The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-10-27
GENERALLY BETTER TONE.
A RALLY CAUSED BY BEARS.
Cash Reserve Item in Bank Statement
Showed a Large Increased When a
Decrease Was Expected.

New York, October 26.-There was a hest
tating, irregular stock market today until
fhe appearance OF the bank statement on
the tape. The unexpected Increase i'm the
cash reserves OF the banks Of 81, 592. $50
prompted the bears TO cover their short
lines and rally the market generally TO
above last nights figures, although the net
changes generally will be seen to be in
significant.
There was positive independent strength
On Missouri Pacific, which advanced "a
above last night. There was 10 news to
explain tho movement and the sympathetic
effect upon all stocks was slight. Peoples
Gas made a good recovery from recent
weakness, st, Pau was active and luctua.
ting and received the fun benefit Of the
late covering movement.
Amalgamated Copper was heavy through.
ont, with news OF shutting down of the
e~ompany's mines and In the late dealings
the stock broke 2s under last night, inter
ruptlng the recovery elsewhere and making
Nhe closing Irregular. The source OF the
receipt Of cash by the banks Is a mystery,
as known movements OF money indicated a
eoss OF upward of S2,5OO,uU Tor the week.
tne loan item reflected the continuance OF
rebOrrOwlng by debtors who are paying on
Foreign loans.
After falling into a letharglc condition
early In the week tue stock market de
VeloDed a degree OF activity aud strength
later. Tint buying which was responsible
Ifor this advance was large aud concen-
trated In its source and congested in a
few stocks, shifting from day 10 day from
one group to another. The movement was
Initiated in the Chicago and Northwestern
stocks, shifting thence into the Wander
pitts generally, then Into st. Paul Union
and Southern Pacific and then into the
~coalers. The industrials and speciallties
have moved Independently as Is usual in
periods Of lrregularity In the general mar
ket. A notable feature OF the market was
the evident predominating professional
character Of the operations. Cpmmission
houses, which usually operate OF. orders
been conspicuonsly IN the background dur
Ing the week. Brokerage houses usually
employed by the ~reat financial interests
in tho street have executed large orders on
Informed public confused as 80 whether
those interests ara committed TO the long
or short side Of the market. Doubt ana
uncertainty, In fact, are still the prevail
ting sentiment in speculative circles, some
OF the buying has been attributed TO pro
gress toward a settlement OF the Northern
bought stocks Tor that reason. It is in
formation Of when the hubble Is KEPT IN
ignorance.
importance is attached TO the money dis
In foreign markets as hearing
on the large foreign credits which have
been used to carry the large holdings OF
Nay. Repayments OF the credits have con
tlnued 10 sustain the foreign exchange
market this week as for some time past
rhe course OF the loan account OF New
banks shows that the burden Is
shifted upon domestic credit institutions,
upon the Northern Pacinc settle
nent for relief. The usual fall Inflow OF
Eold 70 this country IL thereby Interrupted,
Except as the Australian remittances can
substituted The calling home OF
credits seems 10 be for the purpose
q meeting heavy losses incurred by brench