The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-03
LITTLE DONE IN STOCKS.
Sugar FIucluated Few Points and Closed
al Q Gain.
SPECTATORS FEAR A SENSATIONAL Tup
Mines Being Closed. rms
Country IL the source
Must Furnish Gold supply
tspeciaI to The Post.)

New York. May 2-s. Mum, SON 70
say. 80 cold
EXPORTS 81 100000. stock sales ieo'wo' ponus
81 800. 600. Money 1isa2h per cent clos'ne az
luA short time money abundant longer
dates not so.
long Island was in brisk demand and It
advanced sharply on the belief that inc roau
is TO have important connections with tns
New york Central, some even going so tsr
as 10 say that it is going to be absorbed by the
latter road. Southern Pacific was sold by
foreigners.
A rather unfavorable bank statement is
cxrccted next saturday
steel stocks wore weaker in spite OF Ia
yorable trade reports It was started by
decline in Republic steel. which was ae-
lcou,nanied by rumors that hostile action
viii be taken against the company tnaIl. ~
| nv dissatisfied stockholders Andre" . az
ncrio said business s in excellent CONDITION
in iron aud steel. While prices may rule
somewhat lower for both there will be no
catastrophe. Iron and steel interests oil to'o
country nrc confident Of prosperity for az
I least this wear,
An old bull is said to have sold Chesapeake
and OHIO. Good buying reported OF southern
Pacific London did little, but shipments OF
stocks to the other side on purchases made
| some time ago are large. standard Oh broR-
| ers bought Sugar and the Wormsers We're
also huyng IT, Some believe firmly that tho
sugar war is practically over. snafp 40
Ivsnces n Consolidated Gas Pullman Palace
| Car and American Express Buy railroad
stock on declines
New York, May 22-There was no transae-
tion OF any Importance In the stock market
today Sugar opened at last nights price
and moved up at one time A. points, closing
with net gain OF about 4 points. The con
slant fluctuations of this stock offered the
room traders about their only opportunity tot
! securing it during the greater part OF the
| day, and they traded m it constantly. n and
lout, helping on the aggregate OF sales re
corded ~ the stock Nltnout making auy
| impression on thu stock OF the transfer BOOKS
| OF the company News Of tho stock cou
slsteu OF rumors without ver.nratou There
| is undoubtedly a feeling OF dread among
Spectators that there may be sudden ana
sensational development regarding the steel
! lndustrlals. and those STOCKS are sensitive
/ TO every passing rumor. They were al weak
today. Tennessee Coal and iron dropping al
one tine points The rally in the group
indicated that short selling vas largely re-
sporsthle for the decline add no very large
onerIngs were brought out BY the drop Long
/ Island moved up 4lg on top OF yesterday )
! l0la rise and saved net gain OF points.
! American EXPRESS gained points, Outside
Of these special movements the market gen
orally was excessively duh and reported moth
ling more important than the operations VI
professional room traders of smau caliher.
/ The announcement Of further gold engage
ments for tomorrow's French steamer OF
! ~, 10G,0 600 was the signal for a general selling
movement by this class of spectators IL
mad been taken for granted that the large
| exports OF gold would be made ny Saturday 5
steamer bur the additional shipment by to-
morrow's steamer. bringing the total "a So
tu0 ,0N0 was d surprise, fins shipment IS gem
orally believed 10 represent a triangular ope-
ration. That ~ 10 say, on London $ order to
meet demand on mat center Among the
exporters are some who have strenuousy held
that No profit could be made III exporting gold
| at the highest figures yet touched Tor eX-
change and the rate for demand sterling TO-
day was I'D per pound lower than the high
est rate touched on the movement. II is tur
10 assume therefore that some concession has
been offered to mako a margin OF profit on
the transaction, but in any event the metal
IS recognized as being in effect a loan
, 1t is evident that the need of money a.
active trade has not kept pace with the cur
rency expansion The low rate of money,
coupled with the large loans OF New York
banks and their small surplus, rejects the
eagerness Of capital 60 place credits, but the
demand for credits is not sufficient 10 absorb
where interest rates rule higher For some
time the merchandise credits resulting from
our favorable trade balance have been left
at interest abrOd, This countrys large gold
production and tho present cutting on of the
| fransyaal gold supply also makes us the
source of supply for the money metal The
net result is that we are not only refraining
from calling home merchandise credits but
are shipping out the money metal to meet
the needs of foreign markets.
The bond market was dull Total sales par
value $l,43S,oOO.