The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-11-13
SHARP REACTIONS OCCURRED.
RATHER MORE IRREGULARITY.
Selling to Take Profits in the Stock Mar
ket Was Joined by Extensive Short
Lines Put Out by Bears.

New York. November y There was less
buying demand ana rather more Irregular
ity In the stock market from the outside
today. The hesitation IN the advance grew
and turned to sharp reactions In the late
dealings. Selling to take profits was joined
by extensive short lines put out by the
bear PARTY on tie argument that the rise
In prices after enduring for SO great
length Of time must have made the market
vulnerable 10 attack but there stil were
persistent points Of strersth in the market,
and although the extreme advances in the
strong stocks were notably curtalled, many
OF them have considerable net gains to
show FOR today.
The local fractions were conspicuous eI-
nmples. In Metropolitan the advance
reached Sas at one time. and in Brooklyn
Transit 29s, while the net gains are 2A
for Metropolitan Street Railway and 1A
for Brooklyn Rapid Transit.
The anthracite and soft coal carriers.
selling below par, also showed continued
strength, as did the iron and steel indus
trials. The disposition to take attractive
profits after the considerable advance IN
price which occurred was emphasized by
the expectation that several millions OF
gold Will 20 out this week on Thursday to
P0iis and Saturday probably to London, us
the rate of sterling exchange today nd
NGnced TO point which makes gold ex-
ports TO London direct profitable The
strength of sterling here was In spite of
easier money rates both In London and In
Berlin and a relaxation OF the continental
pressure upon London for gold. The ne
cessity Of a large movement OF gold from
New York at this time OF the year calls re-
pewed attention to the extent Of the Amer
lean borrowings In Europe early In the
year with the expectation that our for
eign trade baAnce would continue so IA
VQrnDln TINT these loans pOuld no ronald "a Z
n profit out of the abundance OF the for
sign exchange bills In New York.
The fact that this expectation has not
been realized and that exchange bills are
scarce, owing 20 the falling on In our ex-
port trade arouses some natural surmise
whether the high prices Of stocks reached
earlier in the year did not also represent
undue expectations. 1t Is to be recollected
that the projects which stimulate our stock
inhation and even to some extent the actual
manipulation OF the market We're furthered
by the resources of the foreign borrowings
IN the present movement more than one
STOCK has reached g record price, and all
stocks are nndenlably highp priced,
On the other hand, the extraordinary
railroad earnings and the activity are nat
urhl NEGATIVES 10 speculation. Today's le-
ports Of gross earnings for the first week
In November show such Increase over last
year rs 53 per cent for Rio Grande Vest
erni 81 per cent for Canadian Paclhc; Il
per cent for Wabash; IL per cent for Chi
cngo and Eastern Illinois. end 8 per cent
for st. Paul.
The government estimate on the corn
crop, although II offered no very unexpected
INFORMATION. renewed the depressing In
1uence Of the heavy shortage in the crop
and the corn-carrying roads In the West
and the Southwest were therefore most
Acuteiy affected by the profit taking.
The cut IN the prices of sugar especially
affected that stock.
The market closed weak.
There WAS another large DAYS business |
On bonds, but the price movement .vlaS IT. |
Sesr1-@ goiai ssash. par value. W ~