The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-23
STOCKS WERE DEPRESSED.
Some of the Railways Suffered on
Reports Of Grain Crop Damage.
AN EFFECTIVE SUPPORT WAS OFFERED
BY the Powerful Capitalists at the Open
ina Low Level, but Excitement in
Corn OverslEsdowed It.

New York, july % The unsettled con
dillon Of tho speculative mind VAS clearly
manifested when the stock market opened
this morning with fresh batch Of unta.
vorable news regarding the corn crop and
Affecting also the chances Of the spring
wheat crop. The grangcrs and paslKcs
and Southwcsterns were all acutely de-
pressed and heavy blocks nf shares OF
each Of those roads were thrown upon
the market, opening sales reaching as high
as 1000 shares OF Union Pacific.
Conditions were much like those Of last
Monday and the trading contingent we're
inclined to look for some effective support
TO the market. as was offered last Monday
by the powerful capitalists who have a
paramount interest in keeping up the prices
Of their properties. The selling on thn
short side afte,, the opening dip was there.
fore conducted With signs OF tlmldlty and
caution.
There was, in fact, effective support OF
tered at the cpeuine low level But the
incipient rally was checked when the corn
market opened and the excited condition
OF affairs there was observed. The present
market is largely Influenced by the close
proximity NJ the brokers In stocks and the
brokers In grains, the stock exchange being
IN temporary quarters on portion Of the
produce exchange floor. with only half "A
wall dividing thcm. Not only are the pro
ceedlngs In one exchange TO he seen from
the floor Of the other hut brokers are con
Stantlr passing from one to the other
aud operating on both This personal con
tact eNaggerates the sentimental eject of
the grain market on the stock exchange
lherc were occasional rallies on the down
grade due TO the covering OF hnnrd room
bears, who took quick profits.
The leaning rate for stocks does moi In.
dlcate a widely extended short interest
beyond the In and out transactions nv the
board room traders
The henrlsh operators are In constant MP
prehcnSlon nj some muncuvpr or announce.
ment by those interested In supporting the
market which would cause a Sudden rally
ana cost the shorts heavy losses There
was no evidence NJ any such vancouver
today the market yielding easily to every
attack. But there was a general disnoI
tion on the part Of traders to close I'm their
contracts over night and the demand from
ms source caused q substantial rally In
me late dealings running from to =
points.
In, the leaders at thc low level the in
roads upon Saturdays prices we're MS fol
lows for the leading stocks:
Rock Island ~ Missouri Pacidc T9,t
Southwestern preferred 6. Nchison Az ;
St Louis aud San Francisco second pre-
terred rs: Kansas and Texas preferred
and Denver and Rio Grande preferred 9ls
There were many other losses OF TO 3
points at other points OF the list, aud
Baltimore and Ohio was down AZ and
New York Central 3ia.
The United states Steel stocks moved
narrowly all day.
The closing was quiet aud stendy. with n
good part Of the rally maintained
Railroad bonds were dun aud wenk
Total sales, par yalue, S2,251, 600