Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-05-05
BULLS IN COMMAND
Stock Values Are Pushed to a
Still Higher Level.
NO NEWS IS GOOD NEWS
Absence Of Overnight Alarms Helps
General Optimism.
GOLD RESERVES SEEM SAFE
Europe Buys Heavily of American
Stocks and Bonds, Reduc-
ing Exchange.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK May 5.-Stocks continued
their upward movement this morning.
with heavy buying by local commission
houses and by arbitrage brokers for the
foreign account. principally London. IL
was estimated that international houses
gathered in something over 10000 shares
during the first hour, for the most part
OF United States Steel, st. Paul and the
Hartman Pacifics.
These stocks with Great Northern pre-
ferred and Reading, advanced more than
d point In the initial transactions, but later
lost considerable of their lead when spec
ulative interests began to take their
profits. and continued on with the rank
and file of the stock list at fract1onal
increase over last nights closing prices.
Under Heavy Pressure.
Amalgamated Copper and American
Smelling. after firm opening. were SUBJ
tected to great pressure, and before sup
port was accorded them these two stocks
had fallen a point and a half. They
subsequently recovered part of the fall.
but apparently were left in a weak con-
dition. Trading in the leading issues con-
tinued active after the first furry. IN
which some big blocks were handled. and
the market throughout held firm under
the influence of plenty of bull news.
The buoyant state of mind which was
engendered in Wall street by the sharp
rally of the market yesterday morning
and its continued strength during the day
and the early hours this morning caused
political conditions to bear no influence
one way or the other. Hence, as the over
night news contained nothing that could
be interpreted in a bearish way, except
the demoralized state OF the proposed
railroad legislation. the bulls had things
their own way again.
The London market again showed
marked faith in American stocks; crop
reports from the grain districts. while
uncertain in a way, were not pessimistlc
as whole: money rates, both at home
and abroad, opened considerably easier
than at the close of business WedneS-
day, and another break in foreign ex-
change assured those who are chroE-
ically worried over our gold reserve ana
trade balance that they may breathe free
~ for some time to come.
Rumor of Melon-Cutting.
The bulls also made good capital of
another rumor that the Southern Pacific
is about to cut melon from the sale of
their oil lands in Texas and California,
for which negotiations were said to have
been begun yesterday. and from the an
nouncement that the recent issue of
bonds OF the Mexican National railway
had been listed on the Paris bourse.
Cotton was generally steady on bull
support, while wheat advanced sharply,
led by May. in Chicago on anxious buy
ing by shorts and the receipt of bullish
crop news. but the stock market Is not
paying much attention just now to what
occurs in the commodities.
Call money opened at 4 per cent and
later fell to 31s per cent, in view of the
fairly plentiful supply
Another Il cent fall in sterling rates
occurred at the beginning of business.
which was Interpreted in Wall street as
IN indication that the usually large buy
ing of bonds by forcing interests of the
past three days has not abated. Foreign
exchange rates. have fall over 100 points
In the last forty-eight hours.