The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-11
PROFESSIONALISM WAS VERY
EVIDENT IN MANIPULATIONS.
The Market Was Sensitive to Even
Light Selling Pr2ssure-Still Affected
by the Cleveland Trouble,

New York, January 1o.-The condition OF
neglect and professionalism into which the
stock market Is falling became more evil
dent today. not only In the smaller volume
OF the trading, bN in the eccentric nuctua-
lions of prices. The net changes In the
majority of the list win be found narrow,
but the days range was considerable and
the changes constant and various The
rule of operation has fallen back TO the
professional room traders basis Of selling
on advances and buying on slight reces-
sions. The speculation continued quite ac-
tive In Sugar and Manhattan, but even in
these the characteristics were professional.
in Sugar attempts were made to lift the
stock on the assumption that Cuban duties
would be remtted Manhattan was affected
by realizing, but was lifted Mt one time
a point over yesterday. Generally speaking
the characteristic of the market was dull
ness due TO the lack OF outside interest
and the discontnuance of operations by the
larger speculative interest
The tone tended towards depression as
the lack OF demand made the market vul
herable to even hight selling pressure. The
abandonment of the bull campaign in
bnited States Steel and the desire to await
/ better defined status for the Northern
Securities company were general consid
trations detracting from speculative Inter
psf. The announcement OF the suspension
pr trust and savings institution in Cleye
land was regarded as an episode, uniin
bortant in its immediate results but with
4 rather sinister significance In Its posi-
bic Interior bearings. The suspension was
associated in Wdll street with the Difficult
Des of the Everett Moore syndicate, which
have been rather depressing circumstance
IN Wall stceet's background for some time
bast The feeIine in favor OF conservatism
in extension OF both credits and spcc1laUive
Ventures was strengthened by this event
\ here had been an extensive speculation
In Delaware and Hudson on confident
assumption that the dividend on the stock
was to be increased. This assumption was
strengthened by the action of the New
Jersey Central, directors in jumping their
dividend rate from TO per cent. The
action of the Delaware and Hudson direc
tors today in limiting the distribution OF
last years profits TO Z per cent 10 be dis
pursed quarterly. was therefore keen dis
appointment. as 1t represented no better
return than that OF last year. The stock
was sold heavily, causing break OF @
points with an influence on the whole
market The unchanged dividend on Louis
ment though in much less degree The
market failed entirely TO respond to the
lromife of a favorable bank statement to-
morrow as indicated by net receipts from
The interior by the banks Of over $1,000.
poo supplemented by a gain from the sub
treasury of nearly half a million dollars.
There Is nothing apparent In the domestic
horizon to explain this Indifference and
It is supposed to be due TO the general
expectation that exports of gold viii begin
The bond market was dull and rather
irregular Total sales, par value, S2,Sl3,'
N0 United States bonds were all I'M
hanged on the last call.