The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-06-18
TRADING WAS SMALL.
Unfayorable Bank Statement Caused q
Tendency to Sell Stocks.
SUGAR AND COAltRS SHOWED STRENGTH
steel stocks Were Weakened ON IA
Report of Dissensions Among
Directors.

the stock exchange was almost ueseIVcu
today and there seemed to be an aoso-
Lutte lack OF buying demand. so that even
insignificant offerings carried the level OF
prices downward. The few professional
traders present were disposed to sell
stocks In authorization OF the unfavorablc
bank statement and on the general prin-
ciple that prices will yield on a dull mar
ket. An idea of the narrowness OF the
market Is given by the fact that during
the hrst hour there were lust two trans
actions recorded In st. Paul, which was
the more notable because OF its good state
ment of gross earnings for the second week
In June. The buying of the Flower group
which has been persisted in for the last
few days In face OF the dizziness OF the
rest OF the market was abandoned. ana
these stocks were allowed to drift down
ward with the rest of the market. and
wire fell away rather sharply with the
reports OF dispute among the directors
rs TO the payment of a dividend of the
common stock. There were rather sharp
losses by other new industrlals, which
afterward partly recovered. The had
bank statement. brought little selling aud
the traders covered short contracts. caus-
ing rally. Net changes are unimport-
ant in nearly all cases, as the evening OF
contracts by traders brought prices back
TO about the starting point. Bonds showed
a declining tendency, In sympathy with
stocks on a small volume OF business
The general public maintained an In
different mood toward happenings in Wall
street during the week. Professional
traders have shown increasing indifference
to the market. Last weeks rise continued
and eliminated on Tuesday, when a num-
Der of heavy operators closed out their
long accounts at profit. After this realiz-
ing movement the trading was mainly a
contest between professionals IA 70 which
way the current OF prices should turn
There was an obvious bull party IN the
group of specialties with which the name
of the late Mr. Flower is still Identified
Both Brooklyn Transit and Federal steel
have received a large degree OF attention
from this party. The recovery in sugar
and strength in tho coalers and some lso
lated instances in the railroad list gavo
some announcement to the bull movement
But u had to contend with the lstlcssness
of the general public ANA with the ma
chinations of the powerful bear party In
the street. one OF the largest individual
operators maintaining his conviction that
prices are too high, Some OF the steel
stocks hung heavily back on repoHs of
directors dssensions over dividend aues-
tons, thus impeding the movement In
Federal steel. The crisis on the labor
question in Colorado which closed the ore
smelters and number OF mines and thus
takes from the railroads an important
item Of their revenue, weighed on the
| stocks OF all the properties concerned and
had some effects on stocks OF neighborlng
directions. Southwesterns being conspicu-
ously weak Tho heavy rain storms Of
the week aroused some fears of damage to
the crops and there were some current
~ f1,,auf
crop. The heavy tone to the grangers
was due to this cause. The bears also
counted upon sentimental effect from an
uniayorable bank statement, which was
confidently anticipated. slight harden
( fuT tendency in the money market toward
/ the end OF the week attracted attention 10
| the condition of the banking reserves.
| There has been a distinct reactlonlry tcnd-
| ehCy In portions Of the railroad bonds mar
| ket showing a dimnution in the demand
which seemed for some time past quite In
! satiable. This aroused some question OF
! the available supply of idle capital still
seeking Investment, The May foreign
| trade statement issued by the bureau OF
statistics OF the treasury department also
received an unfavorable Interpretation
/ from the bear element in that IL showed
| the diminution OF exports compared with
| last year still in progress. Something has
/ been made also OF the broadening proper
tons of the problem offered for solution
in the Philippines and the possibility OF
large additional forces being required Ia
subdue the insurgents and secure order
The prevailing high prices OF our high
grade securities have undoubtedly prompt
ed very heavy selling by foreign holders
and the fact that We are now exporting
gold leads some authorities to conclude
that the trade balance in our favor has
thus been liauidated but special induce
ments may have been offered by foreign
government institutions to make good the
apparent margin Of loss involved In ex-
porting gold