The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-04
Calling In of Loans by the Banks
Caused Enormous Unloading.
CLOSING WAS FEvERIsH AND UNSETTLED.
son Lost OF; Union Pacific IT; Missouri Pacific
and Others from to 9 Points from the High
Point Reached During Upward Movement.

1X0fk. MAY 3.-IhtS afternoons set
III frces was the most violent which
occurred since the present phase of
|11l market set in. IT was absolutely
ut cause In news of anything that
|Sdp4 harm to the intrinsic values of
tieS. commerce or industry. furry
Money rate. coming on over ex-
'6peculative accounts, indicates the
Gitpation In n nutshell. 1t Is char
5tic&of n boom that IL should CON
uuAbated to the very teeth of such
4fIpn with every preliminary warn.
but pushing recklessly onward until
|stunl event forclby checked the nd
|8The danger has been obvious th1t
.eculhtive was overrunning the bounds
ksonf and safety. The buying WAS
ffdiy without motive or information
n the hope and belief that there
be enough future buyers to lit
to a higher plane and so offer profits.
were exceptions In the case of the
'nnrket leaders, In which there were
pie theorics and reports Of buying
Enge control. But in these also the
' Of speculators, who have tailed on
|itately to each movement of this
FOR several weeks past, was very
eien1ent in the buying. Increasing
Rtion has been felt among commits
Fokers and loaners of money who as.
Fesppnsibllity for speculative buyers.
many of this class were stretching
resources unduly, dependent. MS they
the maintenance of prices of SO.
IS to keep their credit good. As n
.ucnce there has been increasing pres
rom commission houses on their Gus
to- take their profits and tighten
load. But the buying demand has
constantly reinforced by newcomers
pc turoads upon the money market
led The preliminary figures of to-
.y'S Statement made 1t clear that only
II showing can he hoped for from
'statcinent and the bankers began
loans to recuperate their position.
RH loan rate ran up in consequence
per cent and the spectators began
|ntfest acute distress as they found
Dives forced to look about for new
modations. The extreme sensitive
4 the situation was manifest in the
Re Of reaction by what was really n
nte hardening in the money rate.
fiicacy of the situation was enhanced
|hison, st. Paul. Rock Island, Balti-
|nnd Ohio, Missouri Pacific and a
r OF stocks Influenced by these
hents Advances of 81 to Il had
Ia during the morning among these
St-&Paul being particularly buoyant.
the pressure came upon the market
Pt0cks were among those which were |
Hcutely affected by the selling. |
|0us blocks were unleaded on the de. /
II aggressive drops of X To point /
niany points decline. The drop N
k5n rea ched 9% ST. Paul 9bs: Rock (.
| 6A. Northern Pacific s. Baltimore
hiol 7i2; Union Pacific rs: Missouri /
s;wabash preferred 54; kansas Kansas
|exas preferred 4as; Atchison pre-. /
q; Sugar "A and a large number OF |
Btoeks between l and 4 points. The 1
were SO eager to take profits, after
long abstinence, that their denland f.
fr caused rallies among these stocks
n2 to AZ. But the rallies were not
&cld and prices went off again In
Eases 10 the lowest. The closing was
Ia and unsettled and the undertone .
pea weak. The preliminary tigures (
norrow statement indicates n gain .
PRIOR movement of less than S2.Onn,- |
onset the loss to the sub-treasury. !
| was xreduced in todays statement, |
gnvernment in the checks, and honi |
ptipns to. S4,715,00O. But the ex. |
the disturbances in the money .
today indicates that the available |
o. the banks should lie consider I
npaired by the great demand of tho I
marker speculation as well as nv .
|ndicated loss In cash of nea.ly |
0g The easier tone of tho sfer- I
fcnange market followed early from
|arn demand for money and there
q further engagement of gold for
foc tomorrow.
Is gave way In sympathy with stocks
lere was no great activity In the
list. Total sales $780, 600, par