The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-01-25
THE CLOSE WAS EASY
AND PRICES VERY LOW.
Inc Market Feb Into a Rut During the
Week and There Was Nothing to
Aid In Strengthening II.

New York, January 24.-The difficulty In
Inducing prices to move still confronted
traders In stocks today as II has through
the week. The Venezuelan difficulty stlll
mas repressive influence upon trading and
there was some disposition TO couple the
prompt signing OF the Panama canal treaty
with that question. Prices hardened, how
ever, after the opening, because OF the an
nounced decision that the German action did
not necessitate representations 10y this gov
ernment The weakness Of Pennsylvania
was the unsettling influence and led to an
active selling movement, which was only
momentarily checked by the bank state
ment. The closing was easy and with some
quotations at the lowest The selling OF
Pennsylvania seemed 70 be due to tho news
Of the borrowing Of S4O,00O,OOo by the COM
pRny. The fact that this loan for six
months was negotiated at ~ per cent, com
pared with per cent and liberal com
mission paid by the Lake Shore for its
S2000O,OO0 for the Reading purchase, was
pointed to as an evidence Of u declining
tendency OF money rates, hut speculative
operators were inclined TO see In II rather
an evidence that floating supplies Of capital
are likely to be ongrossed by continued large
left free for stock market uses. The mod
crate loan expansion by the banks, in view
Of the Pennsy lyania loan operation, was an
agreeable surprise TO the traders ana
prompted the recovery which gave away
7The stock market fell into rut this week,
In which the narrow and sluggish nuctua-
lions Of prices were due TO the varying OPP
eratlonS OF the room traders, whose dny To-
day operations have constituted the whole
market. Current comment ON the market Is
largely made up Of the coniecturcs made by
this class Of operators or the opinions they
advance, which represent their hopes or an
influence that viii cause prices to move us
much as any actual information Of events.
Tho volume of dealings has progressively
declined TO the low level OF the year With
the general public Indifferent to the stock
market, and with no opportunity, therefore,
10 distribute securities to Investors and
with holders equally dlsinClncd to sell at
the present level OF prices or ut the con
eeseious which the attempt to sell would
require, this Irregular huctuatOn from day
20 day Is tho normal condition OF the mar
kct At such times professional traders on
tho floor or In brokers' offices watch kcculy
the development Of events and the news re-
ports and endeayOr to interpret the effect
these viii have on the sentiment OF the real
holders ot securities or the real investment
seekers for securities and tn anticipate their
action. In times Of active markets they are
thus enabled to realize profits by knowing
beforehand Of the movement, hut in periods
Of stagnant markets, when real buyers and
renl sellers are both idle there Is nothing
for the professional trader to do but to re-
ieve his position and close up his commit
ment which he is prone to do on a very
narrow movement either in his favor or
against him. The result is a market OF re
cent narrow fluctuations. The sufficient ex-
PLANTATION Of one days movement Is that
previous dHys were contrary ones and found
to attract no following. In the present mar
ket Il has been shown also, that the week.
downward fluctuations have encountered
buying orders placed below the market,
either for the purpose Of protecting values
or for purposes OF accumulation on an eN-
pected downward range, such a condition
Is sufficient to deter bear traders from ex-
tcnslve commitments on the short side "
the market, on the other hand on any nd
be withdrawn and the market Is likely 10
meet seeming orders for purposes Of rGnliz-
Ing, The rigldty OF the market is thus
maintained. Whatever may he the adyan-