The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-10
in The STOCK MARKET.
Free from Sensational Movements and
fairy Active.
REALIZING WAS on LIBERAL SCALE

Especially in High Grade Railroad
stocks and Low-Priccd Indus
trials and Railroads.
New York. February s-Today's stock
market was free from sensational move
ments, but was fairly active. 1t was evident
that realizing was going on on liberal
scale, especially in the high grade railroad
stocks under cover Of tho upward movement
n some of the very low priced stocks N
both the railroad and Industrial lists. Among
The candidates for favor in this departm, M
with Leather were Standard Rope and Twiuo
Mexican National and some other stocks OF
similar Grade, which showed continuance
OF yesterdays strength, Advances IN Sugar
Tobacco and General Electric also Helped 10
sustain tue market.
A,chAson was hrm all day and In tho las,
nNe minutes was suddenly run up TO ooA
Nnd the same Tine that Union Paclnc pre-
leried was sold down SHARPLY To ~. LoJ.s
Vile ana Ahssouri faclhc Nere rather .,rn.
The steel stocks moved rather narrowly
and were irregular. Spectators IN thusc
stocks seemed disposed TO await the expcct-
ca authorized ann4uncement OF the ieporgcd
plan Tor adjustment OF cCnuoi IN the stec.
tTale before making further commitments.
lhe bank sla,enient uroeght svIno furtncr
setting upon the market, cut vigorous SAP
nort Was forthcoming and no further seriods
lnFoaus were mace upon prices, The luf-
ther large impairment oil reserves d.sc. os d
by the oank statement anu The proogbl.ty
that tho steei oeai is yet TO be provided t0r,
undoubtedly somewhat en- l.ed speculative On
thusiasm. Blu tho bears We're manifestty
iinsd ooout attacking the market IN view Vi
tho important possibilities OF iurtner Z eft
hnahcial projects. This weeks Increase Ut
SSS,iSi,lVo n the outstanding loans and DIS
counts OF the banks brings the total loan cx-
pahs.on for the last four weeks up 10 49,
-obVUO, which is far IN excess OF any pre-
Nious increase IN the same ! ngth Of tinlt
IN the history OF the clearing house.
Inc soothing assurances given out by SONG
OF lAe pilnt-pdas IA .ac pend rs stvol nSauS
nations on the certainty that This vast poo
ytot can Do carried out without a llppie 81
the money market does not carry unlvo.sa.
convection In the face OF these results OF the
eHeet OF tho deais which have been carr ed
through. The tendency oil the money, VIII ca
IS thus Indicated, lessons the probability thai
loan VIII DO large.
Wall street has been all week In the
throes ol excitement OF prod!g Gus llnane al
projections contemplating snch vast Goa
sol.dat.ons as have never been known. When
The market opened on Monday Il Was ,nu
hrst opportunity of the effect on puzzle
sentiment q the Union Southern Pacific ueAl
fully to manifest Itself, as It's coasumiua
ION had not been formally announced unit.
Friday after the close oil the market ana
formation OF the negotiations in prog ,ess for
tho combination o! the great steel corpora
ions has also become public property during
the week. Speculative sentiment has been
dazsled by the financial potential 5cs thus
shown and trading In the stock market har
asa,n run up to near tho h,gh record Of IN
activity. The extent Of price movements rs;
also been extraordinary. as is but nkurll
when the abnormal proportions OF the deal
ilgs Is considered, Where spectators are
dealing in 100 to TO- 00V- share lets as they
ri grAa tar
changes In prices are bound to o2cur Than
where tho normal unit of lC0-share lots IL
adhered 10, The highly speculative chRrao-
ter OF the market IS shown 10y the fevUrish
and erratic character Of the price move.
mont. Professional operators are well aware
that speculation invariably overruns Itself
IN such a headsong and reckless market as
that now prevailing and they have bepl
quick 10 avail themselves OF opportunities "a
tako profits This has been true, not onl,
of the bulls but of the bears also, so tina
tho occasional bulges In prices have gen
orally given way before the heavy Offering
encountered, while the sudden dps whlcr
by violent recoveres. The purely speculat v,
class Of operators are not dist nspished fol
close analysis Of values. Y they can at
tract a large following which, VIII JON then
in buying or in selling stocks until change
in prices has been caused, which offers the 4
a proft. their object q alta I'D. Their sue
cess LES in the aertnes5 with which ihei
u.sengage themselves from tho current be-
fore II has spent its force and tbs tide d
turned. AS q rule they are dependent for
guide TO their operations on tha indication
us 10 whether prices have reached leve
where insiders who PIE umahly hly'
means OF knowing the intrinsic value o
their properties, are tempted 10 buy or sell
as he case may be. But the scope Of tlt
financial proicc.s now IN contemplation u
SO vast ms to stagger the judgment even o
the large operators themselves as to thi
caruHe OF fhe.r ehnrls.
Bankers who are a ked to take part IL
nnanc!ng some Of the deals con tn I'm
selves puzzled as to the effects o ensue CT
the value OF the securities on the none!
Uarkot. The problem IL really one OF vor IL
wide condit.ors and applications. The sper
ulat!ve markeis will so,ve 4 Tine. hl
they VIII solve Il in the usual way. That 1
TO say, the first violent fluctuations vii
carry prices far from normal i-trinsc vi
ues and u can only be by successive csc la
tons OF decreasing violence that he Pre-
pendulum can again be brought back TO usa
intrinsic values.
Some Of the powerful financ al interests en-
gagged in the present negotiations deprecat
he excess of speculation. But tho r inter
est In rtpressng too urgent demand 70
prcpeit es Of which they are themselves seeh
ing control detracts from the force Of thei
enorts. In Other well known instances tn
unbr died speculation has necessltated Ia
abandonment, or al least the pos'ponement
OF efforts TO secure control q great ia
road system. The volatile advance In IN
J stock market OF he steel stocks 8 said +
} be an obstacle to the Negotiations In p~og
ress for adjustment on control; II Is pointe
out also that what Is called the sympathet.
action CT the stock market causes rise y
prices rot only al the eight stocks cen er9
In the deals. but OF others rot included. an
witch might be presumably damaged T.
being left out.
Injunction proceedings call attention {
possible legal and state cons itutional oh
Ftacles To some OF the combinations regard
, ed as already achieved. As fsr the grep
"biilion dollar steel combinaupn," as IL
} eolloqu ally termed n We'll street. there
d an occasional warning voice heard. includin
safeguards against obstructive competition
restrlcton c! output 10 the lhnits Of dem %
and an adequate equipment TO command th
D steel and other trade combinAt ong Of to
years sgo all OF which have proved more 0
less defective.
The cessation OF the gold export move
1 ment marking relaxation n fore gn mar
. kets hiss relieved the aDprehension OF
. possible drain on our money market m tina
sore. II e. not i'm 7roba 10 hat he hnan
: ciers who are so busy planning great nroi
: Gets have long foreseen the conditions In ~
=" mcnev raari-et rs the result 81 spT'ng rehb
Q OF conditions OF The deroItortes ceniers IN
: the vast expansion Of the circulation OF 10
country dur ne the year. IL rs clear ina
gold would h.ve continued 10 fow abroad ns
s rot the "a Tread combinations taken u
: enough credits and thus absorf e. large pre-
e portfrn7 Of the baking surplus. II
a claimed that the money market Is safe frol
0 ne darger OF Disturbance from the pFoiefte
4 steel cnmbinptic as such TRANSACTIONS ar
d accom- shed largely through exchange {