The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-12
IN THE STOCK MARKET.
Considerable Speculative Activity by the
Bear Contingent.
DECENTRALIZATION IN THE ACTIVE STOCKS
Uttcrnuccs of President Havemeyer
Caused the Attack on tho In
Observation-Disclosures

| New York, January 1i--Today's stock market
was characterized by considerable speculative
activity on the part OF the bear contingent
! The raid however, was restricted to small
number OF stocks. all OF them in the list OF
what are called specialties including the New
York City public utilities and the older high
priced industrials There was positive de-
liberalization in these active stocks. in con
| trasL to the fairly firm undertone OF the gen
eral list and especially the railways. The
reason OF the attack on the industrials was.
OF course, yesterdays utterances by the presi-
dent OF the American sugar Rehnlng com
uany. The friends OF other stocks IN the
| Industrial list made strenuous enortS TO ar
! ferentiate their movement from that OF sugar
ami marked them up briskly at the opening IN
| the face OF a violent break In the price of the
stock named, but the bears met this manoeu-
yec with selling in such volume and with such
confidence that one after another OF them
crrmbed and fell through storm of dis
| lodged stop orders. Even the railways were
affected at last and the earlier gains in that
department were generally wiped out. Tne
only prominent railroad stock in which the
net declines reached a point were Baltimore
and Ohio. Burlington, Missouri Pacific, Penn
sylvania and Delaware and Hudson. Lacka-
wanna declined points. The rally before the
close reduced all net declines in the railways
to fractional limits and registered fractional
gains in some cases The course of Sugar
wac extremely erratic and feverish all day.
Al the low level 1t was over S points below
last night and 2 below the low level in the
December panic, its net loss of points. All
Of New York traction and lighting shares
we're lower. Metropolitan showed an extreme
decline Of 9is, Brooklyn Rapid Transit s and
Third avenue el.. The gas stocks. Manhst-
tan, Peoples Gas, tobsccos Federal steel.
Sugar preferred and Tennessee Coal and Iron
were on from TO ~. The borrowing demand
for Sugar sent II TO premium in the loan
crowd before the close. large preponder-
snce Of the total dealings was made w by
this group OF speclaltlcs. At no level Of prices
was there any activity in railway stocks. Tho
strength 10 foreign markets on the reduc.
ton OF the official discount rates Of the Bank
q ENGLAND snd the Bank Of France was re-.
tected to this market and foreign srbtraes
brokers we're gond buyers until prices rose
above parity. Commission houses continued
practically die and there was no disposition
to speculate IN railways. The reaction In
prices we're sympathetic The London huvine
was in sufficient volume To cause notable
heaviness in the sterling exchange market,
where tbs demand for bills was very light
The New York bankers are receiving large
remittances from the interior as we'll as from
the subtreasury and rates on all classes OF
loans were notably easier
The bond market was dull but held firm
throughout Total sales, 81, 2o5o0o.