The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-03-04
he STOCK MARKET,
TO Cover Short Contracts Worked
Violent RecOyerles.
|of DulLSESS AND HFAvlNESs
FWaitlng for tho Bank state
L-sharp Losses In Industri ais
nd so-called specinlties.

M Especial to The Postl
prk March 3.--s. Mum. Son Co.
bcks.
onened depressed. but rallied later
,y on covering Of shorts and the
belief that bad bank statement had
n a1scoulted. The sulplus reserves
n OK. 80. Tennessee Coal ana iron
in the steel stot KS as the Iennen-
end IL is pelieyeo. viii soon oe am
shorts In Tnird Avenue covered
d caused sharp rally in that STOCK.
STOCKS were well bought. with tue
OF the erangers. When were Tor
being neglected. Toe crop reports
raDle. however and there seems TO
a large short interest in these
Inn 10 be covered. Coalers were
especially Norfolk ana western.
fpite Of all the talk as to the Ike.
a reduced dlvidsud shorts covered
on large scale. The puying OF
RAPID Transit too. was of very
If{ racter and included large purchases
Standard OIL interests. VINO pnusht
ely than at any time for some weeks
q pndon did very little on either side
Market The general situation is con-
&troug and we advise buying OF stocks
a epressions and purchases OF bonds
bng.
So York, March S.--The feature OF
ok market today was the dis
condition of mind manifested by
rs, whose demand for stock to
hort contracts worked some vio-
overies In the Industrial department
market. The short account In Sugar
I've signs of being overextended and,
bling to nearly %, the quotation
~ lOiA in the late dealings. A de-
"a the price of raw sugars thus widen.
ri gap to the cost Of raw and rohned
.was an influence. The movement IN
15bcks had a sympathetic influence upon
n dustrials and there were general re-
W from the opening weakness during
I&t hour. A period of dullness and
IS succeeded while waiting for the
'1Intement and upon the publication OF
t<3tement, the market displayed increas-
pmation until the close, which was
IN at the top ana net gains IN nearly
tks. Part OF the buying was on the
|&je that when bad news is out, rally
~ But the return was In fact not SO
us had peen feared. Receipts OF cash
& the interior were larger tnan antlci-
T&nd the loss in cash correspondingiy
"A loan expansion so formidable as
10 was apparently viewed with com
1<y, as the feeling has grown up ia
'Atreet that much loan expansion will
kiQuiet return to the money market so
~ call loans are made at 2u2la per cent
no acute alarm over money market pros
stNThe stock market this week has been
ny the conflicting influences of vlo-
<Qntrary movements in Inherent groups
tks affected BY Individual causes. There
6een sharp losses in the department
81 the stocks Of corporations operat-
~ New York public utilities and not
EAlns in railroad stocks based on largo
n1B reported. The strength OF the rail-
& has at times checked the fall In in
1Hls and at other times the sudden breaks
d industrials have unsettled the whole
e. and have been a drag on the. move
% others. Neither gains on the one
pr losses on the other have been great
~ Is Impossible to determine the ten
scf the market. The principal disturb
ement has been Third Avenue, which
oNer 80 points lower than last Satur-
tbrices and very near 200 points lower
me high price of the corresponding pc
% last year. Such a movement in stock
sa,closely held and regarded as safe
tment security, has an inevitable effect
ther securities, however peculiar TO it.
Where were old riyalrles and animosities
zen the bold and powerful speculative in
y which the misfortunes OF the stock
led an opportunity to crafty. Long
ing conflict for centralized control OF
New York public utilities was also in
d, not only in the movements Of that
?, but through sympathetic connections
ther stocks. There has been furious
Iiation in the conflicts OF the Sugar Re-
company based on the ambiguous ut
ce OF the president of the company that
ronld oppose the payment OF dividends
. the company earned them. This riddle
not be solved for the public until after
oirectors have acted on the dividend
NV ednesday, when spectators will be
~ foot up their gains and losses The
nc steel stocks have also been DIS
nf influence without any very clear ex-
Hon being given OF the large selling OF
M The concurrent, but not very plaus.bie
ftion, Is that the earnings OF these
Pies are not proving so large as ex-
The reports OF authorities In the
showing large consumers still hating
pc making Of future contracts for ma
a obviously with the expectation that
will go lower, seems a more rational
htion. These disturbing influences have
onset, but have not wholly prevented
ect of the extraordinary earnings re-
by many OF the great railroad systems
nuary. II has been feared that tie
rices OF material would SO far exceed
st OF operation and repairs on the
DIS that their net earnings would fail
<Penehted by the largely increased gross
Es. The statements published during
Eek effectually refute this suppostion.
twhere the actual amount Of the cost
2Hating has greatly increased the ratio
Eating expenses the gross is so far re-
as 10 leave handsome increases in
3hings. st. Paul WAS an exception, ow-
itaS explained, to extraordinary improve
&charged TO expenses. Taking the most
{ag, examples, the great Pennsylvania
III directly operated east and west OF
4Prg, gained In January 7s per cent ~
nings over last year, Atchlson So per
eading So per cent, Erie A per cent,
AZ per cent, Lehigh Valley 14s per
81 ne balance of earnings, after deduct
months proportions Of fxed charges,
increased over ten-fold by the Chicago,
Rnd, Cincinnati and ST. Louis and IL.
~ by Burlington. Wall streets scep-
over the explanation that the recen,
US loan expansion by New York banks
en taken out to meet mercantile de-
TOT money, hsT been justified by thf
~ the departments OF the week. Special
tlons have become known which ac-
IA Tor the remarkable loans. The British
In South Africa has resulted In buy
IN stocks in New York for London ac-
& which, coupled with the urgent foreign
FOR cotton at the high price privilege
IMPRESSED the rate for sterling exchange
gold imports are considered within
~ aole distance In connection. These
VIBRATIONS must explain the comparative
unity With which Wall street contem-
,he rapid lnrosds being made upon the
reserves Of the clearing house mar
ne market for bonds has shown dc,
* activity during the week and the
.novement has been Irregular.
IA
Bwins are tns closing prices on bona.