The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-11-15
STOCK TRADERS WERE AT SEA.
BEARS MADE A FIERCE RAID.
settlement Of Railroad Controversy in
Northeast Did Not Create Expected
Demand for Shares.

New York, November IA Professional
Ipeculators were much Disappointed over
he etffct of last nights official announce.
nent of the terms Of the settlement OF the
'alroad controversy In the Northwest. That
Ices rot mean necessarily that the settle.
mcnt does not insure all the benefits
claimed for 1t. Spectators were bound 20
sell stocks upon the definite announcement
in any event Their disappointment today
WIS due 10 the fact that very Light out.
side demand for stocks was attracted by
the announcement
The watchtul hears were keeulv alive to
the situation and when they saw the cf-
forts making to release profits they put OK
tensive short lines TO take away the mar
ket from those seeking to lquidlte ana
then fiercely ralded the market to dlsodge
stop-loss orders and enable them to keep
prohis on the short side. How large an
element the short selling was in the weak.
ness OF the market was disclosed when the
bears began to cover during the last hour
Substantial recoyeres were made in all the
active stocks and some points among the
coolers ana the spocialties were complete
recoyeries.
A notable fact in the days trading was
the comparative immohilty Of the United
States steel stocks, the transcontnentl nj
railroad stocks and some OF the Wander
bilts, which have heen under manipulation
recently for advances were most affected
by the selling, although the list developed
weakness throughout during the course OF
the day.
The recent speculation has been largely
based upon the Northern Pacific settlement
and with the details of that known, the
professionals argue that all the good news
was out, while the dlsquieting condition in
the money market made It undesirable TO
hold stocks. Some of the recent price
levels taken In connection with the terms
OF the Northern Securities company organ
ization made IL evident that those terms
are a disappointment TO buyers at prices
Indicated. There was rather dubious feel
ing also as TO how the transcontinentals
not Immediately concerned In the settle
ment are to beneht by Il. The further ad-
journment OF the Burlington directors was
seized by the bears to play upon the fears
The money market was Arm today, both
for call and time loans the latter showing
the effect OF size wofA oufgp Tor PIE Hist
time. lt Is expected that further gold wa
easier fenNepel Of money 10 Pars sod lhe
redueflon in lbe DnNius pflc of gola in
London served % adNanae the level OF eN
change here. The statement 81 thc coun'
tfVs foreign trade published today throws
atmf igEi upon the present anomalies of
iHe eschange situation = q trne thai che
fatal bt October exports altnoueA ne4fl4
SstNa.oG0 below chose nl last October, are
tie largest for any Other October IN the
Fnuutrys history, SO that In spite or the
decrease compared with October last year,
the notable balance in our favor still re-
mains S64.0OO. 600 COL But recent events
show clearly that exchange bills we're sold
in this market long since in anticipation Of
the autumn sappiy Of bills 70 be brought
lnOn the market by our export trade and in
process OF borrowing foreign capital This
constitutes a short interest In the exchange
ma rket and the fact that the trade balance
IN our favor is $2e,b30.O45 less than that
~ October Of last year may furnish an
xdax Of hew. FAR the hanks mere cut In