The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-03-31
in THE STOCK MARKET.
The Tone Was feyeriSh and Violent
ManipuIations Were in Evidence.
BURLINGTON MADE A RECORD PRICE
But II Quickly Fell Back Under a Flood
Of Realizing Orders. Closing
Only Slightly Higher.

Sew YORK March 5n.-There was fever
ish tone IN the stock market throughout
todays twohour session and violent man'p-
ularions were IN evidence from time 10 time
20 check Teactionary tendency Heayy
realizing was manifest IN the opening deal
ings. especially IN Burlington. Northern
Pacific and United States steel stocks
These stocks maintained their recent proini
hence in the trading so that their down
ward course had correspondiusiy large
eifec, on the general market Burlingtoa
was bid M suddenly TO ~ over last night
about midway AZ the session touching a
record price at 17Gi-. but IL quickly feH
back under the food Of realizing offerings
and closed with only fractional net gaIu.
There was a violent rise at the same time
Ia the local traction stocks and Tennessee
coal Realizing had already affected these
advances before the appearance of the
Oauk statement. Tho bears sold the mar
ket on tho large nroads made upon inc
/ surplus reserves made by the banks and
caused declines. Supporting orders were
| met ana Inc rally WIS made effective hy d
sudden ana violent rise in Rock Island of
LOO an advance over last night OF On
points Aichison was marked up iA al
ihe same time. a revival Of old rumor.
o. combination between the two systems
accompanied tle advance. Rock Island fpu
~ 9AaIFy ON realizing and the closlEs
W NJ market was fcVerIsh ami Irregular.
the lsi. -'o FV'H'S ia
e, The United States Steel stocks did not
Eu' tuaie more than a fraction but HE
dealings Ia them were very large
another eYentful week has passed in the
So Hhfhet; with very animated and
| Ndrlel speculation ia fun swing TIa
dhly average Of transactions mas RIM wei
I oAtI I,WO,VOU shares OF stocks and oyer
$o,,VyvOV"p IN par value Of bonds
lhcie mas been constant digestion of
specuhufe pronts on a very barge scale
aau ihis mas encouraged the bear marty ia
1 >" snort 81 the market occasionally in Tho
Guuha'hce that the elimination of the rise
ms beeu reached and that they would
nave good opportunity tn cover their sborI
| contracts later in the expected period OF
/ aruge speculative llquidations. but the con.
tinueu large demand for stocks mud the re.
retirement OF individual properties have A.
oiien driven the bears 10 cover and hoyp
ans"rogl the selling TO take profits with
] uull snght damage 70 prices. The copyir
."h L'MWhed strong, IN spite OF Official
utsciHlmers and downright denials thai
bl,ans were ripe for the absorption Of the
! ne interests Of the llil- Morgan combiua
! non looking 10 Il trHuScoutinentRl system
including the Erie. the Burlington IN,
/ N9rtherh Pacific aud the Great Northern
Rumors Of the terms OF the deai hay,
/ h"ru numerous and divergent. including ms
/ Sertlons of n lease with guaranteed diyid
I rhdi q cash payment for the stock and m
I eNchung" Tor guarantee bonds The admls
sion for trading in he unlisted drpartmen,
/ q. inc STOCK exchange Of the Iiniteu Sr1te.
St'eI stocks, whon issued proved an in
/ clt'ment 10 the general speculation Their,
/ was an apprehension that with the crcntel
/ lh'ulNrN Tor trading offered on the stocb
tAchanse there woutd he smch heavy realiz
ing 10 the new stock. as to force then
/ downward. with resulting had effect on In,
/ general market, bur II became manifeSl
very prompty that these stocks were uoi
u" i' leIt Without support. There was or
sHhIEeu ana successful support rom IN,
outside ana realizing was largely absorbed
anu prices advanced. This give renrwe,
! confidence To the whole speculation and tn,
trading in the steel stocks formed an in
| pnfiaut element IA the market during III,
latter part ~ The week
Inc belief thar plans were working our
| LOT general combination OF Southwestern
railways made another center o. speeu
Iattr activity. Missouri Paclnc CONTINUED
thr lending ug0r's In this movement aul
strong
The market vas highly professional aus
I speculative dlruC the whole week. a,
SHOWN Ry the volume of transactions in In
dY.inal stocks which We're sutncient 7,
nav" Effected q change Of control In MANY
stocks had they represented any proportion
business IN most lines an through the couq
try and the continued high level of railwa,
'Hrniuss formed an effective uuderyiu;
[ support for the whole speculation III,
only threatening prospect was in the money
market Great confidence was progressed ,,
high authorize, that there was no DANCE
al stinsencE but continued discussion o
the possibilities Of replenlshment IN cas,
OF need Indicated some disauict Thes,
discussions have not developed promisiu.
prospects, The drain upon rhe money mar
ket of the suhtreasury operations continue
large. The enormous financial transaction,
OF the past few months have been the Ill
rect outCroOth Of the early perception by
far seeing capitalists Of the increased credt
facilities which would result from ia,
growth Of the circulation. The hiShss
prices of securities watch result from TIM
activity AFFORD increased basis for borrow
ing money. Speculation incyitaC.y plays ii
important part In such movement.
The strength OF the bond market has no
been SO conspicuous and so general tn
week, but points OF strength have con
tinucd to develop,