The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-05-28
SEPARATE SPECULATION
Industrial Speclaliies Not Like Standard
Stocks.
WEAK POINTS WERE ATTACKED ONCE MORE
Innxu,d Tone of Securities of MINER.
Gus Industrial combinations
Foreshadows Danger.

\ New York. May 2T--Thcre was markeu /
disposition In the stock exchange dealings I
to sunder the speculation in railroads aud {
In the Industrial speculations. The im- |
mobility of the standard railroad stocks |
| in face OF the demoralized opening In
Sugar and Metropolitan Street railway |
was strikingly like the midsummer mar
kets of yore, when Sugar was likely to
absorb half to three quarters OF the
total dealings aud when many OF the
industrials now traded In had not yet been
conceived. The bears seemed to have
gathered fresh courage and made quite
savage onslaught upon Sugar and Tobae-
90 stocks, the New York municipal stocks,
smelter and steel and wire Losses in the
railway list we're insignificant In most
cases The first hour had not expired be-
fore an active demand sprung up for the
: Reading securities. based on the strong
showing Of the April statement OF earn
ings. decrease in operating expenses
of the coal company and an increase In
earnings by the railroad compa-
: MES combined to produce net
increase in the earnings for all
the companies of sl07,649. In connection
with the good reports submitted by New
: Jersey Central earlier in the week and the
4 May gross earnings of Ontario and west
y ern the coalers developed quite bouyant
/. tone and enjoyed substantial gains an
I; round Erie first preferred shared in the
advantage. The rise in the stocks was
o carried TO other railroad stocks and
i checked the decline In speclalties, short
It covering causing rallies OF between one
1t and two points The failure OF the market
;; ( to show any marked response to the banh
y statement induced fresh raid by the
!, bears, which carried Sugar down to li5
}, an extreme decline from yesterdays close
q Of l-2 points. The market yielded In
lie sympathy, the specialties quite sharply,
and the railroads but only slightly me
a. market closed under pressure but with net
~ gains remaining for most Of the railroad
s. stocks. Sterling exchange made an UNI
l. usual show Of strength for Saturday with
.; rise OF IA due to hardening rate in
money and the demand that enters from
the continent for gold. In connection with
the plethorlc condition here disclosed ny
8 the weekly bank statement there is some
er renewed apprehension OF gold exports.
'N The demand TOR railroad bonds continued
strong at advancing prices, Reading fours
being most conspicuous. The exchange
win remain closed until Wednesday.
When the season of uncertainty regard
ing the fate OF the coming crops comet
around speculation In stocks by the out
side public proverbially falls to min!
~ mum and the stock market Ia LETT to TN
Wv professional room traders. The very fac
Of outside neglect OF the market deprive
It of support so that the professionals ar
almost invariably bears in dull stoc
Ok market and bulls in dull wheat marke
In accordance with the possibilities q
- crop failure IN the two markets. ina
has been the state OF affairs during tn
past week. Practically every professions
trader on the stock exchange has been
,sn bear this week. The late recovery
& prices is not so conclusive evidence OF
definite indication OF a change Of hear
ket as the professional trader looks with az
- prehension always on few days interY'
rus of inaction and It's possibilities OF impoi
tant developments. The heavy decline
values compared with the correspondent
=, period Of last year, the rise In the valu
90, 90; Of imports and the persistent rise In rat
0c; OF sterling exchange were all Incidents |
one reinforce the argument that our cred
balance abroad had been exhausted an
that an early movement outwards Of gol
was likely. Tho languid tone OF securltlt
of numerous industrial combinations wa
cry striking indication of the saturated cor
49, dition OF the public demand for them an
esn was taken to foreshadow the danger Of
re- break in prices OF those which were IL
fated In value and in weak hands while
re- might demoralze values generally. Thei
o'n were evidences not lost sight of by u
bears, OF a desire TO realize on some OF u
heavy holdings by powerful interests
check the panic due to Mr.. Flowers deaf
Much was made also OF the imparmei
4es to values of an Important group OF stool
W. which would result from the enactment
oss a public franchise tax bill by the We
III York Legislature On these various a.
an, sumptions the bears sold stocks quite a.
ale sduously during the early part of 4
Oh week.
an number OF things during the wee
ON checked the confidence in a reaction
tue prices. Most important was the excellei
ave traffic returns of railroads for the I'M
CT week in May Beginning with st, Pa
To- on Wednesday with an increase OF $500
let on gross earnings over last year, the
US was practically no exception to the faYo
ent able returns. As the comparison Is WI
ul- an unprecedented period last year II cou
~ not fail to have force. Reports or dan
10 age to European crops during the we
On suggested a future price for wheat IN
10 would attract movement OF the reser
rge in the farmers hands constituting u
visible supply. the amount OF when
believed TO be large in spite OF me iar
movement last year. IL was spthciehi
3en obvious that declines In prices OF stoc
- induced by the short selling ala not orll
"V'' out any large offerings OF stocks, argull
confidence in the holders Ia their fhtu
u Is value. There has been pretty stea
cad demand from abroad for the standa
railroad stocks and outgoing steame
growing caution OF the public towar
ends issues OF the new industrial combinatio
and falling off of the speculation IN su
her issues is unquestionably healthy sym
tom and makes for financial safety. In'
visit was q moderate absorption Of gllt-ede
ny and government bonds, But the fayori
are new issues for refunding and REL
c., gsnzation purposes in course OF dispp
MISS ~ reorganization syndicates and VII
visit may presumably hope for stable higi
level OF prices after this flowing SUPP
lris- has been absorbed by investors
,ccu
next Following are the closing quotations
bonds IN New York: q,
t,a- United States 20, reg..........,.'..' ~
nolp United states IS. reg. ..."........, y
Mrs' United states 49, coupon ...,,...s. !,
loon. United States new 4s. reg.'..,..'' !.
party United States new as. coupon ..... !,
ham United States old 40. reg.....'.''.
J,iv United States old As. COUPON !
49, United states rs. reg ...,,.''''..' ~
tNe United States bE. coupon s-.''s...' 7,
de- District OF Columbia 3. Sos ......'..'
Atchison general Is ,,.-..'...''.''
~ * Atchson adjustment rs .,...-.s-''.' :,
Va Denver and Rio Grande arsts $500. !,