The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-05-11
Stocks IN Better FORM
THERE WAS LESS LIQUID TT0N.
AND DEALERS TOOK HOLD
MORE FREELY
OUTSIDE DEMAND IMPROVED
- -.--LL--s
fS-.j SSn jr--
Prices Very Generally Drifted Back
to Previous DHy'E Closing Fig
ures-Bondaa Were
s ~ Stronger. sW a7 I-s--t
OUTSIDE DEMAND IMPROVED


Call money. New York.: 1929 2A@21z
NEW YORK, May 19.-Fhe active Iiqui-
dation OF two previous days in the stock
market was relaxed today, leaving the
largely extended short interest on the
defensive. Yesterdays final recovery
gave an impetus to the demand for
Americans in the London market whichi
lifted prices at the opening here. There
was some slight outside demand through
commission houses showing that there
is an element which Is watching the mar
ket closely for indications that 1t has
turned. '''f- 800 ~ s.
The opening strength from these causes
quickly gave way under the attack by
the bears, who used the statement of
st. Paul's earnings for the first week
in May. This statement, showing a de-
crease from last year for the first time.
In many months, did in fact have a
strong influence on sentiment. 1t was
forcible reminder of the fears which
have found expression for some time
past In Wall street. that the reaction in
the iron market and in general business
would inevitably lead to falling off in
railroad earnings.
A continuance of labor difficulties at
various points caused some coftfniIed un-t
easiness and the bears profeSSed appre-
henson over the pessimistic tone of Lord
Salfsbury's speech last night. Quite lib
eral buying for London account served
to conteTact the latter argument the ar
bitrage houses estimating the buying for
London account as nigh as 10000 shares.
But the most effective succor for the
bears came from a break of over
points in Tobacco and from persistent
heaviness in Sugar. 49, ,cs-. .5,t..
Prices very generally drifted back to
last nights level, but at no time during
the day did the pressure of liquidation
become severe. and the bears found diff
ficulty in getting stocks whenever they
bid. for them. The absence OF pressure
promoted some Of the small shorts to
fc,,e %IoA 4.
souri, Pacific, and that stock was bid up
during the day .nearly5c2 points. Cover.
Ing of short CONTRACTS; ealso gave notable
strength to the Atchison, Pacifcs and
Louisville. The upward movement in the
trunk lines was Rotoas marked as IN other
stocks The stocks were inclined to be
firm all day, though THEY were not very
actively traded in3C American Steel and
Wire led the movement, both it's stock
rising over 8 points on rumors that Fed
eral Steel inteFeStSs would be represented
in the board of directors.
The bond market generally improved
today on account51of the easier money
conditions, reflected. siTrI the favorable
weekly reports of 1.-THE government banks
was especially true to- the Berlin bank,
Where iron and cotton Stocks have feared
acutely American competition, owing to
the reported decrease in consumption
here. There was some slight apprehen-
sion that gold might go out on Satur-
day to England in response to yester-
days advance IN the Bank of England's
paying price for American eagles. but the
exchange exports are generally agreed
that gold exports to London offer no prof
IT under existing 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, $2,7
$4,000 United States old As coupon adj
vanced u in the bid price.
:. ST0C,IZ OI-6rr AryIo6-s ~
Furnished by Charles f. F. Smith Sc
Co, members of the New. York Stock Elk
change. Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: