The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-08-02
MONEY And INVESTMENTS.
Doin0s Of Day Witt Mall Street
Operators,
SUGAR, AS USUAL. WAS A LEADER.
Bank statement Exhibit unfavorabiy Rc-
gartied-Evidonce OF HoardtnG Money.
Contraction Was Not Justified.

New York, August THE stock market |
was wholly professional today. Sugar, as |
usual, was a leader. That stock displayed |
the widest fluctuatlon. Early London |
prices came slightly above yesterdays |
closing and London was also a moderate |
buyer of Louisville and Nashville and ST. |
Paul In this market The bank statement
exhibit was unfavorably regarded by the
room traders. 1t being claimed to show
evidences of boarding money. Well an-
formed bankers declared that the contrac- |
ton WIS not Justified. The opening prices
were generally higher on purchases for
both accounts. Chicago Gas rose ~. at
the outset, but the other gains did not
reach full figure. The market soon he-
c1amc irregular and finally on realizations
and Liquidation in the iow-priced shares
prices reccdcd all along the line. The
downward movement was accelerated by
offerings of heavy blocks of Sugar, de-
pressing its prices 2M per cent from the
early high point. Chicago Gas scored an
extreme loss. Burlington and Manhattan
dropped ~, New Jersey Central ~. Louis
vile and Nashville / SIS and Tobacco and
st. Paul l per cent. The close WAS at
the lowest prices.
Conditions affecting the values Of stock
exchange securities have not materially
changed during the week. The street stiu
attaches peculiar interest TO the one OF
the limited market for American securi-
ties m London aud at least on one
casion the prices at that center were
generally believed TO have been man pu-
lated on orders from this side. European
and domestic investors and Spectators
| haze had their attention distracted from
tories OF reccnt paramount interest 10
consideration OF wide Increase in the
/ area of ralroad rate cutting, shnrp re-
| ductions having been made IN both pas
scnger and freight rates. The more saw
! a.;r cutting has probably been confined to
the West and South. leaving he South
west comparatively uudlsturDed but IN
| the past day or two the roads in that
| section have also become embrollcd. The
result has been 10 OFFSET the good efie.
produced by the Interference Of the courts
| In The Southern disputes. Today the Sea-
| board Ar Line gave notice IN accordance
| with the order of the United States C.r
| cut court of its Withdrawal on August 3
OF It's 81 l-3 per cent reduction in freight
| and passenger rates TO southern points.
| The dealings have continued chiefly under
| the control of the professionals and at
| I mes the operations IN Sugar have en-
| drcly dwarfcd the trading In the general
| HIST The market during the early part
of tho week. displayed acute weakness I'M
der persistent bear attacks, assisted by
| various untpward developments. The con-
dit!on Of offerings for foreign account, me
rate disturbances referred to. less satis-
i2ctDrA crop auv-ceS ana olSCOuraglnR
| traffic reports, were effective In depress-
ing the railway shares.
The treasury situation received less at :
tention owing to a clearer appreciation or
the magnitude of the preparations made
by capitalists to ma ntn.u the hnancial
equilibrium. In the industrals. sugar was
depressed mQmentarily to par. Inside sup
port appeared to he lacking IN the more
prominent shares generally and the bears
improved their opportunf es, ANIMATION
was hammered on reiterated taNor3hlc
rumors regarding the forthcoming quar-
tcrly statement aud the dividend pros
poets. Liquidation was on an extensive
scale in some Of the low-priced stocks
and free offerings of our speculat We bonds
. by London was n feature. The losses al
the low level ranged from to per cent
hn the general list, with the heaviest con
cess,on in the high-nrlcen stocks
| Traders changed front in the last DAY
or two and although considerable irrcgu-
larity WAC evident. shorts caused a rally
ing movement. Mauipuai on IL the m
duRtrials was very pronounced, Sugar be-
Ing marked M per cont; notable gains
were made by the graugers. KealiZing
orders resulted In sharp reactions ana LETT
the list as a rule showing substantial
losses as n result of the weeks opera
lions Sales 999 IA shares.
The bond market ruled Jun, hut gen
orally high The feature of tho week wa,
continued fore gn selling and decided
hotViness In the hsh-priced issues. Sales
!, 03i. 900.
Total sales Of stocks today 6G,llG shares
including: Tobacco SO 600; Sugar, 1000,
I