The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-10-06
THE PRESSURE RELAXED.
Holiday in London Acceniuated Dull
ness Oh Stock Exchange
POSSIBILITY OF STRlNGENcY IN MONEY
Relief by Gold Imports Does Not Appeal
ACKNOWLEDGEMENTS Have oo-
Cured on Stock Market.

New York, October 5-The holiday In
London today accentuated the dullncss here
aud tended to re'aX the selling pressure
as London has been constant seller In
this market OF late The fact that there
Is no loan market at the stock exchange
on Saturday also tended 10 relax the pres.
sure upon the market, Perception is grow.
ing Of the fact that the question Of the
effect of the interior demand Tor money on
the stock exchange market has passed the
stage OF argument and has resolved itself
into question OF how much further stock
market liquidation may have to extend.
While there has been no stringency OF
money during the week, this has been due
to the fact that, in reducing their outstand,
ing loans bankers have been discrminat-
ing against industrial collateral. rather than
marking up the ruling rates for call loans,
owing TO the continued hrmness Of sterling
exchange In spite of larger supply Of
cotton bills this week relief by gold i'm
ports does not appear imminent
Demand continues from bankers short Of
exchange and experts In thar market de.
clare that a large short interest remains
to he covered during November. II is said
that some fresh sterling loans have been
negotiated this week The loan Item in
the bank statement reveals that other
forces are still at work In the credit mar
ket which Offsets the stock market llqui-
dation This and the renewed pressure
against Amalgamated Copper depressed the
whole market.
There has been some irregularity in the
stock market from time 10 time during the
week and dealings have been on small
scale, The course Of prices in the main
have been downward and the weakness in
creased during the Inter part Of the week.
The support of the market at the weak
spots which was a feature during the crisis
following the assassination of President
Mckinley and which was attributed to the
joint efforts OF the great banking and
financial powers of the country. has been
conspicuously lacking. The liquidation has
not been heavy nor apparently urgent. but
very light demand was Forthcoming at the
declines and there seemed 20 be general
agreement OF sentiment In the street that
a reactionary movement was due and need
not he contested This Is an acqulcscenoe
on the normal course Of prices Of securities
at this time of the year when the largest
demands are annually made upon the money
markets for fall trade the moving OF the
crops and the period of waiting for the
situation to shape Itself concerning the out
look for the coming year,
The artificial support which was consid'
cred necessary when the shock of the preSi'
dents assassination had to be met In order
Ia prevent decentralization and panic, Is no
longer considered necessary. The oppor'
tuuity having been given for due Considera-
ton and preparation to meet the ultimate
effects OF that evil the market has been
left to the natural play of forces. So far
as the general outlook is concerned, con
fidenCe has been maintained.
Trade returns are encouraging In pr1c-
tlcally all branches. Bank clearings the
country over continue at n record figure.
Railroad earnings are stlll at higher
level than last year. though the ratio OF
increase is running somewhat less than
for earlier weeks and months for some time
past A feature of many OF the railroad
reports coming to baud, both for trans
continental and the trunk lines, Is the
fact that increases In net earnings are
achieved on n somewhat lessened volume 81
actual tonnage moved. This is a practica
demonstration of the healthy effect of the
maintenance of freight rates and reflects
the progress made in the community Of In
tereSt as a factor In suppressing the rate
cutting which has made such serious In
roads upon railroad earnings I'm times past
on the other hand, the reduction In the
freight movement Is not nm entirely reas
surfing fact. In part this condition Is due
TO the high grade Of much of the freight
which Is moved and which Us natura
consequence Of the prosperous condition.
OF the country. The eastward movement
of agricultural products show a falling Off
partly owing to the shortage of the corr
crop and the nOlVluE DICK OF COlIoH bu
the westward movement of merchandls c
the classification Of which is under highe
freight rates, has continued at an unprece
denied volume While this condition hal
served TO sustain railroad earnings, II Il
obviously not a self-perpetuating condition
as It is in effect due 20 the enjoyment o.
past prosperity.
cellent conditions following the settlement
OF the labor dispute with new demand II
filling belatCd orders and with largi
] H.. suII 90
upon next yenrs production by the mills
! The statement Of monthly net earning
published by the United States Steel cor
poration upon the occasion Of the reduc
lion OF the regular quarterly dividends upoI
its stocks Is considered corroboratlve o
the healthy condition of the Steel industry
which is regarded as an index Of the bust
ness condition Of the whole country.
/ Some Of the minor railroad stocks which
had been subjected to operations by specu
lative pools suffered vide relapses, bu
/ the most striking effects were shown II
! the long list OF industrlals. Attempts 4
/ market small amounts OF some of thes
! stocks resulted In Q collapse of their price
I into fragments. Several factors comhine
! to awaken the latent dlstrust with whicl
/ these securities are habitually regarde,
ana which is reflected in tho low
nrices The nominal cnuse wa
The nominal cause was the declared con
/ stitutlonallty Of an anti trust law OF New
! York state, which emphasized a growing
dread of attack by Federal legislation. IN
I coiIonse Of The stock Of the AmalgamatcC
! Conner earlier IN the month has caused
| increasing attention 10 the lack OF public
| Information regarding conditions Of othcl
! corporations.
| Railroad bonds have been duh and lr
! regular United States IS declined * th,
| Is u and the new As ! per cent The re
| funding Is advanced * over closing call OF
! last week.
NEW YORK EXCHANGE.
Today. Yesterday
! Reichmarks CONNER
BANKERS. 60 days .......4 S3hh s3A y
| Commercial, 60 days A So 4s8
spinners .......;...s;...4s 2h 4.s2h
days -. ...........5.21h '5,2lh