The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-16
STOCKS TENDED UPWARD.
First Selling Orders Caused Lowest
Prices Of The Day.
REGENERATION WAS GRADUAL BUT SURE
There Were Some Net Losses and Also
Some Sharp Net Gains--United
States Steel Feature.

New York. July 15.Today's stock market
vas striking Illustration OF a favorite
Nali street aphoriSm that tho expected
never happens 1he general expectation in
wall street this morning was o. day Of
COZ 'inned liquidation aud violent declines
III prices As n matter OF fact. tho ar,st
smashing blow dealt to tie market nv thn
accumulation Of selling orders over sunday
winch were executed almost sImuitanp
ouslF when the presidents gavcl fen. madn
inc lowest prices OF the day There was
gradual but continued regeneration during
tue whole of the remainder Of the day
except fer some fresh rcccss!ons nj the
close when tho room traders were taking
'nelr prohts on the days rally. A scrutiny
% the days net changes reveals somr CON
siderable net losses, but also several sharn
net gains, while the sharpcst losses al the
oPening We're reduced TO unimportant pro
portions or entirely wiped out. The nat.
oral Inference from these events Is that a
SvuSluerahle portion OF the selling which
vcior, mrveSsltstel ny the uufayorahle de.
steer trade was effected last week yVbiic
tcassurlng opinions were being doled ont
=" inc puhilr from lmprohahlllty of the dis.
pure reaching the open Issue OF strike
q. Hut the uninitinted outsiders with United
states steel holdings undlspnsed OF found
- ~, liisluH,H were prepared 70 support
rue market ana accept their offerings A
considerable part of the liquidation I'm the
steel stocks came from London. The New
York prices did not get Ms low as those
tot London. but the extreme opening de-
cline for the common was 40 on running
sales, of 10000 shares and Of the preferred
. points. Speculative Wall street which
has long been imbued with theory that
car Of tho United States Steel stocks
was the ultimate object practically OF all
the hull movements In the stock market
that have occurred since these stocks were
Issued. showed extreme alarm over the ylo-
lent slump In the steel stocks and saw
visions OF catastrophe, II soon became ev.
had been necessary 20 enable the friends OF
the United States Steel stocks to withstand
the pressure upon them, had been made last
week
The relief afforded by last weeks liouda-
tion was an important factor in lodaN's
market. Tho large portion Of the cash from
the interior last week by the banks is said
to have been for the purpose Of restoring
impaired margins on stocks. II Is note
worthy that the Chicago premium on New
t. cents TODAY The rally ~ the market
VAS very fevcrish and crrntir until the
opening prices In tho market disclosed thP
weakness NJ that cereal on the prospects
az rain IN tho corn bolt Tho continued
Weakness of corn was M Influential factor
IN the sustained recovery OF stocks. The
opening declines I'm the leading grangcrN
aud pa"ihcs and Soutnwestcrns reached
fIcn to points Elsewhere IN the list
Tho losses ran variOusly from ! 10 noinis.
The recovery IN the United states steel
ytoekS was not SO sustained as elsewhere,
the common closing rs lower than ON sat
urdny aud the preferred 2M.
Tho railroad bonds market was not so AZ
lively aTected as stocks and showed some
gains In the late trading. Fetal sales. par
value 50 10000.