The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-03-03
ALOWER STOCK MARKET
Nearly Everything on the List Yielded to
Bear Pressure.
IRON AND STEEL STOCKS WERE WEAK
sugar was Subjected to Heavy Sell
ing and Went Below Pnr-Rail-
road Stocks Lower.
IRON AND STEEL STOCKS WERE WEAK
lsnecial to The Post.l

New York. March as. Mum. Son CO.
say OF stocks;
stocks dragged under the influence OF in
dustrals aud fractions. james B. keene was
supposed to be selling the list there was
only an irregular supply towards the close.
Sales $4,000 shares. Money frmer at 2te per
cent. A bad bank statement is expected for
tomorrow. Industrial stocks were sold on the
idea that the Industrial commission means
business In its recommendation that the COM.
panies be forced to make monthly and annuai
statements for the protection OF investors ana
tbs general public This may seem rougn
for the moment. but in the end IL will prove
good thing Third Avenue broke early,
terests in Third avenue are engaged, 1t -
said. in "a fight ana IL has more or less ell
feet on the whole list.
Unfavorable dividend talk hurt sugar. BETS
of four TO one were offered that the dlvl-
dend viii be reduced. London did little either
way though it bought some Atchison and
Southern Pacific. Third Avenue was sold
down on fears that the investigating commit
tee may discover niger in the woodpie."
IL il insisted. at any rate, that there is
screw loose somewhere, and until II Is found
II will be good idea to let Third Avenue
alone. though some are buying 1T on the
theory that 1t is CHEAP whatever maT happen.
as it undoubtedly has an enormous traffic
and the East Side IS still there. Some think
the Southern RAILWAY will announce divi-
dsnd on March of IL per cent on the pre-
ferred.
Southern stocks Pachcs. coalers and gran
gers may b5 bought on declines. BOND sales
were 81 100, COO. with Toledo and Ohio Central
issues a leading feature.
New York. March The stock market
failed to show any positive strength at any
time during the day and in the late dealings
the list Welded to bear pressure.
The news OF the threatening aspect Of at
fairs amongst the metal workers In Chicago
was received. The weakness OF the iron and
steel stocks yesterday. which was due to
large selling orders on Chicago account. was
thus explained. The bears were busy in
this group of stocks all day and supple
mented the news of the labor troubles with
many vague rumors of a purpose to defer div
idends which have hitherto been foretold on
more or less reliable authority. Reports were
circulated Of enormous rival combinations to
be organized TO compete in this industry.
AS the result of this pressure the majority of
the stocks In the group were depressed from
pa to points. The character of much OF
the selling was made obvious by the sharp
rallies on bear covering. American Hoop.
Tennessee Coal and National steel recovering
from to 3 points at different times.
Sugar was subjected to heavy selling all
day without other explanation than the con-
tnued doubt of the dividend prospects. but
Nulcu was ATTRIBUTED 10 IL new pear ACCOUNT.
The stock dropped TO par for the irst time
since the summer of 1895. ana fell further
to S6h. rallying feverishy and closing un-
STEADY at net loss of ga
Third Avenue suffered from additional Ii
quotation. and fell an extreme Az to the
level - almost 20 points under the high
price of February last year. The stock rail-
lied sharply but was weak near the close.
Peoples Gas was raded on the report of
projected proceedings against the legality OF
the combination. Consolidated Gas was forced
down points on light transactions
Pullman. sugar preferred. Tobacco and Met
ropolitan suffered to the extent of 3 to 31a.
Tho railroad stock Welded eunvillingly in
the late raid on the market when the large
blocks were thrown over, st. Paul leading
the decline with an extreme drop of > points.
Baltimore and Ohio. New York Central and
Southern Pacific were also notably affected,
The late rally on bear covering reduced the
net loss OF railroads to fractions except In
the cases mentioned.
There was disappointment that London did
not respond with greater enthusiasm to the
news of the relief of Ladysmith by buying
stocks. Tho disposition there was to realize
and London was small seller here.
The prosnects of heavy decline in surplus
reserve in tho hank statement induced some
selling but the preliminary estimates of the
cash movement by EXPORT indicates a small
neT gain in the interior movement. This IS
attributed to shipments by interior banks 70
New York fer the purpose of buying govern
mont bonds. But the gain on this account is
quite insignificant compared with the weeks
losses by the banks to the subtreasury.
which have amounted to s7t9S.000. thus max
irg inevitable further decline of several
millions in the surplus reserves OF the bani's.
'Fhe bond market was rather dull and
prices yielded in sympathy with stocks. Total
sales. par value. s1oS1.0o0.