The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-09-17
RAMPANT BULL MARKET.
Stocks Climbed Higher Yesterday
Instead Of Declining as Expected.
NEARLY ALL ISSUES WERE STRONGER
Support Was rendered Early, but 1t Was
Not Really Needed to Sustain Prices.
An Underlying Confidence.

New York, September 16--A rampant bull
stock market on the first day of trading
following the death by assassination of the
president of the United States is an
anomaly. Briefly stated that is what oc.
CURED today.
No one, even the most sangulnc, was pre-
pared for the action of the days stock
market. Much was heard on saturday and
has been published since of the length 20
which the lamentable outcome Of the pres.
ident'S hurt had already been discounted
In the operations OF last week and especial.
~ those OF Friday In part these asser
lions were made with view to Influencing
speculative sentiment and keeping up the
courage Of those who feared n collapse
In the market. Those who made the as
sertions sincerely probably had no idea of
the extent to which the recuperatiye forces
In the market would he affected. but sup
posed merely that demoralzation would be
checked and the market be able to resist VIC
lent losses. Confidence was felt n the fact
that the purely speculative pressure on the
market would he successfully overcome
owing to the extent TO which speculative
selling had already gone, and To the ample
preparations and concerted measures adopt.
ed 10y the clearing house banks and great
capitalists to protect the money market
and resist declines in the stock market
The portion of the problem remaining to
| he solved was the effect which would he
| produced upon business sentiment In gen
eral throughout the country and among
the substantial Investment holders of Sc
| curities.
The days events seemed to demonstrate
a strong underlying confidence in the future
of business and the continuance of the
| country's prosperity. Powerful manipula-
| ton avowedly had its part In the days
rise in prices, especially the opening which
! was designed to lntlmidate the speculative
| bear element 1t not only mad that Ell
| feet, but caused a scramble To cover on
| the part Of the uncovered shorts. who look
| ed for further decline. There also was
| an abundance of orders TO buy OF prices
| below the market on the part of investors
| and bargain hunters which served as
| protection against bear aggression: There
| was considerable element rs well which
| looked for an opening break In prices ana
to secure bargains by placing orders 70
! buy at the market. AS the event pI9vtu
| the opening market was from to points
higher than on Friday AFTERNOON. Ihcte
| was a lack Of confidence In the carry
! strength of the market ana there were
many realizing movements during the day,
! hut the ahsorptive power OF the buAhg
proved equal to all of these and with 4
steady uplft the trading closed actiN' i2r hu
firm at about the top level of the day. Ihe
| solemn assurances given by the new priest
dent of the purpose TO smaintain the con
| tinuity Of the governmental pohcy was q
| relief to capitalists conservative dread OF
| change.
The bank statement of Saturday ennc9ouree
aged the hope that the treasury rcheI OF
the money market would prove effective
against money strlngencies. Large DIVIDEND
payments today. Including. dlstrlhuuon OF
100000 to standard OIL stockholders'
made themselves felt in the money marker;
{ The DAYS movement however, was haseal
! broadly on the assumption that the d e9ln
of the president and other uhllNorfa., ,',
factors in the business outlook nave peen
Sufficiently discounted in the movement OF
prices of securities with n promise Oh net
terment In future. ,,, 49,,
4 active and huoyant the price movement N
Z reiirood bonds and the amount OF business
done were not large. Total SAFES par
value, $3,772, 900.
Stocks.
1rnl1nrulnc IRE the sales Of stocks nno