The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-10
MONEY and INVESTMENTS,
Transactions Of DAY With Operators
% Wall Street Exchanes.
EFFECT OF WASHINGTON INTlMArIoS
snall Decrease IN Loans ana Cons
dence n the Strengthening Force
~ the Cola IN Transit.

moved their raid on the market 10 such
good account that few stocks have escaped
with less than a point net loss. Tho course
OF the market yesterday In tho face Of ex-
traordinary dullness had led many 10 sup
pose that the bear campaign had come to
an end and that the market would probably
sink into inaniniAtion for time. Tho usu-
al weekend covering Of shorts contracts
was expected to stiffen prices slightly.
Quito the contrary occurred. Prices did
improve traction In the ntst hour on a
very light volume OF dealings. hut weak
ness developed In Chicago Gas and checked
the rise. The room takers soon afterwards
discovered selling by houses with Washig-
ton connection. The stock market Is pc
culiariy sensitive to intimatlons from
Washington ut this time, owing 10 q con-
viction In many minds that It IL only a
question OF time when the Cuban question
shall lead to rupture with Spain. Much
stress Is laid also by traders in stocka upon
the pending decision of The supreme court
upon Nebraska maximum freight rate
case and the case against the Joint Traffic
association. The market was evidently I'M
protected by supporting orders and selling
by bears led to a rapid decline on light
transactions. Only two stocks In the list
are Chicago Gas and burlington.
Chicago Gas, Omaha. Manhattan, Mis-
souri, Pacific and Burlington were conspic-
nous In the decline. Consolidate Gas tiuc-
tuated In Its characteristic way. breaking
9i9 points at one time, but ending with a
recovery OF points. There were slight
recoyeros In some stocks just Mt the close
but many stocks closed at the lowest The
professional trader usually accepts de-
crease In the surplus reserve as q specific
admoniion to sell. But the small de-
crease In loans this week. s262 800, i3di-
Gates that the banking authorities view
with eQuanimity tho decline In their re-
serve surplus and are confident In the
strengthening force OF the si,a6o.oo0 In
gold now IN transit 10 New York
The gold arrivals OF the week reflected
an increase In specie OF 81 ESQ. AGO. but are
more than offset by the decrease In legal
tenders of $i,302, 800. The demand for le-
gal tenders IL very keen and the best ef-
forts OF the banks and the United States
subtreasury arc not equal 10 fully provide
a supply Tho New York subtreasury has
been obliged TO refuse 10 supply legal
tenders In rcturn for gold except for tele-
graphic transfer OF currency TO other sub.
treasury points. The New York banks
have been settling their balances nj the
clearing house during tho week In gold 10
a large extent and the prediction is made
that the payments of customs duties Will
soon be made In gold.
Chicago banks are also presenting gold
at the subtreasury there with the request
for legal tenders. Since September l the
decrease in legal tender In the New York
bank reserve has amounted to $2l, 3bl 800
and the specie has increased nearly. ST.
| $780, 900 in the same timo notwithstanding
large exchanges OF specie for legal ten
ders at the subtrcasury. The ample pro-
portions Of the country's gold reserve has
| doubtless had much to do In dcferriug the
import movement OF gold which was fairly
inaugurated yesterday ana the day before.
| the total amount OF gold now In transit
amounting to $6,350.0 900. The stiffening OF
| exchange rates consequent upon the pur-
chase OF bills against these imports Is be-
| lieyed to be but temporary ana the move
ment OF gold IL expected TO continue stead-
| lily for some time. The effect on the money
market has been to impart distinctly cas-
Ter tone, time money declining to per
cent for sixty days and up TO per cent
for four months and longer periods. Out
side buyers OF commercial paper have
been In the New York market during the
week and though the supply OF paper has
been increasing In volume. rates have been
easier. ut Az 10 8 per cent for prime
grades.
The stock market has been singulnrly I'M
affected by tho beginning OF the gold
movement which almost always has a
marked sentimental effect on prices. The
resistance Of the market to the effect OF
the heavy slump In Chicago Gas on Thurs
day and tho hardening tendency on FRI
day on the large shipments OF gold an
nounced on that day, led TO the surposl-
ton that tho reaction was at an end and
that rally would ensue But today's
market has completely bclied this expecta-
ton.