The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-01-25
IN THE STOCK MARKET.
Realizing Of Speculative Profits Proceeded
Steadily.
A LOSS IN PRICES WAS THE RESULT
The bond Market Was Renctionary
in spots and in sympathy
with stocks.

New York. January ai.-The realizing o,
speculative profits proceeded steadily today
at resulting expense Of prices The only
yarie'lon from the downward course was
due to purely technical causes. Even the
opening advances IN prices were largely due
10 man .pulation. which began in the London
maTke. on abe1 orders from here before
TIE market in New York opened The gen
eral steadiness in the London market helped
this purpose.
The rapid recuperaton N the condition OF
tae bank OF England and he continued ease
OF money there. IL spite of large Withdrawals
from the market by the bank, points 10 an
carly reduction in the bank Of England S
rate. Tho opening prices OF stocks here
proved in most cases to be the highest.
Tie weakness Of fhe steel group which
began from the opening proved a dlsap-
poinunent for those spectators who had
hoped that the group would assume the
leadership OF new advance in prices be-
cause OF the strength shown by tine leadlni
steel stocks late yesterday. Yesterdays ad
vance proved sufficient to bring in buying
orders aud he speculative backers OF the
stocks seemed .ndisposed to oner very vigor-
Qua support The coterie which bought stocks
on Monaay was credited with heavy sellin!
10 realize and there were large selling OF.
Gers an day which were attributed to CHI.
cage account,
he reported iluess of the largest lndiv,d-
ual operator n the street. and who has beef
supposed 10 be long OF stocks, had considera
Die inhueu on sentiment. but he real basis
al the reaction was the failure to attract any
renewed outside speculation as clearly dem.
onstrated by the marked decln ne in the ac-
tiyiiy in the market Some attention wa!
given 10 the reports Of fr.,ton between
! The English and Russian admirals in Chinese
| waters The days statement of treasury
| operations reflected the payments on accoun
Of gold withdrawn from the assay office.
for export, which more than wiped out the
week previous gain by the banks A notable
feature OF the current money situation II
the heavy reflux of National bank notes.
Yesterdays treasury statement shows tina
| receipts Of bank notes for current redemption
thus far this month have amounted to 3d.
I sbL6os For the SIX months ending January
|, the total was S6a39S.Sis. The average PEI
little over si2o.ooO while from this month
! thus Ia the average is cons derably over
| $IOoooo per working day, Experience show
| mat THIS return movement Of bank notes
! lEeiy to continue during February and Marct
| and in view Of the expansion under the new
! law az about s95, COO in National banl
notes issues. II is likely to be aggravated tn,
! year. The limitation of SO ono 900 per mont,
| as The max mum allowed for retirement OF
| bank notes remains In the law and will &C
| as IN obstacle 10 The contraction of specula.
| Ron. The resent redemption OF bank note,
! plays large part in the large gains mak'ns
| by New York banks on subtreasury opera
| Tons. as New York banks receive large
| proportion OF inter or bank notes by return
! shipment and besides receive drafts on ac
| count e. bank NOES re 'eived by their in
| terror correspondents The large return O
| bank notes frcm circulation and the restrlc
| Ton Of their retirement is expected 70 st'gnu
| late the pressure to place loans in the money
market and will operate 20 foster the ten.
! den'y 70 ship gold abroad notwiths.qndlns
| continued ease IN foreign money markets
! Extreme declines reached AZ in st. Paul
| ~ in Rronklv1 Transit; "a n Steel ant
| Wire; 9Ss in Federal Steel and Manhattan
! pa, in Northern Pacific; . in Great Northern
! 2h in Sugar, and from to IN large mum.
! Der Of sto,is. Kansas and Texas preferret
made some show OF strength
The bond market was reactionarv n spot
! n sympathy with stocks. bu. advanced a
others. Total sales, par value, ss,675, 900