The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-03
MONEY AND INVESTMENTS.
Marked Strength Developed 10
Stocks Again Resumed.
FORMER BULLLEADERS WERE BUYERS
Marked Change in the Character OF
spccuiations-Nionc stringcncy
Not Fcared--Donslw Inactive.

New York. October c.--Thc marked
strength in stocks. which developed In the
late trading yesterday, was resumed this
dnowtSng la full force and continued with
only one momentary pause from the OPEN
Ing untN the close OF the short session.
Tho buying was eager and the covering
of short contracts put out during the two
weeks reaction, the market appeared 10
he urgent. There was every indication
that the reaction had run It's course and
agents employed by the leaslcrs Of the
former b,ia campaign were buyers on a
large scale. The stocks that have shown
tho sharpest declines recently We're fore"
most In tho recovery. Prices OF Ameri-
cans were advanced IN London before the
opcn,ng hero and arbitrago brokers bought
for London account. The stocks which
were favored by London buyers We're
those that have recently suffered mogt
severely from liquidation OF foreign hold
ings, reflecting a marked change IN Tor
o,gn sentiment. The various trade re-
vNws published this morning All report
continued movement IN trade and indus
trial action IN addition 10 statements or
railway earnings. showing Increases, con-
tribulca to the desire to buy. The weekly
statement or The clearing house banks
was interpreted favorable. The statement
clearly reflected the palms the banks have
been at to provcnt amy further shrinkHse
In their surplus reserves. The Withdrawal
OF s9,W2S0o in deposits is partially oiIsot
by contraction IN loans of $ib9a,N00, max
Ink q total contraction for two weeks OF
$i.3ao.S0o The Withdrawal of deposits ind
an additional reflection In tho dccrensc
IN legal tenders or sg,,i2,Soo. which was
Offset by q net increase of $4,000 IN
specie, SO that the actual decrease IN
cash MAS only about 10000. The more
profitable rates for money have Induced
an increase In circulation OF 1921 900. There
Is no doubt that Withdrawals OF deposits
would have been much larger had II not
been for flling on IN the denand for
currency shipments to the South. due to
the Interference with the movement Of
the cotton crop by yellow fever quaran-
tine, decrease In dividend payments and
by New York requirements for payment
OF taxes.
Today's net gains IN prices OF stocks ran
from 20 2 per cent, Tho advance being
in fun tide when tho market closed. The
stock has been highly technical In its ac-
| ton all week. The bears have been mas
stors Of the situation and there has been
no aggressive effort in opposition to their
successful attempts TO beat down prices
untl today The large buying interest
which was potent n force some limo
since, which had apparently censed opera
tons and import interests, occupied a pas
sive attitude.
Gossip has been busy with the question
OF the identity of the powerful pool which
led tho bull market with 50 much dash
ard confidence. and syndicntes OF bankers
have been mentioned as identified with
the moN ement. but whatever their identity
II Ia now obvious that before any evidence
was allowed 10 appear they had liouidated
large amount OF their purchases and
realized their profits.
t'or two weeks prlcen have declined
with no favorable incident to check H.
| Today's sharp advance hns gone fnr 10
reduce tho net declines for tho week and
| IN some cnsos has wiped them out en-
| ureiy The whole character Of speculn.