The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-08-12
IN THE STOCK MARKET.
Trading In Stocks Continues Unusually
Inactive.
SOME NOTABLE FLUCTUATIONS IN PRICES
The stcgnatiOn in stocks Is Trace
able to the Condition of the Money
Mnrbct-Chcnp New York Rates.

today in the price OF st. Paul and Omaha
of ia over that of yesterday III
a single transaction. American Tobacco
gained /. ga, Republic Steel preferred DIS
much and Pullman ~ Lead preferred lest
7 Ia in addition to Yesterdays ~ point
decline, without any news to explain the
movement beyond reports OF poor ousi-
ness. The common stock fell S-S to the
lowest price on record Sugar advanced
"a point In the morning on buying attrir'
uted to covering OF an important OUT
standing short account forced to cover
by the operation of bull pool in Inc
stock. Most of the gain was lest in the
late dealings. These comprise the only
movements worth individual mention IN
today's stock market The significance OF
the mrket continues purely negative, the
determined restraint of the speculation
marking the waiting for a solution OF the
many points OF uncertainty in the eitui-
hon. The bank statement concerned
pretty closely to expectations, the exports
OF gold for today amounting to S3,2oO.UUO.
evidently not nguring in the statement
The earlier exports were offset ny the re-
ceipts of gold from the Paclnc coast ana
the currency from the interior so Jar rs
TO bring tne decline in casn resources
down to less than 5000 900. 1t is NJ spe-
Cial interest 10 observe that while me
weeks fixture of American capital IN for
eign investment has been carrying out
gold in payment, foreign money markets
are sim adding to the sum OF tleir iodt-
ing Indebtedness to the New York m4T-
ket as reflected in the loan expansion
which is made on sterling exchange COZ
lateral, Further receipts of gold are eN-
pected in New York next week on &C
count both OF kl0ndiks and Austria ian
receipts at San Francisco, but heavy
additional outgo to London is considered
well assured No authorized announce
ments can be had of shippers plans. but
1t is credioly reported that tentative ar
engagements have already been made for
shipping at least $4,000 600, and competent
estimates are made that the total will
reach SO 600, 600 This leaves any Phris
/ demand out of consideration, the rise in
| the Bank of England's bid fo- gold leaving
/ a doubt whether any lnducemeut remains
to ship to France.
| The market for securities in New York
was partially paralyzed this week Deal
| ings dwindled progressively until In the
/ latter part Of the week the day 5 trading
of shares sold dropped back to figures not
/ reached before since the stagnatiol Of
/ January, 1897 There was even mas life
| in the bond market. the duly average
sales having fallen considerably below 81
000. 600 mar value. Beyond the slight sag
ging tendency, which is the natural result
of this iranirlon. there has been 10 i'm
portant changes In prices 1t woutl he
possible to detail quite long list o. 6f
ferent factors, all probably having soma
thing TO do with stagnation in stocks hut
these factors all converge in the 1,ont y
market and 1t is there hat thl index
must he watched for which Is t. point II O
direction of emergence from present con-
diticns.
The week has been important for the
developments tomlrd equalization Of in
ternationa money market conditions As
the rates in New York at present are
the cheapest in the world 1t follows that
the process OF equalization Will raise rates
here while relaxing them elsewhere The
center Of greatest tension as hos heen evt-
| dent for some time past. Is London, aud
how great that tension has become was
proclaimed to the world nv the 7.',tr'ent
OF over half the new British va? lean 10
! American applicants, and the exp'ana .iN1
| offered to parliament by tho chancrl' or
of the exchequer that the very noierate
encouragement he had recsi"sd from Eng
fish financiere had promoted him to ac-
cept an offer already made by an Anglo
American house to place half the issue in
A.the United States. That Is to say from
Y purely fiscal considerations he could place
his lean at cheaper interest in the United
States than In England, II has tfanspired
during the week that the New York an !
London bankers who formed the under
writing syndicate had undertaken that
$4,000, 900 Of the $4,000, 600 allotment 10
the United States afterwards raised To
-11 Il
Bank OF England allowing nine days at 8
per cent on the gold in transit In re-
Spouse f. his concession by the Bank OF
England, gold exchange engagements
were announced to so to London on
Wednesday. Then the Bank OF Englanl's
concession was met by the Bank Of France.
which renewed It's recent offer OF interest
on gold in transit and in consequence got
s2,5OO,OoO by Thursdays steamer. This
development was unexpected, as Paris
seemed to have dropped out OF the compa-
tition for gold in London and New York.
although the reserves Of the Bank o
France continue tc grow by receipts OF
Russian gold in payment of Russian GOV
erumcnt obligations. The Bank OF Eng
land has therefore advanced its PAYNE
price for COLA bars ga penny and fol-
! American eagles id an ounce. leaving ils
! rate az discount unchanged al per cent
of relief By gold shipments from New
} YORK AS a result So 25n. 900 In GOLD ives
20 londcn nv tolsy's steamer, which
would not have gone without the addi-
tional inducement offered By the Bank OF
England. l. will thus be seen that the
weeks events have clearly developed the
urgent need of the English money MARKET
: which TIE eycheouer planned to reliaye
, Dy placing governm ent loin In Newyork
instead ~ awaiting a rise IA London dis
count rates, which would draw goIa aufo-
materially iris policy is hterferei with
oy tho renewed competition % tho BANK
! nt France for gold infNew York The
tact that loans have been repaid to tho
bank Of England to the sxtent OF over
N9oorQo shows also hat the hanks mini,
mum discount rates has not boon clcseIv
observed. so that the relief planned for
49, ,naen market has not been adequate
me efect in New York he's Aegn hard
gnlhs IN the lone of the m7aeY market
ne rates are net 1uotaaiy CHANGED. hut
'enners prefer shorter terms for loans.
Inc bond TsrlSet has shown sympathetic
apathy with stocks all weaE.
. Inc Following are tho closing prices OF tbs
principal stocks In New York; Closing
f. Sales. hid