The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-14
IN THE STOCK MARKET.
Speculative Liquidation Vas The Order oil
the Day.
SELLING WAS URGENT IN SOME STOCKS
subscriptions to British Loans
Excites Comment.

New York, February t3.-Specuative
liquidation was the order Of the day ON
the stock market ard toward the close
the selling became urgent in some of the
stocks which have been highly manipulated
IN the progress OF the extended advance.
I he depleted condition of margins and
;he uucovering OF stop-oss orders were evil
IDENTIFY responsible for some Of the heavy
offerings OF stock which were ;umhlcd upon
the market in growing volume as the de.
cline in prices proceeded. Generally speak
ing. there was Il feeling in speculative cir.
clcs that THE good news was All out, to
use n iavorite Wall street phrase. The fact
that the days news did not hiring any an.
| aouncenent OF a new gigantic combinL-
probably hud much to DO with this feeling.
lie disInCllnation to look Tor further I'M
poitaut developments in the Immediate III
cure was emphasized by the current reports
ul contemplated winter vacation t1ps b.
several III tile capitalists VINO have been
foremost hgurcs IN the great financial pro
/ JectS WniCh have recently dazzlpd III,
! speculative world. There has been daily
and even hourly expectation that the de
lhlls OF the financial plan Tor eifectng
merger Of the steel combinations Mo's b.
ulnclally given TO the public. Inc d. - IN
giving ont this information has hccn trying
/ 10 tucl nerves OF some the Sppcu SIors
] tbHE VI the steel STOCKS. anu they sought
.cncl today more than on previous uc-
casions since the projected merger becam"
hGoNn, 10y unloading their holdings.
ihe repeated rebuns winch tine bears have
received have made them very timn and
there was not much evidence OF a demand
TO cover short accounts even at consider.
ahle declines. There was undoubtedly large
snort selling, however. today in the belize
mat an extended period OF reaction ha,.
ocen fairly inauguratcd; n belief which hau
Uecu INDUCED IN many times before IN.
course OF the recent extraordinary market
The course OF affairs in the money mar
kct gave substantial ground Tor appre-
lensIon on the part of Spectators dep md.
INT on loans FOR carrying their holdings
! ne absence OF American subscriptions q
any important volume to the new British
| loan cXcites comment. 1t is believed tina
ne return OF American securities durne
the last Few months has been in larger Vo!
unle lhan any OF the usually accepted sta
| t!stlcs indlcate. The January figures
exports OF agricultural products shown.
an increase OF nearly S2OO0,OtU over tnos
! oi preceding January was unexpected. Lon
don was a large speculative buyer of stock
nero thls morning; especially OF Atchisoh
! and Norfolk ana Western, but the hcayi
proht- taking overcame the London buyi.-
ana swept nearly everything in the mar
kct below Mondays level. Western ljnioL
vas conspicuously strong The most gcut
weakness was SHOWN by Sugar, Missouri
lGcEc, the steel stocks. Tobacco and IN,
SfAhgers and Pacltics generally. The mar
Aet closed under pressure and near TIM
lowest.
Bonds were weak in sympathy with
stocks Total sales, par value, "a 40 Oou