The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-06-21
LOW LEVEL IN BUSINESS.
Volume in Stock Dealings Shows a
Notable Sllrinkage.
ACTIVITY LESS THAN FOR MONTHS
Opening Prices Were Driven Downward
However, by Realizna-A Few
Stocks Were Fairly Active.

New York, June 2o-openlng prices OF
stocks we're at the highest average level
OF the day and all rallies were met by re,
newed realizing which drove prices down.
ward After the opening squirt there were
developments of strength here and there
in ipdyidual stocks, but they were In the
class OF securities that usually have little
prominence in the trading and were with.
our sympathetic influence on the list.
The descent from the opening high level
was considerable. but the selling pressure
showed tendency to diminish where prices
got down to about last nights level. In
fact there was no severe pressure to sell
at any time and the market reflected rather
the disposition of the class Of large spccu-
otors to refrain from operating and let
she market he dormant during the period
OF doubt regarding the capacity of the
money market 10 afford resources for specu-
laton between nov aud the turn Of the
hAll yearly period
The volume of dealings showed notable
shrlnEage aud fell below the half million
share market. which is the lowest level
toucLed since the presidential election.
Even this meagre aggregate was largely
dependent on the cougestcd dealings In
a ew stocks, notably Amalgamated copper.
rms stock was under pressure all day and
TEL ga extreme 33i under last night. wien
a hnHl rally of points on the declaration
OF the customary ~ per cent quarterly
dividend and y per cent extra. This sell
ihg is said 10 be IN large part due 10 arbt
rage operations and the buying of stocks
eligible for exchange.
Colorado Fuel continued It's sensational
fluctuations, falling at one time q points
under last night and 2S12 under the high
price OF Monday, but rAlying at the last
10 point above last night General Flee
trIc was bought on the reported acuuisi.
tion OF the British Thompson Houston Flee
tricdl company and this stock being In
very light supply the buying lifted 1t 10
points hy Wide jumps. There was persist
ent strength in Minneapolis and ST. Louis
and the Iowa Central stocks, which rose
to ~ points on rumors Of 4 merger and
final absorption by the Illinois Central.
The strength Of Chicago Great Western
was based on a feeling that the settlement
o. tue western railway situation VIII neces-
state Its control.
The early strength of the market In
SympGt hy with London was clearly due TO
the Improvement there of the money situa.
ton, where the government is making
haste 70 reimburse the resources of Tues
days instalment of cOnso subscriptions.
Doubts, however, continue over the local
money situation. rhe suh.treasury mas
already taken from the market this week
S13O6,UOO which includes the payments
NJ Washington today TO satisfy a govern
ment Her on the Sioux city and Pacific
Railway company to the Chicago and
Northwestern will Involve the further pay
mont to the government OF nearly 5000,
uNO, although q period OF twenty days Is
permitted. The rise in New York exchange
AZ Chicago to % cents premium per 1900
shows that the interior is responding To
the pressure for funds at New York. The
very heavy requirements Incident to the
unpret edented Interest and dividend dis
hrrscments on July ] which must he met
next week admonish 10 continued caution
In overstralning the money market for
speculative purposes, This and tho sub.
sdehec OF the talk regarding the st. Paul
Union Pacihc deal; sufficiently explain the
dullnCss and hcaviness of speculation
The bond market was moderately active
and irregular, Total sales, par value.
S2,92u,GOO