The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-07-16

mand for sterling advanced significant frao-
ton. and London discounts were also harder.
1 Sterling exchange at continental centers also
rose sharply. lending point TO the note ot
! alarm sounded by the weekly English huan-
cial publications over the Immediate future
| OF the London market
| The week In Wall street has offered evil
dences that an cugrc speculative contingent is
watching for an opportunity to embark on
/ the long side Of the market. There Is evil
dtnce also that large portion. OF the contin-
sent was not possessed OF abundant funds, and
the. continue tightness OF the money market
and the successful ,nachiuutions OF the bed, S
have checked the bullish enthusiasm, wiped
out margins and prccipitated considerable
speculative liquidation. A number OF indi-
siyc strength on lasge buying aud have sus-
tanned the general list. The activity of the
market for call loans on the stock exchange.
even nj the high rates. also indicates conf
Of the situation. The extended period OF the
hardness OF money after the July period up
set the calculations Of many observers. aud
last Saturdays bank statement, showing sur
plus reserves down TO near $1,000, 0No.-lower
than since the nnnic OF lse3--caused something
Ike alarm There were large orders to sell
that many loans would be called In TO reduce
deposit accounts of the banks that were below
their legal reserve limit
Tho acute phase OF the Transvaa, situation
intcrIorcd with values abroad and emphasized
the money stringency In all foreign centers,
with the result, that London offered large
w there was acute weakness In the New York
traction stocks on fears OF strike and In
Peoples Gas on reported plans for an oppo-
sition plant. The combined effect was vio-
lieut. break in prices throughout most OF the
list and an nctivc selling movement, The
almost complete recovery on the following
day, on only two-thirds the volume of Mon
days business demonstrated that the prccpi-
tate selling had been well absorbed, aud the
amount Of stock fol- sale greatly diminished.
The technical position Of tho market was thus
much strengthened by the shaking out OF weak
holders.
II has come to bo better understood that
Saturdays bank statement. heing based on
Averages OF the totals for each DAY OF ten
preceding week, did not fairly reflect the ac-
tuul condition OF the banks on the dato when
II was made, AT the same time IL became
known that long loans made on account OF the
organization OF the tube Industry, and to the
of new bonds, had been liqudatcd and that
funds disbursed on July for dividends and
interest were coming back Into the deposit ap-
counts OF New York banks. But the relief nf-
fordcd on this account gave way to renewed
uneasness when II was perceived that the rntp
for demand sterling waR hardening as the
local rate for money became easier. II WAS
feared that tho continued urgent needs of the
London money market would cause n further
drain OF gold from New York and keep the
local money rate high for nconsiderablc time
to come The downward tendency OF long
sterling under offerings OF futures against
merchandise shipments partly answered the
fears on this score,
Tho bond market was moderately active and
rather irregular. the Southwestern railrond
issues moving UP In sympathy with the
strength OF the stocks.
The range Of quotations on stocks as r.-
aat. t... r. t.ha rAant ~