The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-10
SPECULATION HESITATED
ABOUT BRANCHING OUT.
Action Of United States Steel Was a
Great Disappointment TO Great Many
Professional Spectators.

New York January Depreciation came
10 a hating place today and showed much
hesitation about branching out into new
courses The sharp upward movement in
the latter part OF Yesterdays session was
evidently due 10 a drive against the shorts
which were put out in the course OF The
speculative liquidation on previous days.
In the absence u important new develop
ments, the stock market followed the nor
NAL course In the cuiminatlon OF specu-
lative movement, the price vibrations be-
coming less by degrees. There were eff
forts which persisted during the greater
tendency Of the market and to continue
Yesterday recovery. The marking up or
epecfal stocks was the device resortcd 10.
II was not very effective at any time. al
though there was n rally AT one time
which generally wiped out early losses In
the late dealings. however, when the
futility or the efforts OF the bulls became
apparent, the tired holders began TO throw
over stocks. Prices went to the lowest
point of the day and generally closed
there St Paul was under severe pressure
and lost 23s. Declines Of between ! and .
points were numerous among the prominent
stocks. The principal stay OF the market
during tho time Of resistance TO the de-
cline was Manhattan, This stock was
taken on an enormous scale by brokers
who have been active In II ever since the
present advance began. They made Il
tauch i4ON. an extreme rise Of ~. after
which IL reacted. closing with net gain
NJ 2M. The running Of the nrst expert
mental train by electricity over one OF the
company's lines was ostensibly the cause
OF the stocks strength. Metropolitan
Street Railway and Brooklyn Rapid Trans
g. the latter In small degree. were az
3ected IN sympathy. There was strong
advance OF 7% in Pittsburg, Cincinnati,
Chicago and ST. Louis ON supposed pros,
poets OF larger dividends. and some ~ the
junior Nanderbilts were affected IN similar
way. Sugar. after an early decline, had
its period Of strength under operations by
a speculative combination. based on eX-
pecfatlon of a remission OF raw sugar du-
ties. The stock afterwards weakened 70
the lowest and closed at net loss Of ,
points. The action of the United states
Steel stocks has proved great disappoint
ment to q large element among professional
spectators who have been looking for a
sustained rise in thoss stocks and an ag
gressiye bull leadership OF the market.
Both classes Of stocks were sold today,
both for home and foreign account. The
hostile steps still In prospect against the
Northern Securities company continued TO
Form a repressive influence The money
market has lost its stringent tone, but re
newal Of supplies is by no means SO abun
dant as expected. me saotreasnly nus
ket's supply owing 10 the regular dishurse-
ments on account OF postofhce contracts
Int this Is contested with weekly gains
during January last year from hat source
of from 81 .0O0.O00 10 over SaOO0,OOO. Col.
iections Of customs receipts are very large
ct this time. thus onsetung government
disbursements on other accounts The Lon
don money market showed symptoms Of
hardening today and this tendency Is ex-
pected "a Increase later in the month, To
days Bank Of England statement shows
the weeks repayments OF loans TO that
Institution 20 have reached nearly $4,000,
thus more than Offsetting last weeks free
lnan expansion. The Bank OF England Is
thus placed In a position 10 control the
london money market and is expected 10
use its power 70 keep up the money rate
with Wow 10 attracting foreign gold In
for the new war loan now i'm
fnlnenf An advance Of ! per cent In dis.
s,surf rates BY the hanks of Bombay Nod