The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-01-09
MONEY AND INVESTMENTS.
The Transactions Of Day By Opcr-
ators on Nall Street.
MONEY IS NOW SEEKING INVESTMENT
Furore of Speculation In the stock
Market Developed During the
wcck--pnuk Statement.

New York. January S.--Therc was pront
talinv on quite large scale iu the stock
market today after an addiuoaai advance in
prices IN tho carly trading. That there should
be taker out profits after such a sharp rise.
as that OF the last two days was to be ex-
peoted, and the professional dealers who
bought stocks late on Wednesday and Thurs
day sold their holdings.
Ralizing was quite pronounced In its cf-
fees on New York Central aud Sugar, which
reacted moro than a point from the high level
OF the morning. There was evidence OF con-
tinued realizing also IN the local traction
companies. Some of tho anthracite group
also continued under depression today Not
witEstanding these rcactionnry tendencies.
tho general tone OF speculation continued
strong and confident Business was on
large scale and embraced largo number OF
different issues, some OF the usually ihaotivci
stocks being brought into prominence by
SHARP advances.
The pressure OF large sums OF nowiy us
huisei money seeking Investment Was re-
Elected In the demand for high grade invest
mept stocks tho yanderbilts advancing an
sewerage OF point or more. Lake shore was
holred by the report that some Sspfin,voV OIL
tina. company's old high interest bearing
bonds had already been exchanged for the
new rnfundlng siss with consequent saving
IN Interest charges Of s5sS, So.
9lse demand FOR bonds also continued heavy,
| 1HtfC MtS ono TRANSACTION NlVuViN vi Now
YORK., Chicago and ST. Louis fours ut io1s
Prices OF high grado bonds generally are now
~ thu highest aud the pressure OF invest
mcnt forces money higher. AZ the close
prices, we've reduced considerably from me
best and in some instances cartier gains wero
wiped out. This caused an easy closing, With
net changes mixed between gains and losses.
Tho expected happened in the stock market
this week in an outbreak of something very
k,,.s ,rd
rush Of prices In pretty much all grades OF
securities. There was halt in the antini-
pkted awakening on Monday and Tuesday.
aid some decline, duo TO several causes. but
primarily to disappointment Mt the continued
stiffness OF the money market pending ,hc
tnal payment of tho Union Pacihc settle
merit. This involved tho withdrawal from
tho market of s., 5Ss i0l and its payment Into
thu treasury, and this operation, together
with the Accommodations of funds incident TO
fcgular January Disbursements, resulted in
rails Ing the rate OF money to per cent on
Nj. day. By Wednesday afternoon the funds
thus dishursod began to come hack into the
market for Investment. and the government 3
outgo OF interest and redemption bad TO OIL
set tho Union Pacific payments. The declines
In ptices of stocks earlier In the week We're
quickly relieved and professional operators
ana commission house brokers. acting for
outside Spectators and investors begun to
vie With each other in marking up prices
Today'6 bank statement shows the COM
piets rehabilitation of the New York money
market, which has been accomplished not
only Ivy the release of funds at this nentor.
bur by n large inflow of money from interior
points, invited by the recent high rates for
money. Conditions promise such plonitude
of money that the money lenders see their
prospects married, and there is talk of re-
leasing TO the government It's deposits which
vera left in New York banks ut the ttmo Of
part of the Union Pacific payments. These
deposits amount to something over s3S c00.Oup.
Part of them are secured by government
bonds whose redemption Is already provided
for so that their surrender would involve
simIly bookkeeping exchange
In the foreign exchange market the feat
ura of the week has been demand for spec
ulative paper, based on the prevailing low
rate Of exchange established, and need for
exchange Will grow within the next few
weeks.
The average level Of stock prices has risen
between l ard points duttne the week inc
Vanderbilts lead, Lake Shoro being points
higher and New York Central over points
higher business in bonds has been OF large
nrtport long since "Wednesday and some large
advances are recorded. Prices throughout
show sales for the week OF Sl7 900.
The range of prices on the active stocks TO-.
day, compared with the closing prices of yes
torday as reported for The Post by u. w.
Hunter d Co., is as follows: