The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-12-03
THERE WERE THREE CAUSES,
ONE A LEGISLATIVE SCARE
Weakness Was Accumulated Also by 4
Furry in tn, Can Money Market
and Gold Exports,

New York. December Decided weak
mess developed 60 tho stock market after
some early exhibition of strength and the
last prices FOR Tho day show considerable
net losses aud an % the earlier gains wiped
out The principal factor In the early
strength was the recovery in Amalgamated
Copper and tho decided rebound Ia the
price OF new copper iu London. The reaG-
rinn was based on tho COLE exports aud
apprehenSlons that tho presidents message
10 be sent So congress tomorrow would
take strong grounds against great comblna-
tlons ~ corporations, with uufavorable IF.
feet upon the market values nf their shares
y hurry developed ~ tho call money mar
ke', which later In the day accumulated
tnc weakness in tho closing dealings In
stocks. Professional bear operators were
active 10 tnc decline and followed yigor-
Gus manipulatiye factics, hut they met
little resistance To their efforts in the way
or supputGng orders and the market was
apparently loft unprotected The resultant
uncoVtTing Of stoploss orders dislodgcd
some large amounts OF stocks cSuerlnllv
among the industrials, the transcontlneutal
railways and the VRnderbilts, which have
been hfted on the consistent reports ot
mergers and deals.
The deahng in raw copper in London
pointed 10 the conclusion that saturdays
demoraltzed break was due to speculative
shors selling ar that later informa tion
changed from that which prompted sell
ing. The recovery IN Amalgamated Gopher
reached TO I6iA, but the stock slumpcd
Louisville aud Nashville. Southern railway
preferred. Southern Pacific and Sugar We're
prominent features OF the upward move
meDt and Long Island became strong and
active at an advance Of AZ.
The announcement Of gold exports TO the
amount Of S2,OOOO0O was the turning point
Of the market, although considerable re.
gstance was offered To the decline after
the announcement was made. The out
watd movement OF gold had been general
~ expected and spectators for the ad-
vance tried to helMtle its Importance
Their efforts were partly successful until
the party of reacation was reinforced by
the anxiety on the subject Of combine
lions and the furry In call money. The
iateness OF the hour AT which the rise
in rates occurred gave rise 20 the SUPPOSE
tion that II might be partly due 70 man
nent Of dividends and interest during the
day hut the effect OF such disbursements
Is likely to be somewhat belnted IN the
New York money market ihere WAS y
dron in New York exchange M chicago
ta 50 cents discount which Indicated some
renewed requirements for funds at the
gerter Professional operators ana pools
tiiere was no EVIDENCE OF large share In
Sc, transactions by outsiders
The hond market was moderately active
Is 93o 600 limited States refunding 2s ad-
yaDced X per cent on the last call.
BANK cLEARINGs.
Following are the cleartngs OF the Hous-
ton banks. together with the amount OF In
crease or decrease over last year;
This week SEX Las year sd lnc s,o
monday 49,. 2 1O0.S47 1,940s11 i6o.0Se
NEW YORK EXCHANGE.
Rs;e s commerc q G ,sis ss 81 isis
BsnLeya 60 days 4. s4ih-s< 4 .S4l4.I7