Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-05-10
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Honey, Exchange, Bonds. Grain.
Cotton, Provisions, Etc.

Now York, May a.-Thcre was further
LIQUIDATION of stocks in the market to-
day, and prices were at one time from
to 2ls points below last night for Il large
number OF the active railroad stocks Be
fore the close of the market the losses
were fully retrieved in many stocks, and
most acutely affected by the selling small
net gains were established. The late re-
covery was materially assisted by buoy
night and by rather positive strength in
the principal metal stocks. The appear
nnce thus given was that of the compile
ton of u spasm OF liquidati and the
subsequent covering of belatcd outstand-
Ing. short contracts and Il buying of
stood by watching for the low point of
the market 10 get III. How well this ap-
pearance is justified By the actual condi-
tons can only be demonstrated by future
events. That there was very powerful
and skillful manipulation in the market
all day was clear from many indca lions
Evidently the process of liquidation was
largely concentrated in few hands. and
II was conducted by concerted under
standing. and with Il dilGcnt nursing of
opportunities. On any considerable de-
cline the pressure OF the selling promptly
relaxed and supporting orders were cX-
eculed. which over and again checked the
decline and drove the bears TO cover their
short contracts. The efforts of the bears
to cover were met by aggressive bidding
up of prices I'm the interest of several of
the most prominent stocks, but every
time when prices recovered to near last
dcrs fell OF. and eventually ceased From
The renewed vantage ground of the re-
covcry, the food of liquidation was then
renewed. The volume OF dealings on the
recovcrlcs was palpably much less than
mat ON the decline, and the aggressive
bidding up OF prices showed that the OBJ
feet was rather to establish n higbnr
level of prices than to secure stocks on
the most advantageous terms. That
turning point must ultimately be reached
after such period of liquidation, and n
snhrp recovery must cnSuc. makes the
professional bears very cautious in MAIN
tanning opposition TO any rising tendency
In the market. None oil the news of the
day had any. apparent bearing on the
movement of prices. Engagements Of
to Il little over $500, 600 proved slightly
larger than the preliminary estimates
The action OF the Bank OF England In
advancing its paying price for American
eagles half penny TO 76 shillings 4 pence
carried the intiination that London might
follow, the example of Paris and offer
special Inducements to attract gold from
New York But the measure taken is not
snftloicnt to accomplish this, according 10
the opinions for publicn ion of foreign cX-
change experts. The local money mar
ket also showed a slightly hardening ten
showed the possibility OF an automatic
check 10 the gold export movement in
case Of any increased need for money
here, All of the trunk lines. the Paciiics
The Atchison, Missouri Pacific. and Louis
Xliie were special sufferers from the
The firmncss OF the steel stocks was
doubtless duo TO the large liquidation al
ready affected in them ana ,he outstapd-
Ing short interest This condition made
them available Tor manipulation for u
fiSv W hcip sustain the market.
Liquidation was inevidence In the bond
market as we'll as in tho stock market
aud high-gradc bonds were affected along
with the speculative issues. Total sales,
par value. 81, $4,000
United States now As and as, coupon
declined ~ do, registered refundins 2's
price.
Total sales today were G9i. 700 shares.
New York, May 9-Standard Oil, $500