The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-02-14
MONEY AND INVESTMENTS.
Doings Of a Day with Wall Street
Operators.
THE BEARS GOT AND KEPT CONTROL
All stocks Were Depressed and Mig
Declines Were scored In Some
Instanccs--RailrOad Resisted.

New York, February is.-Today's stock
market was characterized by stll further
declines as a close TO week that has
shown an almost uninterrupted fall of
prices of storks. The shares of the Iron
and steel companies were rather more con-
spicuous than any Others. and fell Oft
materially, though on rather light deal
ings. through apprehension caused by the
depression in the steel rail industry. Ten
nessee Coal and Iron fell off 2Ss under this
| influence, Illinois Steel showing ~, de-
cline. with subsequent recovery of point
and Colorado Fuel per cent. The slump
| IN these shares had its influence In de-
pressing the whole market, IN which
number of other discouragng factors
| caused tho prices TO fall away a note
of alarm over tho threatening situation in
| Crete peryaded the market late In the
| morning and lent aid TO pressure ON prices.
| There was a sympathetic influence eN-
erted upon stocks by the sharp decline IN
wheat AS usual oil late also. the indus
trials were a mark for the bears and were
| subjected to the usual process by the
| traders 10 contribute their eject 10 The
| general list. Liquidation IN some OF thyse
| properties was manifest. me resumption
| OF the hearings by the legislative trust
Investigation commatee though II VAS
not yet in progress when the market
closed, had ~ notable enerl as usual On
the induatrials, in which little support was
forthcoming to Withstand the bears. Thus
Sugar declined Is, Tobacco IA, Leather
preferred H. and Chicago Gas IA, Some
material losses also occurred In the usu-
ally inactive specialtles. Manhattan fell
H., on the untavorable quarterly state
| nent. The gtangers and Southwcsterns
led the decline in railways, which. how
ever, were fractional. Kansas and Texas
preferred lost lss
The total sales of stocks today We're 1906
a51 shares. including sugar. 23,7AA Bur
lington, bi0O; 81. Paul. 7i00.
The week thus closed practically 70 the
bears, the course of prices being almost
unlnuerruptedly downward.
The railway list subbornly showed good
rcsistauce 70 the DOWNWARD tendency, but
was compelled TO yield IN me closing OF
dcrs In Crete. touching, as ic does, me
Eastern question. and carrying threat
Of embroiling all the European powers
has caused widespread unpasiness in
financial canters abroad, which has been
reflected here. The bears in the New
York stock market have an ever ready re-
source for depressing prices ns long as inc
legislative investigation OF trusts is pend-
ing. rumors as 10 the possible action OF
which and its consequences are never
lacking. The industrial stocks were sub
jocted TO This influence without lntcr'nis-
sion during the whole week, the result
bong shown in u decline IN sugar OF Us
per cent 10 ll0A; in Tobacco, ~ to 6Sa
Tobacco scrip 3la 10 66la: Tobacco pre-
ferrea , per cenl TO 100, and Leather pro
ferrod "a 10 55is. The overwhelming pre-
ponderance of the total dealings were ".
the stocks OF these three companies anu
their influence on the balance OF the lst
was marked at all times. though as nj.
ready pointed out. the railways ehowed
good resistance.
The complication in the stca rail indus
! Try affected the iron and steel companies.
though the number of shares dej, IN were
small. The general situation IN specula-
} tlon is still characterized by the waiting
attitude of the general public who are
, very safest securities. The absorption OF
State and municipal issues and the move
ngent in midway and government bonds
indicates the prevailing taste of those
who have large amounts of money 10 dis
pose of. Those who hope for an awaken
Ing OF speculation and frcer movement of
money, eagerly scan all indications OF a
revival Of trade as the thing most surely
calculated TO pun an end TO the passive
waiting or the investing public.
The revlVing eject upon the dry goods
market and upon the whole industry OF
Mondays great purchases nj Fail River
of 10000 pieces of print cloths said 20 be
for Sl,WOWD, is regarded as one Of the
most hopeful signs OF a revival OF busi-
ness that has occurred for "A long time.
The developments following on the dlsrup-
tion of the combustion of steel rail man
uidcturers which are expected to follow,
are ssyaNied as of the greatest Importance
IN their influence upon the general out
|
pool has depressed the values OF the prop
critics involved to a certain extent,
through apprehension OF the effect of
the war of rates, which seemed to have
been preciptmted. THIS depression WAS
reflected In other properties. But II is
believed that the general effect Of the
have Invited Increased business and the
contracts made, which 1t is believed are
not at all at the lowest level, are expect
cd to work off the product and remove the
| Inertia In the trade In the case OF
the print cloth sale. where the price Is
: reported to have been below the AVERAGE
cost of production, and yet tho effect on
the trade is regarded as advantageous;
The railways are also Fronting IN the
reduced prices of rails many of them
; having been practically rigid economist
IN repairs and ii s said holding off IN
their purchases of rails for some such
break in prices at this. knowledge as "a
the extent or permanency OF me hoStil-
ity among the steel ipu producers on ac,
connt of the bi>sah In the pool Is not wen
defined.
The holiday of Friday served 10 still
narrow the limits OF the market and 10
make IT moro amenahle to the influence
of the leaders. London sales Of stocks
: were In increased volume as the week
progressed and were attributed TO the
. unsettled political situation abroad and
the result of uneasiness IN financial cir
cles.
The week closed weak and sluggish,
with the railways sustaining losses aver
aging a point. The concessions In the
s,pscliGties were moi. important. except IN
the few instances already mentioned. To-
2 tai sales for the week. 6aQ.vH sissre@,
The bond market during the week was
: somewhat IRREGULAR. bun decided under
tone OF strength was noted. which Is re-
, fieotei IN higher values for the invest-
ment liens. Purchases by foreign inter
ests were on a la-ge scale. with the Atch-
ison and Northern Pacific Issues prom
, inent Sales, Ss,l0i,000.
Union Pacific sinking fund Fights al.
vanced AZ.
FINANCIAL.
GaIveston-sterling exchange. qos. VS..
bnying: si.H selling; New York sish,; ht
: discount buying, l-sc premium selling
, New orleans sight. i-sc premium selling