The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-21
IN THE STOCK MARKET.
The Dread of the Unknown Was the
Depressing Factor in Stocks.
UNCERTAINTY AS TO STEEL MERGER
Every Effort Is Being Made to Preserve
the Tranquility OF the Money
Market.

New York February Gothic dread Of
the unknown was the depressing fnctor
In the stock market today. Preparations
were evidently being made for the interim
OF three consecutive HOLIDAYS by tightening
speculative leads. The possibilities OF three
days interval were canvasscd by the specu.
lative public and were by means wholly
on the side of depression, but whatever
favorable developments seemed possible
have been thoroughly discounted that
the balance Of chance is considered clearly
on the side Of lower prices. The specu-
latlvc world seems to have arrived at tue
conclusion that the completion of the de
tails of the steel merger is not likely TO
be followed Immediately by Il campaign of
manipulation for higher prices In order
to make n market for the new securities
1t will be remembered that this was what
happened two years ago when the newly
fedged industrals were first thrown upon
the world. Indications seem TO point clear
ly to a desire for quiet stock market con.
ditlons for the present on the part of the
financial powers, who most largely
concerned In the steel negotiations. as they
have also been in the recent railway con;
soldat.Ons. II Is not hard to understand
why, with colossal financial undertakings
In embryo, those concerned In them should
desire most of all quiet and stable condl
tions both in the money and stock maj
kcts. The progress of negotiations Is
necessarily involved in further compile kitty
by marked fludlty of market prices for
stocks and uncertain rntes for money. This
makes Ineligible the evident desire Of
the financial powers 10 discourage further
speculation ut this time. of course. any
violent break in prices would be equally
at variance with their wishes. The cci.
tanty that powerful support woulA he ac
corded t" prevent a sudden and violent
decline tends to rcpress bear activity. It
/ & a
| preserve the tranquility of the money maj
ket by keeping available all possible re-
sources and also nv reassurinC expressions
OF opinion as to tho ability OF thu money
market 10 meet further requirements. New
erthelcss. the likelihood of another weak
bank statement between the Adjournment
| Of exchange on Thursday and the resump
| tion of trade on Monday, and the bell 4
that advantage would nc taken of the clnsa
In the stock market TO publish the plans
of the steel merger. were two raik1r oml-
drihblnG Of stocks on the market all dar.
! An effort was made during the afternoon
| to turn tho market against shorts IN the
! hope of driving them to cover. and tn
! closing was weak with many stocks AT the
lowest, Thcre was II significant hrcnk IN
1 the principal steel stocks nj the last. Steel
! Inllng suddenly = to 2t,. There WIS some
| show Of strength in steel and Wire pre-.
| fcrrcd. but otherwise the steel stocks We're
I'll weak IIoon nreferrpd dropped az. In
the principal active railways there were
! Mt one time declines OF to nolnte. Mem
| hers NJ the grancers, Southwestern AM
| Pacific groups were notably affected.
generally weak. fnlllnr NJ ono time ~
undor last night. The local traction s'ocHs
| were hid up in the course Of the ATTEMPT
! against the shorts and stocks Of nun.
her of smaller railway "omnanics wore
| llftnd from to : noints Mobile and Ohio
and the Minneapolis and s.. louis STOCKS
were conspicuous General Electric was
forced
closed with net gain of oni- ia The
Lowell % activity In the market was lower
than for many weeks past. tho days husl.
moss falling to about the smallest for any
full day since election.
Bonds We're renctlonnrv in svmNathv with
stocks. Total sales, par value. So 49,. 900.