The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-04-04
MONEY AND INVESTMENTS
Market Yesterday Closed Firm With
Slight Net Losses.
PASSING OF A PANIC DURING WEEK
The Depression on Account of the
Transmit ssouri Decision Succeed
ed by Stronger Feeling.

New YORK, april S.-Iherc wos little OF
interest in today's session of the stock
exchange, beyond the movement TO cover
over Sunday at the close. which was es-
pecially marked in the ooalcrs. Indicating
the large short selling during the week in
those stocks in the course OF tho raids by
the bears to break tho market. The OPEN
ing was weak in response TO the declines
!. American securities on the London ex-
change.
The statement of ST. Paul earnings for
the fourth week in March. showing a de-
crease of sll3,ial, with one more working
day than in the week compared with had
ket.
There was some selling to realize also
Losses We're only fractional. except for
New Jersey Central, American Spirits pre-
ierred, Leather ana Leather preferred
which declined from 10 rs. The cover
Ing movement in the coalrrs set In after
the first hour and the Vanderbilt stocks
Hudson, New Jersey Central. New York
central, Michigan Central and American
Spirits preferred rose over a point and
Paul and Burlington sold on in the final
dealings, but the general market closed
firm, with slight net losses.
lhc total sales OF stock today were 400
shares, including Western Union, 10000.
New Jersey Central. $500: New York Cen
The week in Wall street has been
marked by the passing of the extreme
point in the panicky condition OF invest
ors' minds over the Transmissouri decis-
ioa. 1T can not be said that the incubus
OF apprehension over the decision has
been removed entirely. bun there has been
a marked gain IN confidence during the
week. Monday marked the extreme po.pt
OF tho depression caused by the Incident.
There were reports on that day that Mis-
souri, Pacific had cut rates ON eggs aud
reports quickly followed OF Guns by other
ROADS IN the ITafnc association IN the
West. Holders of securities saw before
their afirighted eyes the specter of disas-
irous war of rates actually entered upon
ami prices dropped at rate 70 cause Sc
rous apprehension of the maintenance OF
values. The fall did not need the encour-
az cinent OF any manipulation by the pro-
fesslonal bears. This element. however.
Mas encouraged to greatly extend their
shor. lines. confident that they saw be
fons them a certainty OF Il continued fall
h prices. The efforts of the large con
tineent thus left short OF stocks was u
heavy drag on the upward tendency OF
the market, which subsequently set in.
ket that served as effective instruments
Ia tho bears hands but the subsequent
said % have been largely affected By bear
manipulation. The nnmcdate fears
ofoused hy the Transm-. souri, decision
largely abatcd after Monday. The buY-
ing movement which set in after that
day scattered CONSERVATION among tho
bears. The main cause OF the strength
IN ne market was the lorcille assurance
of the authoritics In Western railroads
that they had no inteution of departing
from the schedule rates then IN force.
The obvious desire shown on the part
OF all concerned to avoid a. damaging con
fiict served 10 impress upon Wall street
that II none OF the railroads wanted TO
fight nor of them were likely to start
filnt, and there was no reason In the re
mOVal OF a legal means oil restraining
then, from fighting Why tney should ito-
medlately set about fighting to its own
HI. tFnFt ~
WIS added TO by the decision of the con-
ference of the different councils OF the
trunk lines that the Joint Traffic asso-
cation should continue in operation pend
ing :he appeal of its case 10 the supreme
court. The prospect of advancing the
hearing of this appeal 10 an early dqte
was also gratifying to those In DOUBT
as to the status OF me association.
The introduction in the senate of a
measure to legali2e railroad pooling under
the supervision of tho interstate com
merce COMMISSION had II somewhat ex-
aggerated effect on the buying of stocks
In View OF the determination Of the leaders
of legislation TO continc their efforts az
present 10 the enactment OF tarlll p.ll'
In the Same way the Subsequent an
nouncement of Senator Cullom or inc
committee on interstate commerce that
there was no chance for the bill to pass
OF he considered at this session .dded
strpris ugly to The ,eIe,tly,eh1sn o o. M, ,ne
market again on Wednesday. The eiect-
i've Instrument in The achievement OF me
break was tho anthiac&e coal group lb!s
group was notably strong on Monddy N
The face Of thc general demorallzaton OF
prices, the argument being that thesc
properties had little to fear from any law
against rate ana traffic agreements, OWING
to the harmonious financial interests
which control them. This argument ialled
10 sustain the minds of the timid in the
dangers that beset the properties. and me
closing hours Of Wednesdays trading
witnessed IL sensational slump IN Ne"
Jersey Central, Delaware and HUDSON ana
I,ackawanna the latt ter on extremely In
tied transactions. The well known DC
preston which has long existed IN me
reports of the financial weakness of New
Jersey Central and related coal companies
made tnese rvoperties Vulnerable huiloI5
of an expiration of the traihc hsreanene
10 mlnesyby floods and OF n cut IN me
selling Price of coal In Philadelphh 10
10 cents below the circular prices sem
The coalers tumbling, Now Jersey Cen
trail. Delaware end Hudson and the whole
list falling in behind. with losses large OF
small. on Wednesday New Jersey tsi,-
closing of I SIS and tho lowest point touch
ed by the stock since 1883. on Ih9rsday
and Hudson touched ~ 6-s' hat
being the first time the stock had gone
below par since 1887. The loss from last
weeks Close was ~ Lackawannas loss
was so. Reading second preferred De,
=
stocks being rela lively unimportant.
The Doars made the coalers the base
of their operations during the remainder
OF The week with occasional excursions
into other nelds-the Gould stocks for the |
most part. ST. LOUIS Southwestern stocks
being driven down 2Ia and 5la respectively, |
Missouri Pacific ana Western Union "a |
each. Manhattan "a and Wabash prefer
red rs.
The tacticsl of tho bears were effective |
I'm driving d}wn prices of the general ist
and retardlng The improving tendency |
which had been manifested after Monday |
The declines achieved ranged from 10 "a |
throughout 'he general list. The lower
prices invited covering of the shorts ana |
recovery. Although there was heavy llqul-
intion Of the long stocks In the coalers
on fhe decline, yhe amount OF covering
later in the week showed clearly the
an cunt OF short sales that had been
made 10 effect the decline and break the
market. The improving tendency centered
m the Vandorbiiis, which had been nota-
BY weak and showed market dselines, on
n London OF the financial agent of the
and the rumors Of benents
"a accrue TO those properties from MS
nisson. The improvement was affected
,v the damage TO railroad properties by
storm and flood. but was nevertheless