The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-09
LIQUIDATION IN STOCKS.
Bears Took a Turn at the Market and
Sent Prices Downward.
RAILROAD SHARES SUFFERED THE MOST
The Break Was SURPRISE 10 the
Professional Observation-Disclosures
in Business liz Expcctc".
espec,al to The Post.

New York, May SIS. Mum, SON q 90
Isay;
stocks declined sharply. largely owing 10
selling by pools and the close was weak
Sterling exchange sc higher for sight oliis
London sold ST. Paul, Union Pacific, Atchison
land Louisville and Nashville, and bought
some Erie first preferred. and a few other
stocks. Fears of further labor troubles at
the West, where concessions have been
made by the New York Central have en-
couraged demands by other railroad workers
and weakness in London were depressing
factors Pacific Mail declined on poor
statement bull pool was selling South
ern Pacific. Long selling Of Chesapeake and
Ohio. Georgia Central and Southern Rail-
way preferred to settle up a bankers estate.
Some buying Of Glucose on good prospects
Of tie company and the fact that the diyi-
1 dond Will soon be declared. Boston Sole
grargers Resumption Of work at the steel
and Wire mills at Joliet tended to strengthen
steo stocks after an early decline, due TO
tho resignation Of two Steel and Wire diree-
tors yesterday. bear pool was reported at
work in Southern Pacific. New England sold
st Paul and Chicago. Burlington and quincy.
! Good bCyine Of American Tobacco on big
earnings and expectation OF a very IaVord-
bile statement next week. Liquidation re-
ported in bull pool interested ia Baltimore
and Ohio common. Southern Pacific Nor
folk and Western, Union Pacific and St,
Paul had a depressing effect the whole
list. London sold $1,000 of its specialties and
ldribbling out of long Brooklyn Rapid Trans
lat ana Metropolitan depressed fractions. Good
buying Of steel stocks on the decline
| Money to 2k per, cent. From Two to
three millions of gold will be exported On
Thursday Some sold Pennsylvania on the
point that the company gave 97l2 for its
Long Island stock
On good declines buy the better class of
IN gfn fpp ,nde tttrre .
total stock sales today was 100000 sharesi Of
bonds 1900. 000 Of which the main features
were Reading U.s. Wabash r dehentnres aud
Baltimore and Ohio and Atchison issues.
New YORK, May S.-The prolonged listless-
ness on the stock exchange gave way to an
Ioutburst of active liquidation and prices
suffered severely as a result. In the rail-
road list losses between and points are
the rule and in many active stocks they
exceed that. Stocks in which bull manpula-
ton was persisted in, faced a gathering evil
dence OF depression, and naturally suffered
the most. Baltimore and Ohio stocks were
foremost in this class, the common losing
over points ana closing at the lowest,
while the preferred is S& lower than yestei-
days close, Missouri racine was anotner
example in the same class and declined 9Ss
ing on a sc.,le down.
The sharp break in prices came generally
as surprise aud the room traders CONTRAST
ing the wide movement OF prices tor the
small effect produced by their worst foes
for a week past, were inclined to look Tor
an explanation TO the arrival within reach
OF Geographic facilities OF the most success
ful bear leader Of the past year who landed
yesterday IN England after week at sen
But there was nothing in the trading that
would make bear raid sufficiently account
Tor the action of the market Liquidation OF
long stocks was clearly in evidence. The
large offerings in one or two stocks in the
railroad group which were a feature, and III
wnlch were believed TO be the letting 80 OF
speculative accounts by large interests were
evidently the forerunners OF todays llquda-
ton
The weekly statistics of railroad traffic
made up at Chicago and possibly held after
yesterdays market was closed were sufficient
explanation Of the selling They demonstrate
3oncusively that the reactionary tendency
OF business has begun to have marked ef-
lecl on railroad traffic as it has been feared
~ would. II is apparent that many offers
OF railroad stocks nave been holding in the
nope that the volume Of railroad traffic would
not Do materially affected. But with large
declines both in the receipts and shipments
Ia Chicago and with freight officials of
Eastern lines complaining about the light
lratilc large holders of stocks Threatened
me market today and found few bidders 10
take them. The bear traders when thew
saw how the thing was going, Joined In the
selling and their buying al declines to cover
their short contracts gave the only occasional
mo " thf uuNHWaTu course of prices
The necessity which is now clear Of reduc.
uon OF prices throughout the business world
in order TO induce sufficient consunntiou
10 aosorn the largely increasing production
save occasion for depressing opinions of the
outlook Fears are felt that a readjustment
OF wages ana a course of labor troubles may
be the result
Not much attention was paid TO the uues-
tlon OF further gold exports, as the money
market shows no apprehension on thai score
nor 81 the cessation of the outgo to the mar
ket from the sub-treasury The continued
ease OF money in the face of these factors
Is regarded as corroborating the fears OF a
nus us'tess reaction The comparative outlay
Tor improvements by some of the railway
companies aud for extension of control are
alsq beginning to be looked upon with an
pfehensior and to affect unfavoraby the
stocks OF the companies Steel and wire
ana Federal Steel were rather notable ex
cepuonS to the general weakness en- account
toi ne extensive liquidation already effected
Bonds were active and weak in sympatbv
with stocks Total sales par value 2,lsO 6o0