The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-10
LIQUIDATION IN STOCKS.
Speculation Resulted 10 Mixed Stale OIL
Affairs All Day.
BEARS FREQUENTLY DRIVEN TO COVER
Professional Bears Arc Cautious In
Opposing Any Rising Tendency.
American Eagles in Demand.
Especial to Tn. Pos,9-

|
New York May e..--S. Mum, Son 4 Co
say Stocks declined and then recovered.
Gold exports s2.S5o,ooo. Actual demand
sterling exchange declined &c. London
bought Erie first preferred. Atchison. North
ern Pacific and Union Pacific. London was
| lower. LARGELY owing TO Berlin liquidation.
/ Tho continent has shown disposition Of
| late to sell the Pacihcs. Continental hourscs
we're heavy The early advance in Sugar
was largely attributable to buying of a block
OF 10000 shsres Liquidation continued in
Atchison issues. Baltimore and Ohio common
Missouri Pacific and to some extent perhaps
| In Southern Pacific.
Less pressure to sell Steel stocks from
Chicago. and that center was understood TO
be buying Peoples Gas Some investment
demand for the srangers at the decline as
earnings continued good. all the liquidation
to the contrary Notwithstanding. American
Tobacco surplus after dividend Sl54, s57 more
than year ago. Ice stocks we're weak on
Tears OF Increased competition and OF legal
proceedings to contest their charges.
London bought 1900 to 20.OVp shares on
balance after selling to some extent show
lug that London has been CRYING wolf for
purpose. London can find no better in
YeSlmeLt or speculative venture than Ameri-
/ can stocks, what they Will Standard
! Oil brokers bought SrGar Pretty good class
Of buying of steel stocks The soft coal
trace is in strong position according TO the
Coal Trade Journal. Anthracite is quiet but
firm. ard the future is considered bright. The
Calumet and Hecla Gopher company is said
to be solo IN to July and other com 5anies
sold INTO August at lie. or a profit over pro-
duction OF 100 per cent
Money 2@gh per cent.
Good buvlng of fractions. including not a
little inside buying of Brooklyn Rapid Tran
sit also OF Leather common Yet the main
support OF the market after all. esp clallv OF
srangers ana trunk lines was covering.
Rehned sugars are being shaded bv both
the trust and the opposition,
Total stock sales $4,000. Bonds easier
sales s., 600 o00.
Continue to buy railroad stocks or good
reactions for quick turns.
New York. Nav 9--There was further large
liquidation Of stocks in the market today.
and prices were at one time from 1 to pa
points below last night for a large number Of
tho active railroad stocks. Before the close
OF the market the losses we're fully retrieved
in many stocks and a few OF those which had
been most acutelv affected bv the selling
small net gains were established. The late
recovery was materially assisted bv a buoy.
ant rise in Sugar TO a level 50 above last
nsht and nv rather positive strength in m,
principal metal stocks The appearance thus
given was mat Of the completion of q snasro
q Hqolaauon 3nd the suOs uuent roytrini,
OF debated outstanding Short contracts ana -
~ 'ib Of STOCKS by careful observers who
nau atoou by watching Tor the low point OF
me maj ket. How well this mice "A iusti-
Htl by the actual conditions can only HI,
demonstrated by future events That Their,
was very powerful and skiltul manipulation
~ me market an Cav YVES clear from many
lAoio ations. Evidently The process Of Ioni.
9au9n was larg ~ concentrated in a Few
iaI Ius anu u was conducted by concerted
understanding and with a dilieent nurs,ng %
opportunities ON any copsirersbIe dar1,,,a
tue pressure of the selling nromntly reloved
and supporting orders We're executed vvhich
over ana over again checked the decline and
urove the bears TO cover thei, short ron.
tracts. The efforts OF the Doars 70 rovar
were met Ly aggressive bidding w Of prIcos
ID tue interest OF several Of the most promi-
n oilt- STOCKS. Bui every time when irces re-
cVNGfed TO near last nights close tho volume
u ouylns orders fell off and eventuaIi,
c.aSto' From the renewed vantage ground
o. Iae recovery the hood of liquidation was
tnen renewed. The volume OF dealings on
ne recovery was parably much less than
mat on the decline and the aggressive hid
nIus IN Of prices showed that the object was
rather 10 establish a higher level Of prices
tsgeous terms
That turning point must ultimately b.
e"sued after such period OF liquidation
and sharn recovery must ensue makes tbn
professional bears very cautious in nn iue
tIhlng oupositiou 10 any rising tendency In
me market No news Of the day had any
2pparent bearing on the movement OF prices
EnsGsemsnts of gold for export 10 Paris
MWch amounted to a little over So 500 OGO
proved slightly larger than the prelImirary
tsumates; The action of the Bank of Eng
lana in advancing its paying price for Ameri.
can eagles half penny to 76s ia carried tha
lntmatlou that London might follow the ex
ample OF PARIS and offer special Inducements
10 attract gold from New York bur The
measure taken Is not sufficient to accon,nlieh
inns according to the opinions for pubIica-
tqn 81 foreign exchange expert
ne local money market also showed din
especially for time loans. which showed tbs
possipliity OF an automatic check 10 ths
solu export movement in case OF any in
creased need for money here
NJ OF the trunk lines the Paeifrs m. |
Atchisons. Missouri Pacific and townsville
ana Nashville were special sufferers from
me ilqulnation, The hrmness Of the Steei
STOCKS was doubtless due TO the largo rinui
datlon already effected In hen and The an
landing short interest This con6Ition meSo |
t!'en available for manipulation COR n ries ~ |
help sustain the market
bIguiuatlon was in evidence in the bond |
market as well as in the stock market and !
nish GRADS were affected along win tbS |
4 neoe7S s issues Total saTes. mar value
The following are IN, closing prices Of me |
)rlnClpai STOCKS in New York. Clnsins