The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-05-11
DEMAND FROM LONDON
For Americans Lifts Opening
Prices on This Side.
BUT PRICES DRIFT BACK
Railway Reports are of Prom
inent Influence.
BUT PRICES DRIFT BACK

New York, May 10-The active hqu'ea-
ton OF two previous days in the stock
market was relaxed today. leaving the
largely extended short interest on the de-
fensive. Yesterdays final recovery gave
an impetus to the demand for Americans
on the London market. which lifted price
for the opening here. There was some
slight outside demand through commits
sion houses, showing that there is an ele-
ment which is watching the market cloSe-
ly for indication that 1t has turned. The
opening strength from these causes quick
~ gave way under the attack Of the
bears, who used the statement OF St.
Paul's earnings for the first week in May.
This statement, showing a decrease for
from last year for the first time in many
months, did in fact have a strong infiu-
ence on sentiment 1t was a forcible re-
minder to the bears. which have found
expression for some time past in Wall
street that the reaction in the iron mar
ket and in general business would inevi-
tably lead to a falling off in railroad earn
ings. The bears professed apprehension
over the pessimistic tone of Lord Sails
bury's speech last night. Quite liberal
buying for London account served 10
counteract this argument. the arbitrage
houses estimating the buying for London
account as high as 5000 shares. But the
mos reflective succor for the bears came
from a break of over points In Tabacco
and from persistent heaviness IN Sugar.
Prices very generally drifted back TO last
nights level or below, but at no time dur
inig the day did the pressure of liquida-
ton 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 re-
sumo operations. notably that in Missouri
Pacific. and that stock was bid I'D dur
ing the day nearly points. The cover
erinig of short contracts gave notable
strength also to the Atchisons. the Pa
cifcs and Louisville. The upward move
ment in the trunk lines was not as
marked as in other stocks The metal
stocks were inclined to be firm ali day.
though they were not very actively traded
in. American Steel and Wire led the
movement, both its stocks rising over
points on rumors that Federal Steel IN
terests would be represented in the bard
of directors.
The bond market generally improved to-
day on account Of the easier money con-
ditions reflected in the favorable weekly
reports of the government banks Of Eng
land. France and Germany. This was es-
pecially true Of the Berlin market, where
the iron and coal stocks have suffered
acutely from fears of American conapeti-
ton owing to the reported decrease in
consumDtion here.
There was some slight apprehension
that gold might go out on Saturday to
England in response to yesterdays adj
vance in Bank Of England's paying price
for American eagles, but the exchange
ports are generally agreed that gold ex-
ports 10 London offer no profit under ex-
listing conditions. The local money market
was not quotably changed today, but the
surplus Of the banks Is declining.
Bonds recovered in sympathy with
stocks. Total sales, par value. s2,445.5o0
United States old As coupon advanced &c
In the bid price.