The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-13
i'm THE STOCK MARKET.
Opening Sales Showed Friends Rallied TO
Sugars Support.
BEAR EFFORTS WERE WITHOUT SUCCESS
In Foreign Sentiment
Broadened the General Tone
in Late Dealings.
EAR EFFORTS WERE WITHOUT SUCCESS
Special to The Po.t.)

New York, January l2.--s. Mum, Son q
CO. say OF stocks:
Stocks we're irregular early, but rallied
before the close owing to London buying
Money was easier here and abroad. Here
3d4il per cent, closing at ! per cent. oioIu
exports for tomorrow 1,0o0, 900 London bougnt
10000 shares, mostly southern Paclnos, Union
Pacifcs, Atcbison preferred and Chesapeake
and Ohio. Baltimore and Ohio was sold Tor
Dutch account. II was bought BY others on
rumors of dividend on the preferred stock
Buying Of trunk line stocks was due to higner
freight rates. Norfolk and Westerns indie
pendent position In view Of trunk line deyel-
ppments led to buying Of that stock van
derhilts, it is said will control BROOKLYN
Rapid Transit after January Is. Sight sterling
exchange dropped " cables = and soday bills
y cent eousols IN "a on more cheerful war
news Bank NJ Germany's rate reduced per
cent and German open rates are more man
ner cent below the bank rates Call money
N London very easy at to 2is per cent Stock
sales here 4Si,S17 Bonds % S06.000. with
leading features in the latter Baltimore and
Ohio ST Louis Southwestern issues, Colorado
Midland Central Pacific 3lzs, Colorado South
srn irsts Peoria and Eastern incomes and
Wabash "B debentures The general situs-
tion certainly growing better.
New York, January 12.--rhe opening sales
of Sugar afforded convincing evidence that
its friends had rallied to its support and were
have made in cutting down its prices. Very
heavy blocks we're thrown upon the marke.
at the opening but the quotation was lifted
from lis TO ia on running sales in the first
transactions OF the day. The opening price
was the lowest. After the stock got above
last nights level the bears renewed their
efforts to depress it again, but without sue
cess. The resistance shown by the stock
caused uneasiness in the ranks of the un-
wisldly short interest and they started to
cover. They carried the stock up to lis, near
which II closed. .Aere was no further signs
OF weakness which was shown yesterday by
the local traction stocks and Tobacco which
was said TO be due to the closing out OF an
embarrassed account. THESE stocks were up
der pressure during the morning, but they
responded to the recovery in Sugar and late
general strength in the market ana rose
vigorously above last nights level The re-
taxation of the pressure on Sugar played no
small part In the general strength OF the
market. Railroads advanced at the opening
IN sympathy with strength abroad but they
were not embarrassed by Generalization in
the specislties and SO gained strength as the
day progressed. All the principal stocks are
from l 10 points over last nights level and
ciesed strong at The TOP. Some very heavy
blocks of Baltimore and Ohio we're taken on in
the late dealings by the circulation OF rumors
of approaching dividend declara tions The
market hroadoued out notably IN the late
dealings on the improvement In foreign senti-
mepts and strong expectation Of a good
bank statement, The Bank of Germany fol-
lowed the other European government banks
TODAY nv reducing its minimum discount rate
fIom to per cent and the rapid downward
course Of private discount rates in London
gave confidence in still further reductions in
the bank rates. London also took a sanSuine
view OF the advantage Of General Buffers new
position on Tugela river. The buying for
London account WAS sufficient to cause
sharp break in sterling exchange rates all
around Money was IN abundance Of supply
and rates for time loans were shaded to per
cent on good collateral Call loans fell TO
ner cent. Subtreasury operations had Yield
ed to the banks s3,443,oOO up to Thursday
night. The net gain Of the banks on the
regular export movement with the interior
is estimated at about the same amount This
does not take in account receipts by registered
mail which are reported 10 have been On
large scale. From these amounts must be
deducted last Saturdays gold exports as well
as a:000.O00 in gold which went to South
America today The net gain by banks on all
accounts Is figured at about 5000 900. The
bond, market continued dull, but was strong
Total sales, par value. s., 1876, 900