The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-07-29
IN THE STOCK MARKET.
outside Of Professional Operators Bushes.
Little Was Done.
SMALL NET LOSSES WERE THE RUIZ
The Feature nj the Market Was q
Drop OF Three Points in sugar.
After an Advance.

new J ork. jury So. MUM, son 70
say OF stocks
Stocks were irregular early, rallying on
bank statement. Sugar broke on rumors o
labor troubles and unloading by the pool
There was good buying OF Metropolitan and
rumors Of consolidation with Brooklyn Rapid
Transit were revived Americans in Londor
were nrmer and consois advanced \. Atcht
Rio Grande consolidation story not be
lieved, Northern Pacific win give 81 Pau
traffic facilities Theirs was good buying o.
chicago. BURLINGTON and Quincy on expecta
tons of a favorable statement Surplus ro'
serves OF the banks increased SS.454,oi5 and
now amount to sa7,535,s55, against N0sli,ls'
year ago and 475 two years aeo.
Loans increased ss2i7 500. but this was be
licytd 10 bo due to foreign borrowing,
Continue TO buy good railroad stocks on
reactions. Also buy bonds at around pres
ent prices.
New York. July 2s,-There was almost moth
ing doing in the stock market today TO in
terest anyone outside Of the small circle
OF professional operators in stocks, who con-
Quoted all the business. Prices advanced In
the drst hour and declined after the appear
ance Of the Unexpectedly strong bank state
ment Small net losses are the rule as a
consequence, The feature was perpendie
ular drop OF points in Sugar, after an OPEN
ling advance of % The reason assigned was
a rumor of Il strike in one of the company 8
lTefperies The rumor was denied. without
generally strengthening the stock. Selling
orders TO stop losses on the long sido were
announced at the decline aud the raid on the
stock was doubtless made with the purpose
of dlslodging those orders, The bears were
content to take their profits aud the stock
quoted down. Brooklyn Rapid Transit was
bid up on continued rumors of a good annual
report and Burlington was bought on the
belief that the June report would show net
earnings that would compare iavorIbly with
those of other roads. The selling after the
bank statement seemed TO he realizing aud
was based on the supposition that shorts
would cover on the good bank statement.
the market sagged of TO the low point OF the
morning. The closing was heavy.
AS the additional deposits in the banks
were largely cash, the surplus reserves bere-
| fitted TO the substantial extent OF S3,eS5IJj,
The field or tho loan expansion is not very
clear. Certainly new loans did not Ind their
wav into stock market operations. The in
crease of over a million in the outstandln
circulation of the banks is due to the com
pletion OF plates for printing notes in Wash
ington work Oh which has delayed the issu-
/ ing Oh notes hlIehuy Hppnt1 TOT oy Inc pClNH'
1 a recovery in sterling exchange in Paris 10
] the high point of the week and a sharp
rise ia Berlin discounts were the features
4 OF the day bearig on the question of gold
/ The bull interest in the stock market demon
strhtod to their own satisfaction early Ia
the week that their campaign, while easily
successful IN advancing sprices was entirely
abortive in inviting any outside demand for
stocks. 1t was easy to bid up prices, as
there was no large selling of stocks, but
there was practically no demand outside OF
that from the professionals themselves, Wh"I
| they attempted 10 sell to realize profits prices
quickly broke back TO where tho professional
buying had started Thorn Tho decline was
/ even easier than the advance for the BUYING
/ hy shorts who were forced to cover on the
advance was no longer an element. I ne IN
crtness OF the market on any rally Shove
that the bears have put out ouly scanty fresh
short lines. With the short Interest lessened
aud with the long interest which has been
unable to secure profits, increased the technl-
cal condition OF the market is distinctly
Weakened The speculators who undertook
| to lead a bull movement could not have been
blind TO the elements OF uncertainty in the
outlook. But they argued that money on eau
was easy now, whatever the more distant
/ prospects might be- and that Il period oil
quiet was sure to intervene in political affairs
between the National conventions and the
opening OF the campaign. Since the pro-
fcssional attempt 20 advance prices has been
abandoned they have settled back to II lower
level on a diminishing scale Of activity wht'l
has progressed near to the Btagnution point.
only those stocks among the specinltes which
! have been Influenced h. individual causes
have shown any considerable signs OF life.
| The growing conviction that a period OF
money stringency s not improbable has been
the potent influence in checking speculation
for rise, The prevailing ease Of call loans
is really a reflection Of this uneasness over
the money outlook and shows the desire 4
lenders to keep their funds IN readily ac-
ioesSible form rather than 20 have surer-
| abundance Of Idle capital. Cheap money
gradually invites to speculation and even
10 a pseudo Investment with borrowed money
IN stocks whose dividends leave margin OF
profit over the interest rate. But marlTet
in which such holdings are numerous -
! peculiarly vulnerable to squeeze IN Inc
money market. which inevitably forces houi-
ldation in weak market II Is evident that
the speculative holdings Of stocks in New
York are at present At n very low ebb, as
bears have failed with repeated trials TO dis
lodge offerings by raidlng down prices
II IS pretty certain that the vcssitud"s OF
THE presidential campaign will cause unset
Element Of business and of speculative senli-
ment BSt the uncertainty has shifted .or
the present to China which the whole world
OF c0pital is watching with a growing sense
OF the big possibilities for mischief lying be-
hind the veil of mystery. Even within us
present scope the trouble there lnsures SUI
heieLt demand upon the worlds money MAI
kets for war loans and materially affect their
The dulness OF the bond market Is an owl
denCf oil the present caution OF tdglNht' lht
usual reinyestment OF July dividends and
( interest, although the largest amount was
disblrsed this year in the country's history,
has been entirely lacking in the bond mar
ket London and Berlin are reported heavy
sellers OF high grade American railroad bonds.
But no such transactions have been recorded
on the stock market United States refund
ing Is when issued, Be-. old IS and 6a adj
yanced y in the bid price.
Tho following are the closing prices OF the
| principal stocks in New York Closing
sales. hin.
/ Atchisou ............. 1000 26M
Atchison Of ............. $500 ~
Baltic and Ohio .............. csc N:S