The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-01-18
IN THE STOCK MARKET.
SPECTATORS Exhibited on Extreme Ner.
yousness Over Stocks.
U,e,siucss REQUIRED In the Late
Dealings, with Violent ana
DisordcrIy Breaks.

New York. January 1.-THE state OF mind
OF the SPECTATORS today was one Of extreue
nervousness The cloud OF distrust was some
what dispersed during the course of the day
and prices were laborlousy lifted to level
aeoye last night, but uneas.ness occurred IN
the late dealings and the market closed with
urgent selling IN for,e and with violent and
d sorderly breaks in number OF important
stocks
The excessive confusion Of the prive move
ment during the early part OF the ray served
to put spectators long of stocks in state
I OF bew.lderment. There was bold and pow
eriu manipulation used to support prices
and to dssuade holders from selling, That
the extreme lul into which the market fell
after the early selling movement had been
checked was proof OF tine success achieved
| by ,hs maneuver, but when IL began to APP
! pear that the marking up OF prices had
/ oeen simply for the purpose or anording a
market to realize on, the pressure TO sell
became urgen, again, leading TO the hnal
/ break N pr.ces. The price movement was
50 irregular and mixed at all times as to
defy any close analysis. The opening weak
ness was most marked in the steel group and
the condition among tho great steel corpora
! tons Continued to excite grave uneasnN5s
| during the session.
The conviction is taking form in speeula
tN9 circles hat war bety cen the steel
| CLNpahle5 is dangerously imminent, WHICH,
II II comes, VIII Gemoralize the earnings N
the trade. The tacit admission by Inside au-
thurtes OF 4 coming bond Issue by Federal
Steel lie accepted as foreshodowing coming
struggle. That stock had further decline
Of SIS ana Federal Steel preferred OF 2
points on account of this fac and declines
in the other members of the group ranged
from ! to 3 points. Meantime manipulatlve
SUI pert was effective in other parts OF the
list and Sugar, Peoples Gas, st. Paul, Man
NATHAN and a number Of the Psciiics and
submissions were lifted from to 2 points;
rhen support was a!,corded to the steel
stocks, and the principal members OF the
group, including Federal Steel. TIN Plate,
Steei and Wire and Smelling were lifted
SHARPLY above last night. Meantime there
was realizing in the railroad list and prices
generally fell away there, with occasional
exceptions, which were held up as a supper,
10 the market.
, in the final slump the whole list fell again
with very few exceptions below last night.
lhere were such violent breaks as AZ in
baltimore and Ohio Az in Manhattan. AZ in
Brooklyn RAPID Transit and Great Northern
preferred 3h in Sugar and ga in St Paul
and New York Central, Many OF the railway
stocks were at the lowest when the market
closed
me statement of President Hill OF the
Great Northern that he had never owned
snare of st. Paul stock in his life had
greatly unsetting influence on Spectator
{ who have worked on the conviction that 81
Paul had passed to the control OF the Gres
, northern and Northern Pacific.
Inc declaration OF per cent dividend
OH New York, Chicago and st. Louis second
preferred where all the way from 2k 10
per cent had been confidently predicted
caused a readiustment of ideas to larg
number OF analogous cases The denial y
The rumo& that Metropolitan Street Railway
mas leased Manhattan upset another line o
specul ative calculations.
The money supply continues superintendent
nut the growing belief that notable out
ward movement Of gold has begun served
! an additional drag on the market
The bond market was rather quiet anC
+ irregular. Total sales par value, s2,975 900.