The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-02-15
TRADING WAS LIFELESS
TILL NEAR THE CLOSE
Inc Selling Pressure Was Relaxed and
There Was a Little Improvement in
Some Stocks.

New York, February "a Trading ar
preaching near the level Of stagnatlon pre-
vailed in the stock market II was not until
the last hat hour that the first trade In
either Sugar OF Manhattan was recorded
Cp to that time there had been oniy one ur
two transactions in United States steel The
movement In prices in such o market can
have little significance. unless OF a negative
character The selling pressure which was
notable Yesterday. was relaxed today, and
there was even some evidence Of support
here and there. especially IN the Gould
GROUP. in which Wabash preferred was
lftcd nearly o point General Electric rose
further on alleged expectation Of benefits
TO stockholders TO accruc from the purchas.
Of the stanley Elcctric COMPANY perhaps
by new stock subscription rights Amcu-
eau Smelling advanced an additional Ia.
with intimatons that the Improvement in
the silver market was to the advantage
of the company. The signing Of the proto
coils for the submission of the Venezuelan
dispute to The Hague arbitration couri
was cited as reason for some Of the buy
Ing The Liquidation Of the Erics seemed
To be checked and there were dealings in
the new convertible bonds on the curb at 90
as compared with the proposed issue price
to stockholders at STA. Prices receded
fraction, on the appearance OF the bank
statement but the market Steadled again.
The loan increase of Sll,2i4,S0O Is not eX-
cesSiNe, compared with other years IN tht
corresponding week 1t is believed some
Of the borrowing has been for the purpose
of rcpaying foreign Obligations which can
now be done to advantage The surplus OF
Sll02O.6I0. compared with SlSb6O, $50 at
this time last year and Sl2,So2 $50 two
years ago.
After squirt Of activity and strength on
Monday the stock market fell back again
into a condition Of apathy and lethargy,
This was accepted as new demonstration
OF the futility Of the efforts Of speculative
combinations and pools to awaken interest
In stocks on the part Of the outside pub
lie These elements had IN their favor
the continued ease OF money conditions. and
especially the Introduction into the senate
of the Aldrch bill for liberalising the pro
visions for government deposits with Ma
tional banks in preventing stringency In the
money markets during the coming fall. The
measure was discussed with much interest
In Wall street for this reason. But Its eff
feet on securities did not prevent the re-
lapse in prices which followed the attempts
of professional operators to realize when
they recognized that they were obtaining
no outside following by marking up prices
Favorable reports from all channels of trade
were equally unavailing TO awaken specula-
tive Interest in securities The somnolent
state of speculation is a puzzle to the pro-
tessional element In view Of the apparent
promise for future prosperous conditions.
The Importance attached to the AldliGh
bill in current financial discussion prob1oly
offers a KEY to one of the reasons for the
prevailing hesitation in the stock market
II is now generally recognized that the
money market passed through crisis last
fall which had many dangerous elements
in it. The step taken by the secretary OF
the treasury in accepting State aud muDtc-
ipal bonds as security for government de-
posits was q potent factor in averting
catastrophe. The problem Il avoiding
lookup uf surplus government revenues