The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-04-29
IN THE STOCK MARKET.
Trade Reviews Indicated Prosperity Is Mol
Being Maintained.
REPORTED LARGER CURRENCY INFLOW
Gave Force to the Impression that
There IL n Falling on of Trade.
Iron Trade the Index.

" Il
market had an uudertone OF depression which
did not reach to positive weakness wait
ing attitude would be the proper description.
The reports OF the commercial agencies for
tho week which mako their appearance on
Saturday morning, caused feeling that In
aastrial AID trade actslty and business
prosperity were not being fully maintained
FOR the time being. There are suggestions
In ssrious fields that ruling prioes are serv-
ing to diminish consumption to en- extent
tnat may neecssitate eurts!lment OF produc-
ton aud lowering OF prices. Tho report
for March OF the Lehigh Valley nnished the
exhibit OF untavorable results in the an
thraeite field The bank statement, while
a strong one. according to the ordinary
rules of Interpretation created an unfavor-
able impression. Reports OF tho larger In
flow OF currency from the interior were fully
confirmed by the statement This movement.
~ view or the ease OF money at this center,
gives force 10 the impression that there is a
iSlhnK on IN tho trade sotivity, This view.
az an events. was the keynote of tho droop-
'aE tendency o. prces TO which there were
not sufficient exceptions 10 afieet the general
tcnc, The Steel industrials were special
suHcrers. on reports OF Intended competition
w the Carnegie company in the aeld for
steel and wire companies products. aud the
shutting down for repairs OF rlant OF the
National Steel company. Tho weeks increase
OF leans rs undoubtedly largely due to bor-
roNips on sterl!rE collateral. OWNS 10 the
theapness OF money hero and the relative
dearness abroad, this operation Ia moro prof.
ltable than drawing the exchange This
p ptrrssni rs well as the expert OF geld,
borrowers. as the countrys foreign toade
continues 20 accumulate credit In our favor
reports OF bank elearings do not warrant
the assumption thai the return flow Of cur
reney is due TO diminished trade activity.
New York and Boston are the only inn
portant eCuters III the country that show 4
pared with last year. Tho i've other lead
INK reserve cities. as we'll as the total for
all other cities show Increases running from
TO over % per cent The true expectation
circulation and tho disbursement Of cash by
the United States treasury has overrun the
needs OF the circulation and is forcing funds
back into the ida reserves OF banks
Prices Of stocks arc rather higher ut the
emo of this week than they we're at tho end
OF the last. after having been considerably
lower. The amount OF support accorded TO
prices and the extent OF the demand at any
reaction IN nrices has been Eomething Of
surprise to its Observers. 1t WAS feared that
the break in pplces In the iron trade would
induce widesar6ad LIQUIDATION In securities
Wall street hv tradition. looks upon the
IRON trade az all inlslltble index OF prospects
for business conditions once established
that iron and steel production has outrun
demand and the price has reached level TO
efectualy discourage and curtail consumpv
ticn. or that needs for the future have been
sj far mot MS to lead to depression In iron
and steel Wall street is prepared 10 accept
the evidence as conclusive OF culmina-
ton of prosperue circle with tho certainty
o. nsriod to follow Of business , reae Sn,
urday the cut in prices by the American
Steel and Wire company seemed 10 estap-
fish the fact OF such condition ~ tue iron
and steel trade and the week opened In cou-
sequence with evidences OF general llquida-
ton Of stocks. The FIRST check 10 the ue
cline came from the powerful SUPPORT py
inside interests in various stocks IL became |
quickly evident also that in the steel stoess
themselves the heaviest liquidation hhn al !
ready been effected by holders who knew |
what was coming and who had pot only
sold their holdings Of stock but had gone
short Of the market al the higher ieNel,
Thus It happened that the opening saIa Gu
Monday morning marked the lowest piHee
for some Of the steel industrials on tue
The eager demand from the shorts to cover
proved an ample sustaining force ior ,n e,s
stocks But Wall street believed that etuI
the bears in the steel stocks had taken tnelg
profits there might be renewed decline, anu
oprators continued 10 sell. kumors neBan ~
circulate that recent confident predictions OF
Inaugural dividends in some stocks and IN
creases Ia others were not well ROUNDED ING
conditions which were demonstrated IN tne
Steel and Wire company also had @tons
influence on sentiment on account OF their
bearing on the question OF the etncacy OF the
gigantic Industrial combinations OF the last
wear and a half in controlling the trade con-
ditlons so far as to lessen the danger OF re-
current industrial depression.
The prospects OF large exports OF gold was
an added feature OF depression. The pro-
fessonal bear traders fairly reTeled IN ths
various reaction tendencies and cold stocks I
with an open hand. They sold so freely that
their demand to cover short contracts de-
veloped keen composition HOW iar INC &C.
mand from this source was responsible for
the late rally In the market must wait lot
clear demonstration until the further closing
out OF speculative ventures and cessation
OF tho excessive manipulation incident 70 the
contest OF speculative forces. The transae-
tons in Sugar make II appear that the I'M
wary bears had sold In the aggregate rather
than the total stock Issue OF the company,
The necessity they were under by their con.
tracts Of buying this amount OF stock placed
them in an unpleasant predicament, when the
floating supply had been largely taken up
rumors among the bears and their opponents
tried TO add to their difficulties by rumors
OF favorable developments bearig on values
The bulls had In their favor continued large
earnings by railroads In every section Of the
country, except the anthracite coalers. siren
uous efforts were made to re-estaolish conh-
dence In the prosperous conditions OF the
iron trade, affordlug tho large consumption
OF iron products and the certainty OF con-
t!nued demand to meet the needs OF projects
already entered upon The problem OF gold
exports and their effect CD our money market
and stock market or rather the extent OF
such effect, is deferred for short time ~
least The weeks small shipments had little
effect on sentiment.
Activity in bonds had been mostly confined
to special cases IN which individual causes
affected prices. The market was generally
quiet
Carglll Richardson OF Houston report
New York stocks as follows:
stockg-- Open. High. Low. Close.
American Sugar .....llsla ll7l1 1ls 1856
American Tobacco -. 1917 lOiil lo4k l0iH
Atchison preferred =. 7qh 70% 70A l0i5
G.. p. and Q. ..,-.,.i2g las laS7s iz51S