The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-09
IN THE STOCK MARKET.
The Volume Of Trading Was 90 q Small
Scale.
DISPOSITION TO AWAIT DEVELOPMENTS
Underlying Conditions Are Relieved
10 BE sound, but the Boer War
Is n Disturbing Factor.
DISPOSITION TO AWAIT pEyfLoPAf

Especial 10 The Fost,)
New York. January SIS. Mum Son g.
Co say of stocks.
stocks dropped on lower London, foreign
selling and news of the critical situation at
Ladysmith. London sold 25,0oo shares The
reys OF defeat OF tho Beers caused a
rally in London and here. Foreign sellers
had hard work to get their stocks back In
London Sterling exchange was firm for Sky
day bills. owing TO lower discounts In London
Discoun, rates closed &c lover at Berlin,
Hamburg and Vienna and u az Frankfort
Money hero was 4ls to 6. closing at AZ to o
Railroad bonds we're rather weak. but
Evansville and Terre Haute 5s and Peoria
ard Eastern firsts we're firm The Wormsers
we're the PRINCIPAL BUYERS of 81. Paul, Chi
caeo Burlington and Quincy and Atchison
preferred Big Four dividends on the com.
mon resumed at ~ per cent for the last
halt Of the wear.
Jersey Central ran no on the increase In
the dividend to 5 per cent. The underlying
conditions of the market are believed to be
sound. but the Boer war is disturbing
factor.
Now York January s.--The volume OF trad
inc in stocks TODAY was on a small scale
and disposition was manifested In Wall
street to await tho DEVELOPMENT of events be-
fore taking on stocks. The advances Of the
market TO the influences OF foreign events was
a leading motive Notwithstanding the down
ward course OF interest rates In London and
on the continent II is clear that there IL no
need of more money abroad Foreign obserg-
era are good authority for the suggestion
that the present ease OF money abroad is due
TO artificial causes on government initiative.
In England IL is evident that the purpose OF
this maneuver is to prepare the money mar
ket for placing government loans at an ad-
vantage In GERMANY 1t is designed to
strengthen confidence and help out the vast
industrial enterprises which have been I'M
dertaken there. In any event the effect Is
to draw gold from New York under pressure
and 10 send American securities home to
market The foreign exchange houses assert
that the present level OF discount In London
leaves no margin OF profit on the special
attraction of demand by the Bank of Eng
arriving shipments OF American gold are the.
cause of current ease In London discounts.
How long the ease would endure In face OF
a cessation of the shipments is doubtful,
in this country are rising sharply and II is a
question Of how long the New York market
| to the London market. In these crcum-
stances there ia little disposition in financial
circles to hold up prices of securities merely
to afford a market for foreign liquidation. In
today's market the opening prices were we'll
down TO or below the London parity and 30
long as arbitraRe selling was in evidence
they were allowed to remain there or nearly
so. Later In the dav there was a sharp re-
coYery in prices when the pressure for sell
ing decreased This recovery was partially
due 20 London itself. which bought back a
few stocks sold earlier in the day on General
Whites report Of repulse OF the Beers at
L2dysmith. While there was no effort to
bid up prices there was good absorption at
the recessions some very heavy blocks OF
nrominent railroad stocks being taken. New
Jersey Central was bid uD 81 points on thu
increase of the dividend rate without any
sale Sugar. Brooklyn RsDid Transit and
some of the industrial stocks recovered
sharply from earlv weakness. Later 10 the
day the general list was better supported and
hardened steadily at about Saturdays clos
ing The losses were reduced to fractions
where they were not entirely wired out.
Dealings in bonds we're on small scale
and the tone was heavy. with steady feel
ing The total sales at par value were
Sl.S 600