The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-01-18
LITTLE INTEREST SHOWN
IN THE BANK STATEMENT.
Some Strength Was Shown in a Few
Railroad Shares But the Close
Was Very Irregular.

rev aork, January 1T.--The public apathy
to"Aru the stock market was indicated to-
uay oy the eject OF the publication OF the
very favorable bank statement Traders
hso bought few stocks In anticipation OF
the good showing by the banks, but their
uttempt to take pronts after the pub,ien.
tlon caused melting away OF gain, and
IN some cases their total VIKING out. The
known movements Of currency from tho
statements Of the banks themselves indl.
Gated a gain OF es,ooo.ooo 10 snOOO,Ooo ia
tho cash, but tho actual gain by the system
OF consumption shows n rise OF inward Of
SlZ'VVvOVo. Last weeks statement under
stated the actual gain by nbout the nmount
thet today's statement overstates &C. which
10 not unusual where heavy movement
comeh late In tho week. Tuday's large
Ioan increase Is normal to the season, but
Lihs mas been no evidence Of the employ.
nleht OF SO large sum as R14,OOo,oOo In
me market this week, and It Ia supposed
that syndicate operations unknown to the
people, have figured in this item. Tho In.
crease OF the surplus amounts TO IS, 4Oe, SIS.
The comparative case which has been
teacheQ IN the money market left only q
inhguld Interest IN the BANK statement
n
chicago Great Western. Louisville, Great
Northern preferred and American Car made
any noticeable show OF strength, and their
galne were not well maintained. lnternA-
tlonal Power was run up points, but
dropped back 3. The market closed irreG-
ular.
The stock market has shown a reaction
airy tendency this week, without any dis
tinctly unfavornble developments in the
business situation TO account for the
change In sentiment from the week before,
when operators seemed to feel great con
ndence in higher range OF prices The
action Of the market is seemingly due TO
the technical causes The speculative pools
have desisted from their efforts to boom
prices or have found that such further eff
forts as are made do not attract q large
outside following.
The money situation seems clear, but the
consideration has ayerted to Investment
values, with a result OF causing some cessa-
ton In buying. There seems to be come
divergence also among the so-called pools.
Ihe makeup of the pools is never A matter
OF well defined knowledge but the domi.
nant elements in them are taken 10 be cap
ltausts and wealthy men OF ample resources.
me most influential class is made up OF
/
only railroad and corporation ownerships,
but influential ownership also In the great
| banks and trust companies, on which the
! cOuntry's money market Ia largely depend
! ent. Another class Is made up OF men of
wealth, without such widespread connec-
| ton In affairs, whose stock market opera
lions are singiy designed for the profit OF
change in the price level, whether up or
down The =. Is made up OF the latter
! class were unGcr considerable pressure dur.
| ing the money scarcity last fall by the
FNaNNN
and were Rdmonlshed in effect that the
money situation made II dangerous to make
| large speculative commitments, and that
the time was not prOpitlous for pushing
Rotations involving new capital issues. The
disclosure Of the purchase of control OF
the Reading by the Pennsylvania and Van
derhilt interests indicated that the purpose
| Of new aims had not been suspended by
large capitalists, even during the period
when the activity Of the stock market
cliques was sought TO be repressed. The