The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-11
STOCKS CLOSED HIGHER
Liquidation Of tuesday and Wednesday
Had Exhausted Itself.
METAL STOCKS INCLINED TO FAIRNESS
Federal steel, II Is said, VIII Go into
the Wire INSTRUMENTATION
Bought Literally.
,sroe,s, 70 The Post,

New York, May los. Mum. Son Co.
say.
stocks closed generally higher. lndustriais
lower as rule, but iron shares up. ST
Paul earnings decreased $4,000 in the nrst
week as compared with last year. but are
still considerably above other years steel
and Wire advanced on reports that new in
terests will 90 into the board. 1t is said that
Mr. Gates will be succeeded by A. G. CLIFFORD
and President Lambert BY W. p. Palmer Both
Wire aud Federal steel were helped by tho
idea; the Federal steel interests will 20 into
tho wire directory, American Tobacco broke
on ts annual report and Continental To-
bacco sympathizeu. American Ice decllneu
on the agitation against high prices. 1t 10
reported that E. ii. Gary. president OF tue
Federal stee! company, WIN enter me sue,
land Wire board Good buying Of Steel and
Wire preferred and reported by friends OF the
management and continued good pool buying
of Missouri Pacific and long purchases Of
about 10000 shares OF various stocks Infused
greater strength into the general market ana
bulls became more confident.
saturdays bank statement Is likely to pt
rather unfayorablo and there is a probability
of further gold exports then but these things
have no great weight at the moment. Stock
sales SO GlD shares London bought Atchison
common and preferred, Southern Railway
Southern Pacific, Louisville and Nashville and
is subject to arbitrary manipulation.
Bonds irregular, but generally higher and
more active, with sales OF s., 100000. including
features like Southern Pacific 3 1-2c, Wabash
Pass Is.
Buy stocks on any declines for underlying
conditions are still bulllsh.
New York, May lO.-The active liquidation
of two previous days in the stock market was
ra1o SaI ia, 1. i
short interest on the defensive. Yesterdays
final recovery gave an impetus to the demand
for Americans on the London market which
lifted prices at the opening here The OPEN
ing strength gave way under the attack by
bears, who used the statement Of St. Paul's
earnings for the first week fu May THIS
statement, showing decrease from last year
Tor the hrst time in many months did ia
TACT nave strong influence in sentiment L.,
was forcble reminder of the fears which
nave nave found expression for some time past in
vail street that the reaction in the iron mar
ket and IN general business will Inevitably
lead to falling OFF in railroad earnings
continuance Of labor differences at various
points caused some continued uneasiness and
the pears professed apprehension over the
pessimtstic tone of Lord Salisbury's speecb
last night. Quite liberal buying for London
account served to countenst the last named
argument the arbitrage houses estimating tue
shares. But the most effective scare for the
bears was from a break of over : points IN
Tobacco and persistent hoaviness in sugar
Prices very generally drifted back to last
nights level, or below, but at no time dur
ing the day did the pressure of liquidation
become severe and the bears found dim
Guilty IN getting stocks whenever they bid
Tor them. The absence Of pressure prompted
some Of the small pools to resume operations.
notably in Missouri Pacific, and that stock
was bid up during tia day nearly 2 noints
ne covering Of short contracts gave notable
strength also to the Atohisons. the Pacihcs
and Louisville.
lhe metal stocks were inclined to be Arm
an Gay, though they were not very actively
traded in. American Steel and Wire led the
movement, both its stocks rising over 4
points on rumors that Federal Steel interests
Woulo he represented in the hoard of di
Inc bond market generally improved TODAY
on account OF the easier money conditions
rejected In the favorable reports OF the Vov.
eminent banks of England. Russia and Ger.
many. This was especially true Of the per
I'm market whore the iron and coal stnc,s
nave suffered acutely from fears Of American
The local money market was not notably
changed today but the surplus OF the banks
- Bonds recovered In sympathy with stools
total sales par value sJ,4i5,ooO