The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-06-24
MONEY AND INVESTMENTS.
Dolaas OF . Day With Wall Street
Operators.
MoRGAN's PREDICTION uNfULrlLLED.
Londuu Sold nut DidnV Buy According
70 Promiae Sugar shot Up.
silver Active.

New York. June 23--Thc gentlemen who
vowed that tho speculative universe would
hold grand feto after the republican
convention arc now gazing at one another
In white Amusement. They ware mis-
taken. MIR. Morgan was also mistaken.
The pity tnay. the scni-tragcdy) of Il Is
that Banker Morgan should have descend
cd to such serious error. He went abroad
two months ago. His friends Insist that
j. =. Morgan succeeds In every UNDER
taking. when he started for Europe his
0dhcrcnts werr sure that he would arouse
the American surety market from its cx-
pcnsivc lcthargy. lilo went, he Iscddicd
and was conquered.
But no succcedod- succeeded In discov-
cring that the foreigners do no, want our
values,
Mr.. Morgan returned few days before
the opening of the ST. Louis convocatton.
He made the solemn statement to evoty-
body who takcs an interest In political
tnnd spcculativc) economy that II the re-
rubiicans should follow his odiura.ion
and saw gold plank the effect upon our
European cousins would he mrrcufiil W
would chase all Of the prejudice asainst
would pour millions of pounds into tbts
country for invcssncnt purposes
The uttcrancc of The celebrated ncyo,i
tcnton. 1t was vociIerousy admitted
that hc Was thoroughly competent to
judge as To what would or would not In
fhicnce foreign investors. Politicians,
bankers business men and gamblers cted
Mr. Aborgans delphian vaticination In be-
hale of u sound money dcclari.tion;
We're also those of his dear customers. the
l.ondoners. And. sure enough, there came
pouring in pounds upon pounds-of Amer
lean securities
Instead of buying, London sold. London
sold fully 10000 shares Of all kinds or
stocks the day aftor tho convention ana
haa been selling thcm ever since nave
writer ON finance observed, with an an
gal!c naivete altogether touching. that
"Londons attitude ON the market took
foreign houses by surprise. Yes. yes,
indeed, II was a surprise.
But these lsondoncrs are not nj bottom
ungrateful hcncfactors. Who. after al,
may censure them? There are still a
large number of ctltrops ahead. inc nc
zion of the ST. Louis convention was n
move In the approved direction, hut. look
| ing at II through foreign spectaclcs. ~ ~
merely n move and not an accomplished
| fact. The democrats have no, boon heard
| from the election is not over. To pafa-
| phrase Esp slightly, people who have
| been trudging along under u heavy lcad
| will ride on n mules back for a time. even
| II there ia every promise of chariot
| ahead.
The silver bolt in tho plank Of gold IS n
defect as well a. ~ detection. The tx.
| preston OF the Platforms distinguished
| ed In the Cub,n and Venezuelan affairs
| viii not propitate Tho hears on both
sides of tho Atlantic: the democratic dele
| gates have not voted. and, finally. tho
| elcctioncering between now and November
| will create ague and fever but not ass;ir-
| ance.
| All this is from the standpoint of the
| foreigner who can not he famed for
| marketing some OF his stun. though he
| has manufactured white II. In order
| that he may obtain a little more for his
| goods.
The chief feature OF the speculation to-
| day was Sugar, which displayed cNccp-
| tional activity and weakness. following
| upon tho tGeak noted yesterday. Ths
stock was conspicuous early for "a Jump OF
| rs to 100, despite news of further weak-
| ness in The foreign and domestic sooos
| of tho product occurred. The movement
| however. was largely II not entirely due
to the covering OF shorts. and as coon ~
| this dcmnnd WAS satisfied tho stock besen
| to sag and eventually on free oit'rings
| by traders, who believed they detected
in.do selling, tho price roceded AS to
| l15 rs. The close was practically at the
| lowest. -,
The general trading at the outset dis.
| playcd strength unur the influence oil
| higher London prices for Americans ana
| ,reiyn purchases ana also TO u more
| cheerful sentiment regarding ntr relations
| toward Europe The international shares
pn'nni smart fractions. Az in tho case II
| Sugar. however. the shorts wee ,Heny
| rcspo nsible for the Improvement ana dnii-
ness caused IA downward tendency, on
| prices The depression was marked in
| the final hour General Electric came INTO
unfavorabl" prominence near the c.'fe,
| breaking ~, u,.r cent Tobacco made At
| show of resistance TO the oacin'ng tend
| cncy. but lett off nj a slight nHi ,oss, de-
| spitc an early r'sc of IA per cont.
| A resumption OF strength and activity
in silver Certificates ATTRACTED attention
| Authorities on the metal stated thc he.
| mnni was legitimate, and was due 10 an
| Increased European inquiry. other con
| sideratlons bearing on tee advance were
| the resolutions IN favor OF biineiallism
| tive European interests at Paris yes'crihy
| sun another explanation was the Tsoha-
| in the railway shares from the high point
cxte,,d,d to laiiis per cent IN tho rrangers,
southern preferred and Louisville and
| NASHVILLE. The closing was weak,
Railroad bonds cxhl.ted strength in IN"
early dcal!ngs most Of The the speenla'iyc +,
| Int session wns marked by .iregularity,
| owing TO the dcpr"fs on IN the share spec
cline of ror cent IN Oregon Improvement
hrsts and a gain of ~ per cent IN Hooking
\ Valley sixes.
! strong and higher. advancing to 65n on
purchases Of $4,000.
FINANCIAL.
Galveston. Texas. juno 2a---In the local
| exchange market. sterling sixties buying
49, selling 4.ao. Now York sight. buying
| j. discount. selling u premium. American
| silver buying !. discount. selling at par
Now York. june 23.-S,etlng exchange.
| bankers sixties. t.Si.; commercial
| ts7. relchmarks 49, francs. lankcrs' six
| lies 5.i6 rs; commercial sixties 5.lIis.
| Now Orleans La. June 23.-stcrl.ng ex-
| change commercial sixties. t.N,i41t is5is
| francs, commercial sixties. 5lsN. New
| York sight. bankers' l.h0 premium; COM
| merriil Zoe discount
| London. June 23.-I,ank rate per GENT
| street rate, :, per cent SILVER. ii lisa,
consois. IL o-id.
NEW YORK MONEY.
| New York June % Money On call easy
| at 1i.,Gi2 per cent, last loan ant closed ~
| per cc'lt Ps1mc mercantile paper, "a
| b's yer cent, Sterling exchhnxc steady,