Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-05-11
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions, Etc.

New York, May 1O.-Thc active liquida-
ton of the two previous days in the
stock market was relaxed today. leaving
the largely extended short interest on tne
defensive. Yesterdays final recovery gave
an impetus to the demand for Americans
on the London market, which lifted
prices for the opening here; Ihere was
some slight demand, through commission
houses, showing that there is an element
which is watching the market closely for
indications that 1t has turned. The open
ing 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 decrease from last
year for the first timo in many months,
did. in fact, have strong influence on
sentiment. 1t was forciblc reminder of
the fears which have found expression
for some time past in Wall street that the
reaction in the iron market and in gen.
eral business would inevitably lead to n
falling off In railroad earnings a contin-
uance of labor difficulties at various
points caused some continued uneaslness,
and the bears protested apprehension
over the 2essimistic tone of Lord Sails
bury's speech last night. Quite liberal
buying for London account served to
counterfeit the last named argument, the
arbitrago houses estimating the buying
for London account as high as 40 600
shares; but the most effective Succor for
the bears camc from u break OF over .
points In Tobacco and from persistent
heaviness In Sugar. Prices very gener-
ally driftGd back TO last nights level or
DeioW. Dut ut no time during the day did
the pressure OF liquidation become severe
and the bears found difficulty I'm getting
stocks whenever they bid for them The
absence OF pressure prompted some OF the
small pools to resume operations, notably
that In Missouri Pacific; the stock was
bid up during the day nearly . points
The covering of short contracts gave
notable strength also to the Atchisons.
the Pacstics. and Louisville. Tho upward
movement In the trunk lines was not as
marked as In other stocks. The metal
stocks were inclined TO be firm all day
though they were not very actively
traded in. American Steel and Wire lod
the movement, both its stocks rising over
) points on rumors that Federal Steel in
terestS would he represented in the hoard
OF directors. The foreign market general
~ improved today on account of the
easier money conditions reflected in the
IhNoribtc weekly reports of the govern
ment banks of England. France and Cor
many. This was especially true of tho
Hcriin market, where the iron and coal
stocks have suffered acutcly from fears
OIL american competition, owing to the re-
T1,.cu decreases in consumption here
Iherc was some slight apprehension that
gold might 20 out on Saturday to Esn".
ianu, In response to yesterdays, odvnneo
IN inc Bank of England's paying price for
American eagles. but the exchange cS-
perts are generally agreed that gold eX-
i.,ins, ~ Lennon oner no profit under ex-
istihg conditions. The local money mar
kst was not Quotably changed today. but
Inc surplus of the banks is dcciin,n~
bonds recovered In sympathy with
stocks. Total sales, par value. S2.it5. OOo
u Gm -, tt Siates Old As, coupon, advanced
Today's total stock sales uroro AZ, ,oo
shares. were 4id'''oo
New York. May 1o-standard on E.oa