The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-11-11
IN THE STOCK MARKET.
The Market Was Mol Materially Changed
In Character
FROM THAT RULING SINCE WEDNESDAY
A Fever Fit Was on when the Mar
ket Closed aud Fluctuations Were
wild and Unsettled.

ket Closed aud Fluctuations Were
wild and Unsettled.
New York, November lo.--Today's stock
market was not materially changed in char
acter from that prevailing since Wednesday
morning. except that an opportunity was
given to test 1t when the bank statement
made its appearance. Considering the kind
of buying that has been going on during
the latter part oil the week and tho extent
and reasons for some OF the advances made,
the market came through the test ialry
well.
The monetary chill which struck the mar
ket when tho statement first appeared
seemed to pass. but a fever At was on
wnen the market closed and fluctuations
were wild and unsettled under the conflict
ing influence OF vigorous pressure by the
bears and eager support By the powerful
bull cllques or frantic unloading by weak
speculative holders and nervous covering ior
a quick turn by shorts,
The earlier market showed very mixed
conditions. but the eager demand for stocks
OVERRIDE all other influences and prevented
much effect on prices from the realizing
which was on very heavy scale. Pachc
I MAI jumped UtdTly ~ pD4ltth W hoi 49,
intervals on the announcement OF enc entry
OF Union Pacific interests INTO tine directory
and Union Pacific was also notaply aHecteu.
20 no steel stocks showed VIDE nuctuauoNs
on continuance of heavy speculation n
those securities. American Hoop, Tn Plate
and Tennessee Coal were most conspicuous
and were marked up points or over
! When the market reiapsed these stocks
and other prominent industrlals and spe-
calties were most affected. losing IN some
places between ana 5 points, partly ~
/ covering before the close.
CONSERVATION manifested among specu-
latofs over the showing Of the BANK state
ment was due either 70 foolish plunderns
or to reckless misstatcments, as yesterduy
preliminary figures from the bank statement
seary S 9gs NJ s sssa h0 Tepored
today The extent OF this decline wall IN
ewtably lead TO discussion as 10 whether
cash was withdrawn and hoardcd over elec-
ton The loan item seems also to rehect
the precautionary loan contraction OF Mon
day. rattan than the later liberal policy eX-
hlb.t in the monetary rates on the stock
exchange.
the speculative world is so accustomed 70
paradoxes that it was taken somewhat ny
stocks which followed the election The
whole OF the speculative life in wall street
consists OF enerts to ant!clpate ,, iutIre
that large demand Is imminent ter stocks s
prompts large buying and when the evenl
takes place which has been looked 20 eaa aSe
eager sellers. not only OF all their holdlngs
but OF short contracts as well 10 aE
s overdlscounted, hence the prevalence OF M
paradox in Wall street. Buying on Neas
!: market and selling on good news are stand
i It is rarely the case that Wall street TAN
10 sufficiently discount an event or con
dition, especially a condition that mas pee!
i so confidently expected as the large pnpu
. demand for stocks which was to spring VI
alter election, but tina, Is Jus, wns 1a nap
Psned THIS week tb ssset o 1ogmer sein
10 to realize by the powerful operators VIII
30 had been accommodating long stocks for sew
ral weeks in antitipatlop o. n stroD
- hands coupled with the frantic eagernes
- to buy, made it possible 10 establish a.
10 Imposing advance In pEces at tf7 Outset
Not only were holders of long stock induce
10 TO realize but bear operators almost imme
diately began to put out short mes; conn
a. dent that the golden moment OF tue cu
mination of rise had arrived, But IN
10 general demand swept up all the otsTna
1s in the market and continued q sgthc!er
force to afford a moderate demand ior eot
tlnued operations for an advance during tl
49, rest Of the week stimulated by all the arr
On 81 manipulation known TO the professions
The presen. health Of the market as
40 result of the weeks movements can only
determined when something more neoom'
p known OF the character OF the buying
n There has been large investment buying
a matter OF course. somelhiug from interes
% % acting on positive ana aecuru's ',gbt
| =
possees and who had held of from ouyli
at through desire 70 see the ISSUES VI y
election first positively determine - eu ,1,a
tial banking interests have been large buye
e.- In this class. partly from conviction that
vs. higher level OF prices is WARRANTED ny =
SO. growing certainty OF sustaineu pu tnne
-oe ton with plans for hnanca ana ADMIN
-0S trative changes In great Corporations
Iii volvng increased economy o. operations a
10 consolidatious There can be no question
"a the Increased health brought TO the mari
ia by this class of buying which suhereu
lilo substantial and legitimate demand anu
ial. duces the boating supply OF stocks sendi
them into investors boxes to be stroni
- and confidently held.
Us such Developments as the extra nlFle
20 disbur sements by the Penrsylyanla anu
? o7 o. Northern Pacific companies are examples
: "a | the substantial eonoiuons WHICH 'hN'te "
. "a | ing OF this class. not only on the gtouuu
. - the Immediate money distribution concern
: 30 90 hut of line index Afforded OF confidence
. Se | the future earning power by competent
. ~ conservative authorities. But tne pur
. ., spec ulative buying Of stocks which was
o.. .rac,aS nv the passing OF the ele, ton
ala enough scare from all quarters OF tue 90
80 try. -, ,,,,,.,. -,
nat ,af constrained and reprdssed much spe
Iation that was eager to eTYbark' bnt
u event proved that the money marKet COZ
y 90 lions wera themselves que 70 Ire, ,1
i2-6S sentiments rather than 10 any actuai g
u city Of FUNDS. The stock market uenl
IS Tor money has been freely supplied all "
and the low rates TOT monty haNe v
wns themselves an item 10 speculation. II
eek that is expected OF Increased business
4 ge3 tiyity actually results, II rs ques
q sSS Sybether SPECTATORS will not overrun
4 Ss5 nvaiIabe RESOURCES OF the money nal
8 sS7 and run into the encouragement OF mo
3 sS5 snueeze some OF the plans cf capi'al
which have waited on the election. invol
Further lending OF money An the form
0,6lI foreign government loan investments I
! 40 absorbing portions OF the country's avail
a a so5 foreign credits.
The following are the closing prices OF
year. priucipai stocks in New York; Clio
$3.50 Sales b
l3iOO A Atcpison nreierred ..,.. iI,06o 4
| ,.lttu,rra aud Ohio ......4. llNVd