The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-09-01
In THE STOCK MARKET.
Animation 10 the Market Limited to Sugar
and Peoples Gas.
GENERAL TONE OF STOCKS WAS EASY
southern Pacific, New York Central
aud baltimore and Ohio Among
stocks showing Firmness.
Especial to The Post.)

Especial to The Post)
Now York. August ais. Mum, Son & Co.
say:
Stocks we're irregular; sales l3l,2sl shares
Bonds steady; sales $4,000. London bought
about 5000 shares. GOOD puylhe Oh Atvuisou
was noticeable. Pennsylvania was easier on
Disappointing earnings. Consohdnted Gas mas
been restored to an per cent basis. Action
on the Sugar dividend is to be taken next
week perhaps Tuesday. No change Is ex-
rected in the rate. 1t is reported that New
York Central will build transatlantic line
of steamers. Peoples Gas was weak on Cnl,
cage selling, talk of political hostility ana
the probability of a gas war An Eastern
man OF marked ability. 1t is said, VIII sue
coed c. p. Huntington as president OF the
Southern Pacific; new executive board is 70
be created Boston sold Sugar. Bun pool
sold Brooklyn Rapid Transit. Consols were
u higher on the more favorable chinese
news Thirty-o lone roads for the month OF
July show an average net increase IN Ssrn u,
reactions. Technical conditions favor higher
prices.
New York, August Si.-Except for some
rather active selling of Sugar and People S
Gas there was not particle OF animation in
today's stock market. The sympathetic ell
feet Of the weakness of these two speciolties
wiped out the slight opening gains in some
Of the international railroad stocks. Again
at the close there was sufficient demand from
the short interest, which was averse to leav-
ing contracts uncovered over the three days
holiday, to stiffen the prices of some OF the
railroads, but the general tone was easy,
owing to n late drive against Peoples Gas.
Among those to show notable hrmness was
Southern Pacific, New York Central and Bal
ltimore and Ohio The weakness of Peoples
Gas gave striking illustration of the lack
Of consistency in the minds of professional
operators The other day this stock ad-
vanoed on the report that newly organized
company in Chicago was In the control OF
interests friendly to Peoples Gas. The pro-
fessional intelligence by today had arrived
at the conclusion that the formation Of this
friendly company must be the signal for war
upon the organized company. the rival of the
PEOPLES. The stock was accordingly sold
lndustriously at an expense OF PA in Its
prices. The movement in Sugar was about
equally independent OF the news of the day
and was apparently due to realizing on the
advance in the refined product which was
made yesterday. Tobacco and Brooklyn Rapid
Transit were weak during the morning but
Inarty recovered later in the day. Money
market conditions, consisting of an easing Of
the London discount rate and the promise OF
Ia strong bank statement tomorrow, were
| ignored.
The bond market was barren OF incident
Total sales par value S63b.0OO
| Speculation has maintained its indifferent
tone in Wall street this week. About mid
week there was a stinenng of the market and
an appearance of Weakened interest, but 1t
proved to be due TO nothing more than a
recovering demand from the short The de-
termned abstinence OF capital from taking
any part in stock operations causes some
gloomy forebodngs among the professional
traders that the public interest in listed Sc
curites has become permanently impaired.
There is no doubt but that the Wholesale is
sues OF new capital last year. the methods
lemployed TO push up prices of some of the
new tndustrials to enable promoters to realize
handsomely. and the subsequent collapse OF
those stocks made costly experience for
| the large speculative interest and impaired
the confidence OF the general public in the
values of securities. However, 1t is obviously
only question Of time when the increment
of capital which has been large in the pros
porous periods of the last few years, must
seek a fixture In high class securities. Owing
to she present disparity of money rates here
and abroad, the continuing foreign demand
! for our merchandise products there Is an
obstacle 10 the settlement of the International
trade balance In gold. In fact the tendency
lis to still further extend the foreign credits
by export OF gold as purchased commodity
ITO cover tho reserve requirements of foreign
! banks. The American subscription to russia
railroad bonds by American financial in
lstitutons form important holdings of foreign
securities. During the present week over
lures have been made TO New York bankers
| to place loan for Sweden and there has
been active discussion of establishment
OF department OF listed foreign government
securities on the New York stock exchange.
1T is considered inevitable that China must
place large loan TO meet demands for war
indemnities and American capital is expected
| to absorb a portion of such a loan. With
| these attractions for American capital in
foreign fields there is coupled the continued
Ireactionary tendency of business and industry
| at home, which is not ended by the apprect
able increase in demand for iron and iron
products reported this week.
| Thus far gross earnings of railroads are
well maintained by the close observance of
freight rates. But the statements of July
net earnings published this week show the
increasing effect upon operating expenses of
high prices for material, especially steel rails
and coal and wages.
| The bond market has been practically paral-
yzed. with the exception OF occasional demand
for individual bonds
| The following are the closing nrices OF the