The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-09-26
THE STOCK MARKET.
nshey soagAt weak Spots ana rried
!, - Uncsver STEP Loss orders, Sue
sssins IN ssme Instances.

New York September 3.-Therc was no
yAswe and aggressive element in the stpck
market today and the trading was largely
n the hands OF thn rcactioniss. They
were persistent In seeking the weak spots
In the market, trying 10 uncover stop loss
orders. This they succeeded In doing IN
number OF stocks and accelerated the
decline. There were few feeble rallies
during the day. bst the sagglng tendency
was for the most part uninterrupted. The
dealings were not on q large scale, nor
were they as widely distributed as OF
late. Many stocks showed no movement
at all during the day.
The rise III the opcning IN sympathy
with London served TO restrict the net de-
clines In the international stocks, and
London was also a buyer IN some stocks
during the day. There was nothing IN
the general news to cause a recession In
prices, and the heayiness OF the market
has no other explanation than The with
drawal Of support and the continuance or
some offerings ITO rcahze protits. rho
bears did some short selling In their ef-
forts to uncover stop loss orders, but
there was no aggressive general selling
manifest aud mS,h caution was apparent
Trading halted after II o'clock and wait
ed for the bank statement. The response
was not immediate when the statement
appeared. showing scene hesitancy about
constituting its character An unfavorable
view was finally adopted and prices DRIFT
rd downward again, closing In many cases
at the lowest OF tho day. In some stocks,
however, there was a anal rally OF frac,
ton Sugar covered range of over :
points. but closed unchanged. Omaha lost
2 points, Consolidated Gas ~ and many
other active shares from TO points.
Interest today conferred In the weekly
statement OF the clearing house banks.
Tho most notable feature OF II IL the de-
crease shown In deposits of s10,6 500. The
Ax.s.. t....ss Af llA
heavy decrease In deposits probably rep
resents tho demand from Interior banks.
The proportions or tho WITHDRAWALS ac-
counts for the, sudden calling q loans
during tho week, which was attributed IN
speculative circles to a concerted effort
10 manipulate the money market. The
contraction In lohfis IL stated at 2oS,
and this reduced business this much to
the banks In actual cash. Tho contraction
OF loans In tho face OF the active spocu-
ladve demand prevalent accounts for the
stlffeidng cf money rates ana the falling
on in speculative nctivlty on the stock
exchange. 1t demonstrates that the sud
den rise In money rates on Monday after
noon was not a manipulated movement ny
the bears, but was II reflection OF actual
conditions. IT, points To q speedy further
fall IN exchange and to n large additional
nmpont of gold unless the money rate In
London and Paris nses 20 a point where
H would bc more profitable for creditors
here to leave their funds there.
Tho calling and consequent shifting or
loans at tho higher ratio OF interest has
been predominant In the market, which
was reautionary all week with the cxccp-
tion OF one day. The only recovery was
that OF Wednesday on The news Of the
beginning OF the gold import movement.
There is a feeling that the reaction Is n
hoahthy ono and was. In fact, overdue. II
Inns served to shake out many weakly
margined holders of stocks and has left
1hom In possession of holders less likely
TO succusnb TO u casual reaction. II Is
also felt TINT tho advance IN prircg had
RATHER discounted bhc improvement In
business and Increase of railroad earn
dnge. notable evidence OF which was
afforded by the increase during the week
of tho Rock Island dividend from u 2 TO n
4 per cent basis. Therefore. with all tho
news continuing TO reflect Improvement OF
business. all the elements IN Wall street
have practically acqulesced In the rcac-
lion or have intorposcd mo strenuous re-
@istance to a..
Tho declines range all tho way from 10
3 points In the snost nctive stocks, and
Consolidated Gas has declined lii4.
Tho railway bond market has been less
active, and only tho speculative ISSUES
showed any marked sympathy with the
decline IN stocks.
Total sales of stocks today were 2i7. $40
shares, including ST. PAM 2t,626; Sugar
g. i62; Louisville and Nashville 1860.
Cioalng quotations on oond, A. Nsw ,osS today