The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-03-14
MONEY AND INVESTMENTS.
Doin9s OF a Day with Wall Street
Operators.
1T WAS A BULL DAY IN THE MARKET.
General Activity Was Displayed in
All Lines, stocks and Dond. Both
Acknowledgment Review.

New York. March ls.---The market de-
veloped lively activity from the opening
today and dealers made the most OF the
two hours of trading allowed on Saturday.
The activity extended through all depart
ments of business. The bond markets
showed notable strength and advanced In
prices along with that for stocks. The
Nanderbilts took the leading place in the
dealings. as was the case in the activity
early last week. The high priced indus
trials were also in good request. There
seemed to be evidence OF a powerful buy |
ing. interest in the \anderbllt stock, which !
have caused rumors TO circulate that the
large holders OF capital are re-entering The |
market. giving promise Of impetus to
the activity in trading. There was also a
notable broadening tendency in the mar |
kct. SO that the list of stock traded IN
shows the filling In of long gaps with some
stocks that have been almost entirely neg
lecied OF late. The volume OF trading is.
not yet large, the total OF to1ay's sales be-
ing exceeded IN the five hours regular
trading on each of the Two successive days
OF the week. The transactions are largely
FOR professional account still. but quite
an increase is shown in the buying by
commission houses, ana there is largo
demand for safe dividend paying stock for
investment.
The special demand for the Vanderbilt
stocks, which has been a factor ever since
the announcement OF the plan for refund
ing the bonded debt of Lake Shore, caused
important gains in the members OF that
group. New York Central and ST, Louis
seconds gaining .. Omaha n, Canada
southern l Ia and Cleveland. Cincinnati,
Chicago and St. Louis '. The rise in the
latter was accompanied by rumors that
the company had secured control OF the
Chicago and Eastern Illinois and Chicago
and Eastern Illinois gained on the
strength OF this report. The advance in
the early dealings also carried up Sugar
a fraction, though on dealings much
smaller than the average for that stock.
which again fell TO sixth place in the mar
Ike, in point OF activity. and the price
touched III. Manhattan was benefited by
good buying TO the extent OF is, reach
ing 81 rs. which is substantially the level
at the time OF the announcement of the
reduction OF dividends to the per cent
basis.
The Rubber shares developed weakness
early In the day and failed TO recover the
less. The stock was affected by reports Of
bad outlook on the trade aud the shutting
down of portions of its plant. Illinois Steel
likewise displayed marked depression on
reported orders from Pittsburg TO open
hostilitics on the companies in the stael
trade Aside from these exceptional de-
elinos there was brief period of profit
taking shortly after II O'Clock. In the
course of which New Jersey Central Della
ware and Hudson. Tobacco. Omaha and
New YorkVentral each reacted 20 a notice.
able degree, The tendency, throughout tho
day was, however distinctly bullish. and
the tone at the close was good, the closing
being fairly firm and slight gains being
the general rule.
Today's activity and sharp rise have
clearly been near the surface of events all
week. Notwithstanding the condition Of ap-
athy and almost stagnation in which the
market lay. The very small volume OF
dealings through the week did not prevent
the undercurrsnt Of firmness fiom mani
Testing itself. especially IN obstin1tely re-
fusing TO yield but on the contrary showed
a tendency TO advance even on the most
trivial buying. This condition OF the mar
ket, usually so inviting to the speculato-,
made IL difficult TO account for tho neglect
which seemed to pervade the market. The
street seemed determined to ignore all ia
,orahle factors In the situation ind 10 wait
for some indefinite something TO show tho
way to sure Improvement. TIE subsistence
of the European war scare. the good pros
poets for the awakening OF trade, the con-
tinued advantage to this country in the bal
ancc Of trade. the secure condition or the
currency and the encouraging reports OF
IL creased earnings for the railways, were
all without effect in awakening any activ-
ity in the dealings in stocks. There was
evidence of the extreme caution OF invest
ors schooled as they have been in long
period of rcvorses and depression, III the
character of such demand as there WAS
The gilt edge stocks. those paying assured
dividends and the well secured bonds.
showed the desire OF capital for certainty
and security, even at low return OF profit,
such as would result from the high prices
paid for the securities The low rate OF
interest on money indicates that there Is
much money lying unproductive rather
than venture In anything that does not
promise certain security. This dizziness OF
capital docs not see yet In the various IA
vorable factors In the outlook that certain
ty of general prosperity which II demands
for safety The high prices which are he
Ing held for the best class of securities
gives rise to calculations as 10 whether the
rate of return for Investment and property
end the price of money has not been De-
nsnently placed on a reduced basis.
The funding OF the Lake Shore debts
with 3is per cent bonds to run 100 yeirs,
is pointed to as evidence that capitalists
are convinced that tho rates for money
are to be permanentally lowered. But
while this spirit OF cautious conservatism
is obvious on the part OF capital coupled
with its hesitancy to embark in spccula-
is also plainly apparent. While II Is true
that purchasers are inclined TO hold OFF and
await more certain conditions, 1t is also
true that sellers show equal hesitancy In
parting with their holdings at low range
of prices buying movement OF even
small extent quickly runs up the price OF
a stock. the bids some times showing long
tumps before an offer is ELECTED, and any
thing like downward trend Of values finds
offers Of many stocks quickly exhausted
One of the notable features OF the week
is the increased demand for money for
release Of imported goods held In bond
The movement has resulted in distinct
hardening tendency In the rates Tor money
but without causing a change In actual
quotations There has been fall IN the
price of silver during the week to 81 80
per ounce attributed to the action OF the
Japanese parliament In adopting the bill
for gold coinage at about the CONNER
cial ratio with silver. The more impor-
tant gains In the prices OF stocks IN the
weeks trading are: Omaha 5~s; Tobac-
M A. Consolidated Gas So. New fork |