The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-11-26

RovrIE \ Vas 4 GENERAL l I
6aef6Saf nardentng q Rrices--srsnr
RI ~ me Last n Gasns-' MONEY
lIlarIket n eooA Condition.

\ IA M Il IA ~ss-~-
~ York, NoyVuber N.-rSo stock
n,arset awokc frcnl ~ letharEy ana ava
1 nvo1y business - mo second hour OF
the GatariAy short session.
Thx vuaunse Of tho dealings and the
senexni movement Of prices were greater
than have been seen for several weeks
past. 1,hc appearance on the floor Of one
Of the principal operators during the sum-
snor caused raso In prices and the dis
tributiun Of largo orders for his account
werU snpdo,ibtciiy the causes OF tho rise
TIE re,vfstwa,co Of the market during the
week d, pressv,re and the gradual hard
entr,x 81 prices In spite OF tho dullncss had
laid the foundation for an advance In
nrsces under any confident leadership.
The strength manifested alarmed the
shorts and they hnsteiied to cover, Thus
helping along the rise. II was noticeable
that the strength and activity OF the mar
ket were transferred from the specialties
and fyh,strals, to which they have been
largely confined OF late. to the standard
railrcQd shares.
Galns OF about a point or over We're reg
syztered in the granger shares, the coaIers
and in q number of the trunk lines. inc
Southern lines Jagged In o. rather con-
sn,c,pus manner, notwithstanding the
su,ong statement OF the AtchiSoli COM
nanny for October, showing an increase "
not earnings OF Sl357g9. No small part
OF the strength dn the railway hst WIZ
due to the anticipation that the supreme
court on rcassembling ON Monday, aitcr
ITS aitttmnn recess, VIII hand down a de-
ci.saos In the Nebraska maximum freigni
case favorable 70 the railroads, rms w y,
l,, Ian, laoltan forward to. TO
give an upward impetus 70 prices, ana
have in fact been sevcral times advanced
on the assumption that 1t wNnid pc I'd
vorablc and have subsequently roacteu.
Sugar was strong and easily leu tn2
list with an advance OF rs on reports tniI
a decision from the treasury report woVli
30 soan forthcoming, applying me eOut,
tervailing duty clause TO Ddtci rehhco
sugars.
The bank statement was about what
was expected. Although there was an
actual increase IN cash reserve OF f3,3ss-
100, the legal reserve was raised by more
than that amount on account OF the ire
mendous amount of Si1,7i60D In the de-
posits. The surplus reserve In conseqlence
has fallen off by ssil,32o The excess oil
the increase in deposits over that IN ;o@ls
reflects tho movement OF currency from
the interior TO this contor. The large pro-
portions of the increase In loans ana de-
posits are, Of course. reilectfens OF the
Union Pacific payment on Monday. The
condition OF the market. present and pros
pectve, has been OF greater interest all
week than the stock market. The heavy
Union Pacific payment made not the
slightest impression on the market. OF
course the fact that the government left
tho whole amount on deposit after It's
payment ohviated lts actual withdrawal!
from the market, but the fact remains
that the raising Of am enormous amount
OF cash was effected and an extensive
shifting of loans and credits accomplished
that woiR.d inevitably have q stifenl-
sDg rate for money somewhat had not the
market been In Il plethDftG condition. Even
the assumption Cf business activity in the
South due to removal OF the yellow fever
quarantine, has faded to result In amy
i,ptdpie demand for money from that
quarter
lhe West Is sending money to New
York bank vaults. That region being plen.
tifnlly supplied as the result OF paying of
on long standing Obligations, Chicago
bansss are reported 10 have severn. mil
lion dollars loaned ian Gerlrany. as. the re-
suit OF grAfni bills Inlrc'faSn1 ~ that CEN
ter which have rot yet been drawn against
the exchange bills This operation ip-
wolves the purchase OF hong exchange to
tpoh untll maturity and New York banks
have kaned money abroad by a. similar
operation. IrlI's doubtless accounts in plrt
for the lirnness OF the foreign exchange
rates In the face OF tho continued Heavy
exports OF fooiistuffs.
There has also been some long buying
OF long sterling for investment darling the
WEN udSt1d on tifS hWUpDhlll1n That the
balance OF trade may have shifted by the
time II natures and 80 have raised the
rates OF exchange. IT Is worthy of special
notice IN that conneethon THAI the Imports
Of dry goods mud general merchandise for
the week at New York show am Increase
OF Ss.Ia3 i3,, or nearly ~ per cent oyer
those OF last week and they exceed those
g me coIrespond.ng peried OF last Year
~ over 100000, II this Indicates a sat-
tied tendency OF foreign trade II will not
only nmrk the beginning OF a settlement
GU the heavy trade ba.ance IN our favor
which Ii a potential factor IN the case OF
une domestic money market. but II marks
Ill spcrcasH IN the governments revenues
on imports ard consequent decrease IN tho
deiicit. which Is constantly runninp from
The treasury Into the channc.s or the
uislncy market.
THE fore'gn exchange market has prah.
epiy telt the effects OF the weeks sales of
american securities OF London M This,
market, London has sold quite steal IN
OF ne stocks which make up tho bulk OF
The stock market has offered a,mos, ~
feature Of Interest during The week Dur.
ing the day the list generally sl,ows small
net gains. stetsts OF New York corpora.
Ions were notAbly active and strong, Met.
ropolitan Street railway and Aianhattan
t3lva risen W each Consolidated Gas n, .
infatuated mere than IL points and closeS
4 ON over ~ points COVER Sugar Is up ) points
The feature of the bond market bas
DIN uae large demand and the nIe,rer
Suer'nss OF high grade bonds. Tho msr.
NY mas not been NOTABLY active, but prices,
$6630,000 '"sa' saies
The range Of prices on the active s,oc, .
touay, toSether with the close yestcrda q
- reportea FOR me Post by -. w. Hunter
- Sv - as Ioiiows:
Omen. H,gh Low Tsa'y. Ysa,v
An. srRar. ,ls3ss la5 lssA 1874 lssL'