The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-05
1T WAS BASED ON
THE PRESENT PROSPERITY.
High Prices Were Paid for All Properties
Included in Mergers Cleveland Incl
dent Affected the Market

New York, January 1.-The dlsappoipt.
meut over the weekly bank statement today
made IL difficult for the stock market TO
make Roadway against tile selling to take
profts. good part of ;he gains We're
wiped out after the statement appeared
and some Of the weak stocks fell a point
OF more below last night. Realizing was
in evidence from the outset among the
coaers and some others but the heavy nb-
scrption Of the Unitcd states Steel stocks
and a rise in Amalgamated Copper gave
some tone to the market.
The rise In the Copper stock was based
On the reported dissolution OF an iujunc-
tlon against the payment Of dividends by
one OF Its subsidiary companies. ! lumber
OF low-priced nduatrla.s developed strength
curing the day, cspeellly the producers
o. railroad equipmeu. St Paul udyanl ed
ON It's Increased earnings for the foptth
week In December The IunJun ,cmunt that
this company You'll discpntluu. statements
OK the weekly earnings gave rise To some
Coubt among spcculatUrs over the railroad
outlook. The bank statement showed an
Increase OF only S3,45T,s 500 in cash, which
was less than half the amount predicted.
Inc increase Of reserve requirements by
me large loan expansion more than Offset
tEis in the surplus item, viii IN accord
lhgly showed small decrease
WAS
considerably dnshed by this development.
II was thought probable there had been
shipments of cash TO Cleveland to meet
thu eXigency there. Considerable attention
was SIN given to the Cleveland incident.
Predictions among exchange authorities that
exports OF gold would be resumed soon
also disturbed sentiment over the money
outlook The market closed generally easy,
but with some slight rccoverics from the
lowest.
The activity and strength Of stocks this
week was reflected In hopeful and cen
hdent spirit over the outlook for the acw
year. The year-end strngency of the
money market had been ignored In tue
confidence that few days would see n
relaxation OF money rates with a return
to the channels OF the money market OF
vast resources through the unprecedented
disbursements Of account OF interest and
dividends and Of the currency which has
been in active circulation 10 Accommodate
the needs Of the great holiday trade. the
volume OF which has been an Index - the
great prosperity which the country en-
joys. The conviction has long been preva-
lent that the January relaxation Of money
rates would bring rise In stocks and the
buying of last week and this has repre-
scnted an effort to anticipate the January
rise. There has been little evidence of
the murket, meaning the rank and file of
spectators. the country over.
Tho operations bear the stamp OF pro
fcssioual traders Of large means Joined IN
speculative synhlCates. and Of bankers ana
large financial interests. The movement
ems 10 he based on general considerations
Of confidence in the stability of values the
sustained prosperity of the country and
prospective willingness OF capital to in
vest IN securities at their present high
level Of valuation, The practical cousum-
nation Of the conversion Of Northern Pa
cihc preferred stock into common stock
which was essential TO the plan OF organlza,
tiou Of the Northern Securities company
has heeu an element 81 strength for stocks
Tho special strength Of anthracite carriers
during the week Is a reflection of the i'm
preston that those properties are first on