The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-11
THE STRENGTH
AT THE OPENING.
Gave Wav Quickly Under an Attack
by the Bears.
PRICES DRlFTED BACK AGAIN
And the Closing Was About at the
Level of the Night Before-Bonds
Recovered i'll Sympathy With
Stocks-The Local Markets.

NEW YORK, May 10.-The active iiqui-
dation of the two previous Gays IN me
stock market was relaxed TO-DAY, ieaNiiiS
the largely extended short lhteres. Oh l- Iie
defensive Yesterdays final rcoNefS-SaHe
an impetus to the demand Tor Americans
OF: the London market, when iited
prices for the opening here.
There was some slight demand through
commissions houses, showing that there
is an element which is watching the mar
ket closely for indications that 1t mas
turned. The opening strength from these
causes quickly gave way under the al
+acl nv The bears, who used the state
,,e,,t OF St Paul's earnings Tor the Hfsl
week in May. This statement, showing s.
a decrease from last year Tor me Aisl
Time il, many months, did IN tact nave
sf~on,- influence on sentiment. Ii was
forcibie reminder of the tears Which nave
founn expression fer some tllne past III
Mall Street that the reacuor III me IRON
market and in general business Wouiu
inevitably lead 10 d idiif'iS oii ~ 80 o',
earnings. ,,.,;,,,.;a ~
various points caused some continued uI-
easiness.E and the bears professed appre-
hens;ons over the pessimisuc tone OF l-ofu
Salishury's speech last night
C,1ite liberal buying for London account
served 10 counterfeit the laSt-iiableei reu-
mant the arbitrage houses estimating
,he h,nirlc. for London account as nigh
as al fsaas shares: but the most eHectNe
s,,ccor fo, the bears came from break
of over ; points in Tobacco ana from
persistent heaViness in sugar
Prices very generally drifted back TO
last nights level or below, but at no
time during the day did the pressure OF
liquidation become severe. and the pears
found difficulty IN Setlins stoSA'
ever they bid. o,,o
The absence of pressure ptoitpleu .olite
of The small pools to resume operations.
notably that in Missouri facitic- nat
stock was bid up during the Gay nsa.is
points The covering of short contracts
ray., ,,ntaf,le strength also TO the Atchi-
sons, The sPacifics and l-ouisSaiie. me
onward movement in the trunk lines was
moi as marked as in other stocks Inc
metal stocks were inclined 10 he 1lrin al
day. though they We're not very actSeiS
traded in, American Steel and WIRE led
the movement. both Its sIocss iist - "; -
s points on rumors that tederai steer IN,
te,es.s would be represented in the Board
OF Directors.
The foreign market generally improved
to-day on account of the easier money
conditions reflected in the favorable
weekly reports of the Government banks
OF England, France and Germany. TINS
was especIai,y true OF the Berlin mar
ke,. where the iron and Goa! stocks have
suffered acutely from fears OF american
competition, owing to the reported &c
crease IN consumption here. There was
some Sigh. apprehension that gold might
80 out on Saturday 10 England IN re-
Bank of England.s paying price for
American eagles, but the exchange ex-
perts are generally agreed that gold ex-
ports TO London offer no profit under ex-
listing conditions. The local money mar
ket was not qnotabiy changed to-day. but
the surplus Of the banks is declining.
Sebs recovered in symoathY with