The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-19
I'm THE STOCK MARKET.
Bears Took an Active Part in the
Days BUSINESS.
VERY FEW EVIDENCES OF STRENGTH
In the General LNt the Losses Ran All
the Way from ! to 8 IL
Points.

New YORK.. February ls.-Toiay was one
Of active speculative liquidation in the
stock market The bears took very ac-
tive part Inv the days business both by
short selling and ny manipulation for the
decline offering prices down freely and
boldly There was not much evidence OF
determined support, except by the systo-
matte Influence If persistent strength Of
a few individual stocks. Besides the ex-
traordinary movement in the steel stocks
there was decided strength shown Ivy ST
Louis and San Francisco preferred. hit
uois Central. Amalganated Copper and
Consolidated Gas There was evidence Of
continued activity on the part of bull
pool in Burlington and the other CHANGERS
showed some sympathy at one time. There
was some support at intervals also by
sympathy with Delaware aud Hudson
when was extremely crratic all day. II
sold down nearly points and then got
"a over Saturday. here MAS a down
ward plug" Ia The PERIOD of general weak
ness OF points ana the hnal rally left the
net loss only Ia In the steel stocks 1t
was clear enough that spectators were
attempting to ADJUST prices to the sup
losed terms OF exchange securities Into
the stock of the new combination. Inc
tape made it pretty clear that In the pres.
cnt condition OF the plan OF combination
the preferred stocks are intended to hene-
tt In the Exc hangc lar more than the com
mon stocks, The first class were all cX-
traordinarily buoyant and the common
stocks showed signs of decentralization.
Hoop preferred advanced at one time ~
ana other gains, by the preferred stocks
{ by steel aud Wire, and "a hy Republic
StCelA These advances were ctrtailcd by
the reaction In the market. National Tube
lea tho decline In The common stocks of
the steel companies. breaking full points
aud closing at the lowest The losses Of
The others were partly recovered but at
National Steel aud Tennessee Coal /;
Federal Steel 37s: American Hoop 3la;
Steel and Wire 3H. and Tin Plate 39s
In the general list the reaction ran all
the way from | to 31a points, the wider
losses being among those stocks which
have been most manipulated for an ad
vance. notably the Sonthwesterns. in
Guiding Missouri Pacific and Kansas and
Texas preferred and some of the lately
developed obscure stocks such as Evans
vile and Tcrrc Hautc and the new North
american stock. II was clear that the
dubious outlook for the money market was
the impcllng cause of the liquidation and
not any serious doubt yet entertained over
z. neral conditions, In fact the liquidation
dld not appear TO be voluntary, but was
ders on the decline which t5N bears were
able to effect With the wplng out Of
margins, stocks were thrown on the mar
kct to protect brokers and commission
honses which were carving them for the
customers The call loan rate went To-
2l2 per cent during the day hut dropped
back to per cent; partly due to the re-
ocipt OF 100000 credit by one of rho
banks for Australian gold arrived Mt san
Francisco. There is no expectations how
ever. that closer conditions In the market
VIII be escaped In the near future. Bank
crs continued to express confidence that
there would he no actual Stringcncy. but
such large requirements for credits due
to the heavy financial transactions in
progress remain still to no met that senti-
mont over the money outlook Is nervous.
Heavy buying of Southern Pacific As was
the feature Of the railway bond market
me tendency elsewhere was generally re.
dictionary. Total sales, par value S5.:5aI.
Geo. F''"''