The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-20
i'm THE STOCK MARKET.
A Maneuyer for a Rally Was Entirely
Without Success.
THE BUSINESS WAS SEMI.STAGNATED
None but Professional Operators Were
Interested to Any Great Extent
in the Market.

New York, February 1a.-There was an
element among the professional operators
on the stock market which worked
for rally today Gu the theory that
Yesterdays selling was largely du,
TO operations for the bear account
and the vigorous support Of the
market drove these bears TO cover. The
maneuver was entirely without success.
especially Ia the early dealings but all Of
the markets strength was confined to n
very few stocks and was not long main.
tanned. Business fell away TO the point
oil seuli-stagnHtlon ut times during the day
showing no signs of the recent large gem
eral demand or of the operations by large
banking and financial interests. which was
the backbone Of the market for a long lime.
Obviously none but professional operators
were interested to any great extent In the
days transactions There are too many
dubious considerations in the immediate
future TO have n reprcsslng influence on
speculation, which has been busy Tor 4
lonS time past discounting all inc most
favorable considerations that could be
imagined and many of which have entirely
lalled TO occur thus far. The SUSPENSE OF
the proctracted negotiations over Inc steel
merger Is trying to the nerves of all spec.
utators' Inc rnnihcations Of the plan ex
details pertaining to the various companies
TO be considered, which in the aGgregate
may make vast difference in the status
OF The whole matter that conjecture halts
~ us attempt to grasp all of the outlines
FOR instance, 1t was rumored today that
IL was proposed to divide the cash assets
oi one OF the principal companies contem.
Plated IN the merger before ii shall he
taken in. The preferred stock of the com
pany would have prior claim. thus OF
lerinG very abstruse problem of the re-
~ . bn 10.
l" Inc value OF their share OF the new Sc
cGrties after such division of assets had
u'en ihaue' Expectations continue on tip.
zoe OF an official announcement of the
terms OF the steel merger, which are al
most hourly expected. and vet 1t is evil
dent tlat the cumbersome project may
drag for a long time. The steel stocks
were all feverish and unsettled, but gen.
orally weakened durng the course of the
The money market was not violently dis.
tur0ed, but the tone continues to harden.
z cneck for over S23, 900, 900 on account of
the New Jersey Central purchase went
a reminder of the continuing influence on
me money market of the recent deals
development which may have important
consequences was n recovery in discount
rates in London in spite of the general
superstition that the bank rate will be re-
duced TINS week. Sterling exchange hard
lance ny tomorrow's steamer, 1t seems
70 be the expectation in London that the
low point has been touched for discount
rates, which would have an important
nTeaying on any future needs of the New
York money market The decision to close
ine stock EXCHANGE from Thursday after
noon until Monday morning was an inGu
cnce toward dulness. There was some
uncasiness due to the reopening Of the
wage question in the anthracite region, the
present agreement extending only to April
l. me coalcrs were in consequence es.
peclaly weak. Delaware and Hudson was
cratic, breaking violently 81 from the
top and closing with a net loss of ~.
The Southwesterns were all notably wenk
declining from to 2% and there were
severe losses In Great Northern preferred.
General Electric and the smelling stocks
besides those in the steel group. There
was an upward turn in Sugar but II aid
not hold. Comparative frmness was shown
ny Union Pacific, Illinois Central and for
time st, Paul. though that stock gave
way at the last.
There was large buying again in Sontb.
crn Pacific bonds, but they lost most Of
their gain before the close and the ren
eral bond list was reactlonary. Total sales
par value, S4,6S5, 600. '''N''