The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-07-09
AN AGGRESSIVE MARKET
IluOrecedented Railroad Earnings Serve to
Steady Values.
PROFIT TAKING WAS INDUCED IN
r,. n.nnud for stocks Was Good
but Large Offerings Held
Prices Down.

New YORK. July s.-Tbe character OF traaing
in stocks was much confused throughout To-
DAYS short session Of the exchange. ner'
1rere ro,nts OF aggressive strength whieh en-
outraged maintenance OF prices but tue 'er
,ninty Of an unfsvorable bank statement eH-
! rourasea she continuance Of proht-taking III
so.re NJ the stocks which have recently au-
vsnces several points In price. On the peo
fishing Of the bank statement the market so'N
of and the gains were preserved In oH'F
{ few cases. Liquidation was BY no means
heavy and the bears covered short eoniraots
a, The decline. causing rally from the ~"
point The denials of the reported ail.aHe
between the Pennsylvania aud New io'N
Central led to declines in those STOCKS. DuS
the amount OF selling was remarkably sA'i'
the hank statement on its face presents an
ey,raordinary condition OF affairs 1t is al
most unprecedented to have the easn re-
serves down 10 within little over sS.V'''VsY
~ ,be "a per cent requirement OF the Ia" a.
THIS time OF the year. The banks, noM eee,:
sxpauded their loans during the Nesn -.
s. v0D when they were already a. tne Hl5n
est agure on record last week. NJ e vu -.
stan is unavoidable that the oankloE AutIUs
ties see prompt reNei IN &c ian - y,,'ri,e
In fact the easy tendency OK money o.' 80, a.
the latter part of the week shows ma; ~.
relief is ALREADY at hand. 1t comes IN islHe
part from the release OF iunds tAat Nass
accumulated for the disbursement Oh se1 M
aDnual affiliations. 1t Is also taken NV
consideration tina. interior points are peter
supplied with money than ever oetore, -
that the position is held IA oalhtL1 I'D
that tigntuess IN the New YORK MAJ hst W." ~.
bring funds from interior p0'A's ~
The action of the stock market this week ,i.
has justified the confidence OF those Wno
bought securities last week IN the beliei tAat
the opportunity would be offered 10 reallEe
profits Quickly. The expected deIndhu III
stocks was forthcoming. but II was SO :i.sa
fed with offerings accumulated iasi WEEK taat
Tho STRENGTHENING effect on prices was 0Hsst
and the tide turned in favor OF re2cuon. Inus.
in spite Of very active market lot VIC So X.
week after the long holiday peflod. 10
net changes are not conspicuous in the ma
The early disposition TO take profits IN tne
srangers was Offset by the statement OF 81
Paul's earnings for the fourth week n june.
showing an increase OF nearlV Sopy'gV -, "a.
the corresponding week OF last yea; " IN
The largest earnings IN its history thus re
corded for the fourth week tho month OF
June and the fiscal year 1899. the effect was
encouraging for the new fiscal year JUST open,
tue more so as all reports OF rallroaa ear nllss
received during the week showed the same
prosperous conditions OF railroads IN all sec
tons OF the country. Much Stress IL lala On
the large amount of the year earnings tEa.
lave been reinvested In railroad properties
resulting In higher efficiency and paving the
way for future reductions in the rauo OF
operating expenses. There were lhclGenAs
corroboratiye OF the earlier ruinors 81 FAR,
reaching combinations Of control of railroad
~ stems calculated to make poss bic more
economical administration and to facilitate
cooperative measures for conducting trauic
But Ia spite of these factors of strength IN
the general outlook the tendency toward re-
action in the railroads prevailed owing to tns
recent conditions. Profit taking was the main
factor But there was in addition, some sp-
prehenstun that spring wheat had been dam
aged by heavy rains and there were fears OF
damage 20 railroad property by the Texas
floods The most potent influence toward re-
actions was the failure of the money market
TO weaken as expected. under the distribution
OF half-yearly Interest and dividend disburse-
ments.
The easier money conditions in London
brought large buying of stocks In New York
for London account. while money rates there
began TO harden again
The weeks trading on the stock exchange
has been distinguished by soma re-awaEen-
inr interest In industrial issues. while the
market fer railroad stocks fell into ,duiluess
on the reaction. The older dividend payng
industrials have baen fayortes. but some Of
the newer ore and metal combinations have
also shown signs OF life.
Bonds have shown increased activity and
strength
The range Of auotstioas on stocks as rs
oeived BY Cargiu & Richardson was SIS fol-
lows.