The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-01-12
IN THE STOCK MARKET.
The Market Was Barely Saved from Posi-
tive DulluesS
BY THE FURIOUS BUYING OF TWO STOCKS
There Were Notable Advances I'm tho
Prices of Important
Stocks.

New york, January 1.-THE furious buying
CT Delaware and Hudson and Ontario and
Western in the last half hour OF the mar
ket saved tho day on the stock exchange
from something like positive dizziness. Al
ter the recent high teYel OF speculative ex-
element traders were unable to distinguish
the tone OF the market from dizziness, so
strong was the contrast, and yet there were
many notable advances in the prices OF Inn
portant stocks and scale OF dealing tnat
would have attracted marked attention pre-
yious to last November. The general de-
cline in the buying demand led 10 large
selling to take profits. and except for the
special points OF strength the market was
under considerable pressure from this sell
ing. growing skepticism regarding many
of the confident statements which nave cir
culated regarding coming combinations In
the railroad world was foremost motive Of
the selling. Some effect was produced sy
the absence from the street with an attack
Of grippe of an operator commonly accrcd-
tied with beng deeply involved on the long
side OF the market and whose skill and hold
mess in manipulation are much relied en- for
leadership OF the market But these CO n
diilons led rather TO waiting policy than
TO any very strong aggression on the part
OF bears Their accounts already 30
extensive that the buying to cover shorts
by that element serves as an effective piop
in the market at any considerable recession.
The timidity OF the bears is also due 10 a
I prevalent belief that the many rumors cur
rent OF important developments in railway
consultations yet to come have basis In
ract.
4 The market therefore showed no acute
weakness at any time and the profit taking
was well absorbed under the sustaining
power Of the special strength. At various
times during the day this was shown In the
Pacifes, especially Union Pacific, in Balti-
more and Ohio. Chesapeake and Ohio and
Norfolk and Western and in a numo2r OF
less prominent stocks, including the Big
I Four, New York Central and Omaha on
/ light dealings. The absorption of ontario
and western was very large and confident
and was by brokers credited with acting TOR
the commenting figure in the anthracite sit
uation. The increase of 2 per cent In the
yearly dividend on Delaware and Hudson
& caught a large short interest and there were
wild fluctuations in the stocks under the
distressed bidding by this element. Sue
cessive jumps Of a half and even a full
point carried the stock up to i57. and after
a reaction OF 3, up again to 159Ik, where
1t closed. The net gain is thus II points.
The other ccalers sympatnized, especially
Ontario and Western, the Readings and the
es. the latter having been reactionary in
the earlier part OF the day. The extre4e
ecyances were Ontario and Western, so;
Erie second preferred. IA Erie first pre-
ferred. 39s, and Erie common and the Read
ings about points each Union Pacific
rose TO the best price of the day at the
but the market generally did not close at
tho top.
The Indications of a gain in cash by the
banks OF over ss,000.000 during the week was
without special effect on the market. as the
increasing ease OF money has clearly lndi-
Gated an abundance OF funds
The bond market was firm but not very
active Total sales, par value. S3,c05o0o.