The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-21
STOCKS CLOSED WEAKER
Upward Movement Of Last Week
Failed 10 Continue.
DECLINES MET Win SOME RESISTANCE
Beginning Of Machinists' st1ke and
Fears OF Spread OF Labor Troubles
Caused the Depression.

New York. May a0.--The late inward
movement Of stocks last week failed 20
continue today although there was some
resistance Mt times In the way Of strength
for individual stocks. There was pro
eresslyc decline IN the influence OF those
special movements and the day closed with
the market quite active and decidedly
weaker al about the lowest Of the day all
around, There were one or two unfavor.
able new features during the day, but
there we're also some developments whicn
had favorable Interpretation. The market
was not monfestly influenced by the news
Of the day but seemed rather to move MS
the result OF causes.
Taking Of PROFITS on last weeks rises was
the prlncipal ct these causes. The market
gave growing evidence ~ its abandonment
TO the class " professional operators
some OF them Of large means and brond
methods, and doclued 20 respond to the
temptation ~ prize movements. the
maxim of the professional Is to sell stocks
on a show ot strength and to buy them IL
q decline comes TO interrupt the market
prices before II has extended far Ia either
direction and TO bring the market con
| stantly nearer to a state OF equilibrium.
The market opened irregular and then
| yielded all around 10 the realizing, but
| rallied strongly in response to movement
| In thr ccnlers. There was sumo strength
In southwestern, apparently IN tho score
| nf published reports 81 projected new
| steamship line from \ Mexican port to tho
| orient The obvious fact that the struggle
for the control for the transportation of
| future trade products To the Orient lies
| at the root " most OF the movements work
ing out Ia the transcontlnental railway ter,
| an influence The movement In the coat.
era was apparently speculative. The
strength In ST. Paul was not explained by
any news, but the buying was called good.
The stock yielded however. In the late
weakness aud closed at net loss
! The weakness Of Union Pacific was an
effective factor In .upsettine the market,
| Allegations OF further Issue OF CON
yertihe bonds so hDnncc the purchase ot
| tho Northern Pacific stock were the prime
AT par seven points below Saturday 9
close and at the lowest Of the day. othcr
notable weak stocks we're Atchlsou, witch
lost 4is; Consolidated Gas MS much, sugar
3iR. Manhattan ~, Rock Island aud Met
ropolitan street Railway 2, Louisville 2A,
| Amagamated Copper ~, ana large nun.
hor 81 stocks from 10 . 4 number 81
minor lndustrinls showed notable strength,
although their hest prices were reduced
by the weakness, Among them were the
International Paper stock American LIN
sccd stocks Unified States Rubber stocks,
National Lend and the rubber goods stocks
In American lAnSecd preferred and United
states Rubber preferred the gains had
reached about points. There was large
buying Of Burlington for cnsh, which wn'
apparently connected with the fact of IN,
proposition for the Burlington deal hciuI
conditioned on the deposit OF AZ least Two
thirds OF the capital stock on or before
MAY 20.
The beginning of the wnchinists' strike
md fears of spread OF labor troubles wa
| the depressing Influence and the advance
In sterling exchange rates with the dcciln
Of sterling nj Paris, Indicating further snip
ments ~ gold from here ms well as IN
heavy receipts Of the treasury. which ar
unusual for May, discouraged Tho borrow
inc OF money for speculative purposes.
Tho bond market generally was dun an
irregular. with some Yielding IN the lat
trading In sympathy with stocks. Tota
sales, par value, s3330.o 900.