The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-11-04
feature in the outside market
was buying OF Standard Oil up to
G05 and go bud. The previous high
RECORD for tic AInclS WING 600.


Last weeks rapid speculative gait has
been checked this week and the volume ,
OF dealings has fallen off to near the point
Of midsummer dulluess. There is a DISPOSE
ton in Wall street to attribute this to Il
curDng process By what are called 1.-THE
controlling interests, meaning the Inter
ests which are deeply committed TO specu-
lative ventures. This rs so far true that
inordinate manipulation, which was the fea-
ture of last weeks dealings, has been
largely discontinued, 1t is also true that
the commission houses in Wall street have
advised their customers against further com
mittments in stocks. some of them nave
demanded add tioual casn margins from their
clients to hold stocks over the election,
thus forcing some speculative holdings upon
the market. Some Observers have attributed
these measures to an dltruistic spirit on the
part of the controlling interests, or al least
TO a commemorate self-restraint about TAX
ing all the good things in sight, But ad-
ditonal motives may be dIscerned, the
foremost being the possibility OF pitfalls
IN the future for such headlong speculative
gait as that pursued last week and pre-
vious to that tine. The specula ion has
been based the assumption that a large
demand for SUCKS would spring up after
the election on the part OF the public at
prices to a higher leyel has been intended
TO accommodate this expected outside de-
mand. But i became evident last week
that the outside public, with degree OF
sophistcation OF which professional Wall
street does not always give It credit was
Itself d.scountngC the expected demand BY
ened the future IN two ways. 1t curtaled
the requirements 10 he left untitled until
after election and it added to the volume
of the long stock which would be thrown
upon the market to realize at that time
The controlling interests" therefore sold
large amounts of stock to feed this antici-
patory demand and called halt to the
RAPID advance in prices which had been the
means OF attracting it,
The advance IN the money rate during the
latter part of the week shows the wisdom
I OF precautionary measures adopted. Had
, there been much larger amounts borrowed
by spectators, the disturbance of money
, rates would have been more severe and
the forcing OF liquidation on a much larger
scae. The stinening OF the call loan rate
Is attributed TO the eXigences OF the
monthly settlement and II is hoped that
> with the redistribution of the amounts thus
= borrowed In the form of dividends and in,
= terest there would be returning ease OF
q controlling interests al so hope there vii
r be Il renewal of speculative demand for
q stOcks with the easier money market
=, On the promised ease OF money are th5
IS further amounts OF imported gold. which arr
ct still to be received and counted IN bank re
o. serves, These include consignment %
rs over So 100000 in transit from Australia
There are large sums of Alaskan gold als'
q in sight Ii appears that the interior de
80 mand for currency has been satisfied TO
Or the present, as not a single transfer wa
TX made this week through the subtreasury un
~ I'll yesterday.
A. The bankers point out that owing TO tn
"a high price at which cotton has been mar
keted, larger amounts OF money VIII be re
talned at the South after the process ha
been completed than for several years. |
is expected that when the time comes 10
Us the return OF money from the lnterio
I'd channels the FIRST result will be seen 4
rs the presentation OF bank notes for REDEEM
RS pton and their consequent retirement Fhi
XII; would have the eftec, of deferrng or modi
nd tying the ultimate return of lawful none
lis into New York bank reserves.
VI; Those who seek light on the future OF IN
rs stock market by the analogy OF events !
rs 1891 would And that after rising from earl
"a in October high prices were touched gen
y; orally within week after election atte
Is: which they declined until late in Decembe
10 TO near the early october level again,
Business in bonds has been on decltmn
scale and largely concentrated m le'
), mortgages OF speculative sales. Prices haN
n receded,