The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-09-05
LIQUIDATION WAS IN PROGRESS,
THE TONE BEING STEADY.
No One stock Was Pushed to ~ SEN
sntionnl POint--Rcyiew of the
Dealings for "A Week.

| New York. September 4.-The market
| held remarkably steady considering the
| fact that a Sunday and II holiday are to
intervene before The resumption Of trad
! ing and that realizing has been on quite
| large scale all week There was liquida-
| ton In progress today without doubt but
not on a heavy scale, aud offerings We're
| we'll absorbed by tho large commission
house buying. London also bought quite
freely hero OF the international shares. and
a buoyant tone was also reported for
Americans on tho London market. Some OF
| the large operators who have been a recent
factor In the market did not share In the
| dealings today and no one stock was pushed
TO a sensational point as n prop TO the
| market as has been the case on each day
| this week. Tho advance in Northern Pa
| clflc issues did, however, give evidence of
manpulation. Tho stock Jagged in the re-
cent general advance owing to the poor
showing OF earnings. The motive assigned
for todays advance was the benefit TO re-
suit to tho road from the clause OF the
tariff law levyng a discriminating duty on
foreign goods brought into tho country
through contiguous country. No an
nouncement has been made of the Inter
probation given to this clause by the attor-
ney general. who now has 1t under con-
sideration.
The market was under considerable pres
sure after thu opening on offerings to re-
| ailac and declines were general throughout
tho list, extending to q point In Northwest
and Canada Southern and rs In Missouri
Paclfic. Tho market was rallied by the
advance In the Northern Pacific issues.
Sugar and Missouri Pacific. Sugar rose
/ 34 after after heavy opening Missouri
Pacific advanced "a from the low point
ON the report OF It's earnings for the fourth
week In August, which showed a gain OF
| S2IU,0OO over the corresponding week last
| year. The extreme rise In Northern Pa
clfic preferred waa rs on sales of So
900 shares. leading the list. ST. Paul
moved narrowly and closed quiet Wabash
common and preferred were strong on the
August statement showing a gain OF Sl5i,-
149 In gross earnings. Statements OF rail
road earnings published during the day
We're more uniformly favorable and excel
lent bank statements also sustained the
list The closing showed net changes
mixed, Omaha and St Paul OF the Gran
gers being fractionally lower. The coal
ers, ms a group displayed strength, Lacka-
wanna, New Jersey Central and Delaware
ana Hudson all rising over point and the
Heading issues a fraction Norfolk and
Western preferred gained sharply.
Tho week ha. witnessed the liquidation
OF some very heavy holdings OF stocks 10
realize profits on the rise which commenced
IN 'he gangers on Monday. 1t has pro
crossed steadily since then and has kent
the price OF recent favorites In the specula
tion more or less depressed. The market
mas been saved from large reaction In face
OF this heavy liquidation by the, sustaining
loree OF individual stocks, the prices of
winch have been rushed forward in n
sensational manner under manipulation.
i'ach DAY OF tho week since Monday has
seen new stock brought forward aud put
through the operation Tuesday II was
sugar winch was forced up points ON
new interpretation of old facts regarding
'ne propable exclusion duties on refined
sugar wednesday sugar was made IN
serve the same purpose through tho morn
Ing hours. with Jump of points. but II
was eclipsed In interest before the close
by bound upward of 1o% points in Omaha
on ,aih that the stock was to be put on
regular guarantee per cent dividend
basis under lease by the Northwest. The
next day II appeared that the busy specu-
laNors had over estimated the advantage
| or the Indefinitely rumored arrangement
as TO Omaha and had under estimated tho
hchcft TO Northwestern Tho Omaha stock
reacted points and Northwest was
Drought forward for a rise of points the
whoic vanderbilt group being brought into
me movement. Friday st. Paul came to
sne front and on purchases of no less than
.o.'Voo shares rose 3% points to point
peiow par. The heavy increase in earnings
OF the road and OF all the grangers on the
rumors OF IN intended increase In the
dividend rates We're the impelllng causes,
Ihese successive upward bounds OF differ
ent stocks and the continuous liouidation
which attended them have made sensa-
uonai ana extremely Irregular market all
week Tho greater part OF the advances
nave been well maintained and the vol
ume OF dealings has shown a constantly
broadening demand, the sales Friday an
preaching the maximum for the year ana
those today the maximum for SATURDAY,
That this tremendous speculation has ali.
sorbed vast sum OF money Is evident
from the clearing house statement and still
more evident from hardening OF ex-
change rates during the week. the pur
chase OF securities abroad having apparent
~ offset the heavy foreign purchases OF our
nreadstuffs. The absorption OF funds has
made no appreciable impression on the
markets for money which still remain nm
precedentedly cheap. The movement Of cur
rency to the interior has been larger than
last week. hut Is still small considering the
large expansion OF business Indicated by
clearing house statements Of interior points
i AND ne heavy crop movement shown nv
The Hantc reports u the railways. Thu
ttntGk1Qr rad 6aYo thua tar han lar~~lv