The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-11-09
SOURCE WAS MYSTERIOUS.
GAVE RISE TO MANY RUMORS.
Activity Of Bear Traders, However. EVi-
deneed Professional Liquidation.
Financial Resume Tor the Week,

New York, November S.-Nery hcavy sell.
Ing OF stocks, the source OF which was
mysterious, developed on the stock cx
change today. Possibly for this reason the
selling gave rise to many rumors OF
somewhat alarming character pointing to
financial troubles. reports we're also eur
rent OF large forced liquidation by an IN
uuentlal operator. Another rumor was TO
the effect that the United States steel cor.
pcration had iu contemplation sweeping
reduction In selling prices all along the
line. stu another was to the enect that
the secretary of the treasury vas about to
make heavy drafts upon the government
deposits at the National banks in order to
repenlsh the governments working nal
ances. The opinion found some hackers
that the whole movement was a We'll
planned bear raid
The proven untruth Of some OF the
rumors circulated pointed to the activity
Of bear traders, but 1t is a customary de-
vice of the professional operator DESTROYS
Of llqu'datng stocks to give the impress
sion of short selling IN order TO invite the
support OF stocks he Is settling There
was not much evidence OF supporting or
dcrs in today's market aud tue demand
sufficient &c overcome thc continued pres
sure to sell, So that the closing Was weak
aid In some cases at tue lowest Declines
reached to points I'm a considerable list
OF active stocks. slump NJ ~ points III
Delaware. Lackawanna and Western on the
sale Of $50 shares attracted considerable
attention.
The bank statement showed decrease
I'm cash OF S5,464,Oto winch was SI,OVpusI
more than expected The small loan con
traction of SS,u2p, 1uO lost some sigulnCauee
from the know fact that new loans have
been secured abroad during tho week Inc
sustained strength OF sterling exchange
also kept alive the question Of rcmlttauccS
abroad nv gold shipments This SITUATION
would account for some degree OF renewed
pressure upon speculative borrowers.
The movement Of prices Of securities IN
the stock market this wcok has reflected
doubt and uncertainty over the future The
movement In this direction has never been
long maintained and the net results nave
not been important rhe expectation that
the result of the elections would clear the
way for a renewal Of speculative activity
was disappointed. and after temporary
| squirt on Wednesday morning prices ran
of again and the decline was continued
| during the rest OF the week The actual
| condition OF the money market has changed
| but little during the week. The expecta-
tion that gold exports will be inaugurated
| Immediately after the election proved IN
! founded and exchanges rates nave moved
away from the gold export point. Inc al
vanced rate OF sterling exchange ut Paris
has been the principal element in this
| change. Reports from Paris ana London
are TO the effect that American borrowers
have secured new loans in Paris ana arc
| employing the proceeds to meet obllga.
tions In London on syndicate account, In
! Guiding preparations ny the shipping com.
bine The London money market Is tree
this month from the recent monthly re-
quiremcnt owing to the installments Of sub
scrIptons TO the eonsol Issue, payment fol