The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-03
i'm THE STOCK MARKET.
Stocks We're Strong. Although Money Was
Much Higher.
WAR NEWS BRActD UP LONDON MARKETS
Strength on This side Was Sur
prise, Although some Improves
mcnt Was Expected.
fsneclal % The rost.l

y
New York, January AS. Mum, Son 4
Co. say OF stocks:
| Stocks were very strong in spite OF th'
fact that money moved up to u per- cent; /
closed at per cent. Total sales $4,000
More favorable South African news and low
er discounts braced up London and helpet
New York January disbursements for divi
dend and Interest are estimated at as high al
$4,000, 90 and this may affect money rates
for a time but no prolonged stringency is ex.
pected Sterling exchange was higher, in
sympathy with weaker London money rates
The features in railroad bonds today were
Atehison. Missouri Pacific, Northern Pacific
. issues and Wabash ''B'' debentures We
take favorable view OF the general situa-
ton
New York. january 1.-The strength de-
veloped in today's stock market in the de-
gree TO which ii exceeded was surprise to
the traders Last weeks very considerable
advance in prices offered inviting profits and
it was expected that selling on this account
would be sufficient to feed the new demand.
The selling to take profits in the first hour
Of the trading was in fact on a very large
scale. sharp advances at the opening helping
along the process Last weeks persistent de-
mand and the large gains In prices were para
dox in Wall street eyes and the professional
traders were very persistent in selling the
market on any advance. This element was
watchful today for any opportunity TO swoop
upon the market aud break prices TO a point
at which they could be taken at a profit
when the proht taking hecam. manifest they
made a vigorous attack on BROOKLYN Transit
forcing u down ever 3 points AID bringing tho
riss in tho general market to a halt So
far. the courcc of the market was about ds
has been expocted, The tone nj the money
market was firm at the opening and the
demand incident 10 the active speculation IN
stocks pushed the money rate up TO II per
cent during the day. Thus all things seemed
70 confirm tho expectations Of The reaction
lists. who however. failed entirely to proper
~ gauge the outside demand for stocks. This
absorbed the sales to take prohts and then
proceeded 10 swallow IN all other offerings
available The bear party became alarmed
at the PROPORTIONS Of the advance and has
tened to cover The money rate ran down
later in the day to per cent and the tone
OF stocks became buoyant The most strik-
ing gains and the most activity were shown
in the industrials, Of which Sugar was the
leader. The Iron and Steel stocks, especially
the common, were also in eager demand at
other indusTials At the same time there
was a confident and we'll distributed demand
for the railway stocks The grangers showed
the largest advances, owing to the rebound
from last week weakness due 10 the st.
Paul and Burlington statements Of earnings
and the trunk lines. including Baltimore and
Ohio. Norfolk and Western and the great
trunk lines we're all notably strong The
striking declines in discount rates abroad
aroused some confidence that the export
movement OF gold will not extend much
further though the financing OF the South
African war expenditures must be reckoned
with and they have been the motive of the
trenuous efforts that have been making to
bring about easier conditions in the London
money market As for the domestic situa-
ton, tho movement Of money was evidently
turned in favor of New York New York
exchange at Boston went to a sharp premium
today An accepted authority estimates thai
the total disbursements for January this
year. taking into account securities Of banks.
insurance companies and such will foot up
$40 00N. 600.
There was sufficient points Of weakness In
the bond market to give regular appear
ance, although the general tone was strong.
Total sales. par value, sl,25S.0o