The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-04-09
+ STOCK MARKET.
| Rate Practically DemOraliled
The Market.
\ OF LIQUIDATION FOLLOWED
!. ). snurts OF Strength, but They
|ehot Lived. and Prices lum-
bled Generally.

* April s.-1'he call loan rate
an TO be the solar plexus OF the
| tss as II has done on many occa
go The construction of the money
IA the advance In the rate for call
.coitqted such spasm of llqul-
l threw the stock market into
hordering on Generalization.
s,osn,d today in the stock market
/ according to the common agree
M classes Of observers, was bound
n IN due course of time. Never
u n the wont OF stock market
H. the days events came as q
Even the most enthusiastic bull
Ia 10 the proposition that such a
ejaculation as has been going on
psst was bound 60 overdo itself
Illowed By a relapse of correspond
suce. The enthusiastic bull has
ire snpposltion that the relapse
remote and has continually moved
/ the supposed date of its occur
tAe hope that there was zine for
|ther speculative turn. Even the
excited market of last week,
rs An omlnous symptom. left the
prepared for today's Developments.
rise in many stocks were still
stevalent before the opening this
and the explanation was offered
frslay's furry in call loan rates
4 10 manipulation by the bears,
instant the market opened 1t be
tdent that fhc developments since
had induced Il widespread deter
4 10 sell stocks. Another palpable
! mat some of the most powerful
! In the market had already solI
3iDgs and taken profits during the
3itement of last week and We're
&ntly organized on the bear side of
be- this morning. perceivlng the
vulnerable condition of the market
the orerordcrS Of long accounts
Eafgned and backed by weak re.
4 The bears fell upon the market
ht rerceness and cut a wide breach
J at the first onslaught. The wiue
III the first declines which were
! successive drops from | to ~
Between sales, invited quick profit
n the bears. and the violent rallies
Issued encouraged the bulls to make
knd against the reduction, hoping
furry was temporary and the
Mrla. Il Ia
the only pcrlol OF the day when
s any show NJ positive strength,
%, Peoples Gas. Texas and Pacific
Rumber Of less important stocks
lrked up sharply over last Thurs
sel, The strength was short-llvcd.
and alter the demand from the
hd been satisfied many Of the
gan calling loans. This brought
$ppy OF liquidation in the market
bed fresh attack by the bears. The
[fcame precipltate as tine fall in
tipped OUT margins and uncovered
orders, and the unlucky bulls Jet
great bales of stO-'k with the hope
Inc their load and saving other
from the sllpwreck. The only
y demand at any time came from
rs, and che occasional spasmodic
Ferr rot held in any case. This
Of She last rs Of former rallies,
lpugh prices had not fallen back
IeEest all around they were again
leyn grade IN most cases and the
Twas Irregular ana only slightly
q lowest, The fall Fetched An *
4 in Rock Island. GIG IN Delaware
isoh, jls in Amalgamated Copper.
a lcfado Fuel preferred, and from >
+1ls In practically all active stocks
Hs The Southwesterns, Southerns,
Ehunk lines and high priced special
4 most acutely affected.
~ excAange eaSed OF slightly In
n 10 the higher money rate. but the
~ was not altered that large al
sun Of gold Will he exported 10
requirements Of the London
|3narket In connection with the com
Herhment loan. The movement Of
IA the interior. as disclosed by
bank statement. was uneXpect-
fvy and would he sufficient If con
n qnlcRly wipe ont the surplus Of
/ York hanks, hut any considerable
10 New York would undoubtedly
ns movement IN some extent, al
w purely commercial needs are
oemet without regard to distress
Y speculative borrowers. The sub
DRAIN which Is destined to con
more feared than auv other
encroachment, and the condition
me secretary Of the treasury to
IEsernment bonds f<r the sinking
~ g offer little hope Of relief for
"a bonds WAS relatively less nc
Nat IN stocks and the movcmrN
Was Irregular. Total sales. par