The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-02-16

New York, February l5.Tha movement Of
prices in the stock market today reflected
very clearly ;he doubtful and conflicting
speculative opinion ovcr tho outlook for
prices. The orinion reflected was almost
wholly that Of professional orerators in
stocks as thev were the only ones who
took any notable mart In the trading. The
general ruhlic persisted in keeping out Of
the stock market hut this continued indif-
ference had not little to do with doubts Of
ricfcst ional spectators some Of whom sold
slowly ut the close Of the dav prompted by
their 1isappcintment over the failure Of any
general demand for stocks 10 develop. A
number of factors contributed to an early
advance in price,. The initial impulse came
from the London market. where prices ad-
vanced on the cheerful feeling engendered by
the forward movement OF British troops IN
south Africa London was buyer here AT
The opening but the demand from that source
W2s satisfied with the taking OF $4,000 TO
Gou0o shares. The iron and steel group ad-
Nanced IN conlpany in the morning under
acuYe bidding tn Of professional traders
American Steel and Wire rising to within
traction of 60. Tennessee Coal rose an ey-
treme pa. The impulse to these stocks came
from the allegations contained in pending
lawsuit Of notoriety. regarding the euormour.
rrofts OF the steel trade for the present year
and assertions OF the likelihood OF still larger
returns for the current year Strength in
Sugar was based upon rather vague rumors
OF coming advance in the price OF the product
and the resumption of operation by REIN
elles recently closed down But the strength
from this cause was not well maintained in
face OF the apathy of the demand. and the
notable weakness In some special stocks. A
break OF ga in Third Avenue was due 10 the
announcement by a banking house of it's
withdrawal of proposed loan to this com
pany. This caused sharp sympathetic de-
clres In other local traction stocks. the iron
and steel stocks and Sugar. in fact, unsettled
the whole list. Railroad stocks lost the early.
gains, but became dull and notably firm near
10 the last nights level of prices. All re-
ports continue to reflect a high level of pros
porous bu5iuess activity and an unprecc-
dented level OF railroad earnings But this
very activity in business arouses question
whether the prosDcrous use of money thus
involved is not likely 10 1eplete the supply
OF funds available for speculative purposes.
No better EXPLANATION has been found OF last
weeks enormous loan EXPANSION than the de
mand for mercantile uses, which is taken to
be on very large scale Rates for call loans
Still continue easy. but only the choicest
grades of mercantile paper ran be placed
now, as low as per cent. most transactions
for sixty DAYS are also in large demand at
~ Der cent The sub-treasury has already
absorbed over SlbG0.OO0 from the market this
week and the course of the New York ex-
change at interior points give little hope OF
any gain in cash for those sources. Taking
into account the recent tendency toward large
expansion of loans further large inroad
upon surplus reserve is regarded as inevitable
in the coming bank statement
business in bonds continued on large
scale and price changes were irregular. Total
sales. nar value. S2,1S5,0oo
The following is reported by cargilI &
nj.