The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-03-07
MONEY AND INVESTMENTS.
Doings Of o Day with Wall Street
Operators.
IRREGULAR FLUCTUATIONS SCORED.
Prices in the Main Left on About
Where They stnrtcd-Rcvicw
of the Week.

New York. March 6.--Todays stock |
market was again almost wholly In the
hands of the professional element, The
course Of prices was rather irregular and |
fluctuations were quite wide in many |
shares, but the result of the days trading
left prices about where they started. a
net decline Of trivial proportions being
registered at the close. Prices tended
downward at the opening. the tone being
reflected from the London market, where
the Americans shared in the depression
which overshadowed all values. There
was a continuation Of selling for London
account In this market. The railway list
absorbed the large portion of attention.
especially the grangers and the interna-
tional stocks. The volume OF dealings In
both st. Paul and Burlington exceeded
that in Sugar, the usual leauer Of the
market, The other high priced industrias
were comparatively neglected. st. Paul
was sold by London for time. but showed
good resistance. Louisville and Nashville
on the other hand. which was also heavily
sold by London. succumbed more easily
and rallied feebly from its decline, Tho
decrease In earnings and increase In oper
ating expenses indicated by recent reports
affected the price. The Anthracite coal
group continues In a state of depression on
account OF the persistently unfavorable out
look in the trade. New Jersey Central
was especially center of bear attack and
fell 3-S. The fall in Louisville and
Nashville amounted to ! per cent. Wander
bits also weakened in the absence OF
support and went off with the grangers and
the balance OF the railway list. Missouri
Pacific lost l Is. Rock Island / and New
YORK Central is. Consolidated Gas de-
clined point and the other grangers and
Sugar and other leading shades Included
"a to rs per ceut. There was cessation
OF the selling movement to caver over sun
day by the shorts developed. The bank
statement was accepted as favorable with
the increase shown in the amount Of
loans of s4452,00o. indicating an increased
demand for money for mercantile purposes
Under these favorable circumstances prices
stiffened throughout the entire list. Tho
closing was steady and the average OF the
net losses was trivial
me total sales of stocks today were II,
10 shares, including St Paul. $500: BUR
Iington. 1900; Louisville and Nashville
$500. 0'
The net result OF the weeks trading
showed an Improvement in the market aud
higher level for prices though the gains
or the early portion OF the week have not
NIL 'een maintained unques tlonably the
most important factor In the Improvement
was the Issue by the Lake Shore OF $50
oco QUO hundred-yoar gold bonds at the rate
OF aie per cent. for refining PURPOSES This
issue was authorized and perfected on
Tuesday, and the effect on the values all
through the list of the stocks was mark
ed and Immediate. Lake Shore had al
ready jumped 10 points to liz on the fore
shadowing OF the loan. The low rate of
interest at which the bonds Were fioated
and the good prices which they inime-
diately took. set the whole street to look
Ing up the status of tho railway properties
IN the matter Of per cent bonds maturing
In the next few years and which Will thus
be available for operation and the conse-
quent reduction of interest charges. New
York Central with $4,000 900 ! per cent
bonds come due in the next i've years
and with tie Vanderbilt control was i'm
| mediatoly affected in sympathy with Lake
Shore. 1t found also that New Jorsp' Cen
trail also has about $4,000 900 bonds ma
turing by 1902, Burlington s2S.90O, 600 In
1903, Northwest over Sl2 900 900 in 1909, st
Paul an aggregate of over 1922 900 900 due
between now and 1905. Louisville and Nash
vile over 600 due in 1898 and Mich
igan Central Ss000,000 due In 1902, all
bearing interest at per cent. The analogy
between these roads and Lake Shore made
their values susceptible to the influence of
the Laks Shore example. Tho Vanderbilt
properties we're naturally all affected by
some sympathy. and the operation had a
properties as indicating a high grade Of
credit and earning power. The consequence
was a stimulation of buying OF railroad
stocks. which caused a larger volume of
trading on the exchange on Wednesday
than any day for many months. Prices
! tended uninterrupted upward by wide
bounds. the price Of some high priced
stocks being bid up many points without
eliciting any offers OF the stock. Tho up
ward tendency was also accenuated by the
disposition to anticipate the 'inauguration
boom" which ali traders have confidently
counted upon with tho incoming of the new
president.
Some Of the advances this week were.
OF the Vanderbilt. Lake Shore, 10: North
west. as; Omaha, 5la; Omaha preferred.
G: C. C. c. & st. Louis, 3h. Illinois Central.
.. New York Central, ga Michigan Cen
trail s; Canadian Southern. ga New YORK
Central and ST. Louis. SO and second
preferred Of same ca.
The effect on some OF tn, other stocks
were shown In the advance In chicago ana
Alton of 3: ST. Paul preferred re; North
west preferred 2: Omaha 6. This lot OF
high priced investment stocks held the ad-
vance and resisted the reaction later In
the week except Omaha preferred, when
lost 1, !,
The general market came under the In
fluence Of a reactionary tendency on Thurs
day, which continued TO the end oil the
week. This was parity uNe W thp iaNt
that traders had looked with confidence 10
inauguration day us one of the high prices
and they proceeded to take the profits The
trust paragraph In the presidents inaus-
ural address also depressed the price OF the
industrials Some OF those who had ex-
pcnded their enthusiasm over the Lake
shore loan began to argue that all roads
did not have as good credit as the Lake
Shore and that 1t would not be feasible Tor
ali of those which have bonds maturing a
few years hence TO anticipate the maturity
nv refunding scheme. and various other
arguments OF the melancholy tenor when
characterize the reaction from all kinds
of stimulation. London also became
heavy seller Of American securities In this
market estimated at about 80. 900 shares for
the week These were well absorbed and
| The prices here were maintained at point
yi,b The London parity, This was. in fact.
| what influenced the arbltrage sale OF the
stocks here. but this fact helped the re-
dictionary tendency of the market.
The reaction was not complete in any
notable case. except those OF the industrisls