad traffic. Grain deliveries at Chi
cago compared with the corresponding week
OF last year show falling OF of SO per cent
and compared with 1893 u decline of b27
per cent. Grain shipments to the East show
a falling off Of asst per cent from the pre-
vlous week and freight officials OF Eastern
lines were complaining Of light traffic
The present ease of money Is regarded in
an unfayorabe Light as a reflection OF tho
diminished trade in the interior, but IL ar
lords means for meeting the present special
demand TOR gold from Europe.
On the other hand should trade revive in
the interior. with the lower prices OF com
modltles, and the money market become ac-
i've, any str-ngency on foreign markets
might become embarrassing.
Late in the week the government report
was a rather depressing influence in stocks.
Tho fact that the reaction has carried prices
near to or below the previous low point OF
the present year for number of standard
railroad Tainro stocks or below the panic
of the steel iudustrials, has been looked
TO hopefully 20 attract some buying, but the
demand has not been forthcoming.
Bonds reacted In sympathy with stocks and
subsequently showed some recovery.
csGein Richardson Of Houston repor'
New York stocks as follows:
Stocks open. High. Low Close