The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-02-21
MONEY And INVESTMENTS,
Doings Of Day with Wall Street
Operators.
STAGNATION PREVAILED IN STOCKS.
Review Of transactions ON thu Ex-
change for the Past Week-Fav-
orable Outlook for Industries.

@'NW sSih' rEp. ~V.--lHc tOtdi VI
5000 shares for the transactions on the
stock exchange today tells the story OF the
stagnation which prevailed. The usual
narrowness OF the Saturday half holiday
market was added to by the prospective
full holiday on Monday. The fact that
trading would be suspended over two days
caused some OF the professional short in
terests to start to cover as provision
against possible contingencies In the in
terval This movement was not oxten-
sive nor long lived. but 1t caused an up
ward tendency In prices. Northwestern
preferred being the only stock In which
the speculation reached any dimensions,
touching l.55
The weekly trade reports. which were
Tor the most part favorable. and the
strength In wheat also. had sustaining
influence on the market, Such reports OF
railway earnings as were at hand today
were also for the most part favorable
Inc covering came to u stop. however.
and the advance in prices was checked In
the last half hour. one of the causes OF
the check was the publication of the bank
statement. which was generally regarded
as unfavorable. The decrease IN loans is
looked upon as beng due to "a contrast
with recent large transactions, namely,
the great slooo.0oO sale OF print cloths
at Fail River and the purchase of a large
block of securities of Northern Pacific
and Oregon Railway and Navigation. An
inc rease of cash-both specie and legal
henderson S5.li6 600 in shown and this "a
supposed to be due for the most part to
the receipt OF gold from California. The
tex upon cash In hand under the Cah-
fornia State law comes due on March i,
and there Is larger movement of funds
from California ut this time in ccnse-
auence. As the supply of exchange In
CALIFORNIA was small. large shipments of
gold to this city have taken place.
Some depression was reflected in this
market from foreign exchanges. where
uncasiness over the Potentially for CYL
of the Cretan imbroglio continues. The
market sagged Under these combined In
iiuences SO that the early gains were al
most lost and the market fell off heavily.
In the bond market q feature was the
Jump of points to 60 in Hooking Valley
fves.
1t IS a subject for some surprise among
many skilled observers that there has
been as yet no marked revival of trading
and speculative interest In the stock mar
ket. The habit of anticipating and dis
counting probable Developments on thc
stock exchange Is we'll known, and that
the present general OUTLOOK for business
and Industry is good there Is no room for
doubt The evidence of a coming revival
is most conspicuous in the ron and steel
trade as . consequence Of the dissolution
Of the steel rail pool. The reduction OF
prices and the enormous contracts when
have been made as a consequence, the ie-
mand for raw material thus created. the
temperament assured to labor, and the
! impetus given to all branches OF the iron
| trade. are confidently counted upon 10
| help the industrial revival The Iron inter-
| est is so enormous and Its ramiiica Ions
| so remote that its prosperity can not fail
| 10 have a marked effect upon the busi-
| ness OF the whole country.
| Most encouraging reports from the dry
| goods and the boot and shoe trades the
| better prices for wheat, cotton and WOOL
| the cheapness and abundance of money
| and the continued security of the couh-
| try's currency. as ind Gated by the sta
| bilty of the treasury reserve and the jan
| uary balance of trade, are regarded as
| strongly favorable factors IN the OUTLOOK
| for speculation
The undertone of firmness on the stock
| exchange as result of these CONDITIONS
| is clear. even In market restricted 10
| the narrowesst professional limits. The
| shrnkaGe IN the volume of trading on a
| decline indicates the att''ude OF waiting
| ing maintained by the holders of most Sc
! rurties. On Tuesday of this week there
seemed to have set In an actual revival
OF trading in the street inc volume OF
| dealings was rather larger than OF lato.
! and prices tended almost unuterruptedIy
| upward, in dehnace of an efforts OF ms
! bears But the market had lapsod to apa-
! thy by the next day aud continued so the
| rest OF the week. disappointing hopes mat
a period Of activity had set In.
| II Is offered as an oaplanat>on that rail-
| road properties, altnOuSI Btut VI lhein
| begin to snow some improvements III
| earnings, are very far from feeling any
| extended benefit yet from the general I'M
provement in business. Some benefit has
| steel rails enabling them to provids CHEAP -
| III for the repair and equipment which mas
| come to be much n.eded In sotne cases
| through enforced ecoDoIh~ o"lhs 70
| enormous decreases in earnings. But the
| fact remains THAI the profits, present and
/ Immediately prospective, of most railway
| bass. and fears OF a reduced or lacking
dividend are prevalent among the share
| holders of a gre>i thnany properties. -,
,r aae s bolb anthracor and bitumnous.
| foofs nuFs as a furtner drag on the mar
ket some depression is also reflected
| from European exchange, OWING 10 the
| Cretan uueston. ,,,,
The week has witnessed large liqhda-
tions In the coal stocks with t.clines OF
| 2ia, with subsequent raiAes OF rs IN rev
az IN Lehigh Valley of 3s and recovery
| OF a fraction in Hooking valley. Inc D
per geil- bonds of the later company re-
ceded ll4 and I.Ta.hTl ra o. c,, lie low
est. The latter securities. however, We're
| .slnuenced ~ fear OF default on interest
paymer due March l. - ,..
especially subjected TO man pulation ana
| shows a net gain Of 3ls pei, cent sugar
| gained 27.. Leather preferred IA RubDer
| shares declined burt later advanced, Win
n net gain OF ia for the common and "a
| @or the nreforred stock. Among the high
priced stocks. investment buying faised
| Iir. pr.cu of Lake Snore ~. -.
The bond marke, during the week re-
sponded readily to a variety. oil favorahle
| factors raising the values Of nutnner ol
| issues The demoralizalioh OF iIochins s
| Valley issues was the only weak spot OF
| consequence. ~,,,
| Closing qro ations on bonds at New Yorx 'oaay
| were MS i0lowsi
| Sorus Is. reg lo2l.lG., II. as A. as...,.lO4
| New j. : coup. loa g. H. A. ISL 20