The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-02-18
MONEY AND INVESTMENTS.
Doings Of a Day With Wall Street
Operators.
STOCK MARKET WAS MANIPULATED.
went Down. and Thcu Rrgaincd the
Loss-Co,ton Market Was of tho
Same Nature.

Now York. February i7.--(spccial)-Thc
features OF the stock market today were:
Dull but firm market with an irregular
recovery In the afternoon. the foreigners
doing little Tho days events were purely
manipulativc. Tho local traders first held
stocks and then bid them up against the
days whole business. The industrials
came In for the most attention and were
successfully marked UP, The nn,hracites
were manipulated upwards.
Sterling firmcr: sixties 4.S6N; demand
ass; silver 67A Mcxicans h3i.dlSiA. supply
OF cotton bills moderate.
Tho liquidation movement OF long con-
tracts In cotton was continued today on
a large scale and prices broke another
l-l6 before the end OF the forenoon ses-
sion. The character of the trading was
with the smaller local operators and
commission houses tho heaviest sellers
aud the shorts" the best buyers. Tho
volume OF business was large and was
well scattered throughout the list, The
selling was brought about 10y II better
appreciation by outsiders OF the bear
features surrounding the market Con-
tinuei heavy receipts Of cotton at the
South ana weaker Liverpool markets nc
tolerated the pressure to sell. Tho mar
Sct opened weak under the heavy offer
ings. with the prices showing decline.
Covering of shorts caused rally after
the cali" but the demand Mt this range
was soon supplied and the market broke
again and steadily declined up TO noon on
large transactions stop loss" orders
were received IN large numbers upon every
point decliue. This showed the weak
character OF the recent speculation and
the refusal OF many holders to further
protect their contracts and their forced
execution intensified the weakness and
accelerated the break
The trading continued active through
out the afternoon. Heavy covering of
shorts aud buying Ivy prominent German
houses, until recently stcndy and rather
heavy sellers. and some support from the
few remaining loyal bulls and friends of
cotton who have been trying to hold the
market for the past month, resulted In
II recovery OF the early decline shortly
after o'clock. The urgent demand at
this range, however, had apparently been
satisfied, ana it only needed little pres
sure to cause relapse and renewed
weakness This was supplied by William
Mohr, prominent local trader, and the
recognized bear leader, who sold 5000
August In one lot 20 Mr. Sondhoim. Tho
market broke again ON this selling and
ruled fcVcrisn and irregular and unset
lied thereafter up to the close. The total
sales up to O'Clock were the largest iull
days business recorded for some time
Spot cotton declined in sympathy with
contracts, prices ruling u lower with
middlng now quoted at 1-S. The total
= sales Tor the day, even at this reduction.
wei, only l5j bales Market closed steady.
NEW NOKK STOCK MARKET.
New York. February ls-5peculation on
| the stock exchange today was mainly
| Couincd 10 the home account, owing 10
the faot that the London stock m.,rhct
WaH not narrow enough 20 AFFORD uppOr-
| Nuiy Tor arbllraGe options mere. lh"re
were, however some small purchases OF
ST. Paul ana II few sales III LouisNiilo and
Nashville. Wabash preferred ana On
| tuIlu Western luc local trading was IN
ltghtor volume than of latn, nut the II aai-
uEs were characterized by decidedly
hrm tone ami the trend OF nRur"~ was
upward. "a factor FOR strength Waa thc
lacN of pressure TO sou IN any otc
official pool except that during the
morning. there was some professional sell
ing OF Manhattan, resulting In a break
lose IN saturday. ii was expected that
several stop orders would be uncovered on
The way down in view Of the unfaNorahlo
quarterly report Submitted on SATURDAY,
hut not one such order WAS disclosed aud
substantial support being accorded To the
stock. a sharp rally took place, sending
the price up to l0G rs. gain of rs per
cent from the low point. the closing being
a per cent below the top, The general
market was somewhat depressed IN thc
early trading. owing to the developments
Of a realizing movement, which quickly
spent st. force. though assisted by lower
prices from London. The industrial shares
were wca kor hut the only reactions OK
cocdlng fractional limits were In sugar
and Leather preferred. which yielded
| per criN each Tho declining tendency
was checked before midday by the an
roarance Of purchasing orders ia the lend
ing shnrcs and the announc, mcnt thnt tno
government gold reserve had been IN
creased TO over 500 900 900 helped the np-
ward movement. There was some sharp
| covering IN the afternoon, which rrsilt-
od I'm gninR Of rs per cent In sugar.
2is In Leather preferred, in Tobacco, ~
IN Chicago Gas, ; 3-s in New jersey Cen
trail and n fraction in the rest OF the
list Pacific Mail was exception ana
fol or ~ per cont on n rumor that a
misunderstanding had arisen between
that comnany and tho Panama railroad
as 20 the amount Of business turned over
"a the road Under the agreement between
tho two companies.
Bonds were quiet but generally nrm.
The Northern Pacific issues were con
snicuous ia the d,alirgs and Displaced
pronounced strength, tho seconds gaining
IA and thirds and collateral trust sizes =
per cent. Other important imp ovemcnts
were noted M follows St Louis ana
SIN Francisco trust hveS per cent. Ont
cngo Gas firsts ! rrr cent. Oregon I'm
nrovcment frsts dropped fM pcr cent TO
: So. Aggregate dealings $4,000
BONDS.
Closing quotations on bonds at New YORK today