The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-07-23

nd the Denver aud Fort Worth first mortgag,
onds rose IN on the requirement OF trackag,
| tghts between Denver ana Pueblo from To,
Atchison by the Colorado and southern, which
| ontrols the Texas road,
The bank statement showed the surplus re-
serve increased by reason OF a contraction u,
| ,oans, as was expected, but the loss OF over 4
| mutton IN cash was disappointment In view
oil the low prevailing rates Tor money al in
terror centers. ii WAS expected that funds
| would have been attracted to New York dur
Ing the week. but no such movement Is re-
| lected In the bank statement The continued
| ligh rate OF sterling exchange causes some
| anxiety. as well as bewilderment In view OF
| The lower discount rates In London anu the
| well marked disposition OF London TO buy
| stocks In New York the last few days. me
sterling rate has only yielded a fraction aud
s,ll novers within a cent OF the gold export
| point.
Net changes in prices Of stocks for the week
are mostly small ana show both gains aud
| osses. There We're some sharp losses in the
early part OF the week, and the movement
after that was irregular. II was the smallest
weeks business of the year Even profess
sional operators had dropped 10 a minimum
Looking back over period OF month, II
easy to discern that the best judges failed
20 correctly estimate the worlds needs for
money, and the release Of large sums, which
was confidently expected after July. had been
successfully delayed from day to day aud
from week to week. Large sums were paid
to the Bank OF England in the first days OF
July. but before the week was over the mar.
kct was again borrower from the bank, and
has been ever since, at rates up to ils per
cent as against the banks official minimum
OF 81 per cent, Only in the last three days
has there been any marked relaxation IN the
money stringency at the British capital.
II has been olSlous Us the situation dsvei-
oped that London aud the continent we're
going 10 be more dependent on the United
States for RELIEF than was contemplated. aud
the continued hardness OF money here mas
aroused doubts as to the availability OF that
relief. The situation is conclusive evidence
of the strong Influence of America In the
money markets of the world The Industrial
fruvity in Germany, especially in iron and
steel and the speculation on the Bernu
buurse have kept money high at Berln
In England itself there has been expanding
trade and demand for money beyond what had
been counted on, and the call OF portion OF
the japanese loan pnched the London mar
ket In the face OF these conditions. when
London saw the money rate In New YORK
holding hish aud very slow to yield. the spec
uation in securities came TO standsull, nor
only in London, but on the continent and In
money paid out in dividends and interest In
July has reappeared in New York bank DE.
nosi,s while It delayed relief, Is evidence OF
the widespread distribution OF securities. sew
era large financial transactions have made
demand on New York banks Including tue
Rotation of the tube combination temporary
loans to the New York city government and
the Mexican loan The uncxampled security
In all branches OF business and industry must
use part OF the light funds at interior points
which would OTHERWISE ma tnttl WY INV
New York banking deposits, but which only
high rate for money In New York now serves
TO attract Nevertheless, hish-class bonds,
railroad State aud municipal-conttnue at
record figures and capital is evidently as
abundant as before.
The conservative element views with elua
nimitv the failure to arouse rampant specu-
laton in securities, and holders are apparently
well satisfied 10 hold at present prices
The street railway strikes In the BROOKLYN
ana Manhattan boroushs Of New YORK arnussu
some anxiety as possible symptom OF IN
rest among the wage earners This has heen
an lmportant factor In disseminating active
operations in the stock market while so many
favorable conditions seem 10 presage rise
In prices
Dealings in bonds have been dun and some
issues fell away in price but others moved
onward on an average demand.