The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-21
b0ps AFFECTED STOCKS.
I,,tI0u in the Grain Belt Sent Sc
''''' curities Downward.
I,,e PRICES WERE NEAR LOWEST
w,. Active and Weak at the
l'Ss' We ssview Of the Weeks
Developments

"A ast--neNlCW
n Developments
4 vork July 20.-Anxlety over tle
w i s,tuatlon overbore AL otnec
HSieIn eivf ne stock market today ana
Y I. naces down through inc at'e'np ,.s
w. ,aside interests in certain STOCKS
T. iae M market. The closing prices
HFWrw NO lowest and tho market was
ECU .ost nj the last. The onl&
r y ~ n the weakness was due 70
z asrIrl 10 cover and take pFonts pS
"a e%b traders. who saw handsome
Fl p''', r,ed as result of the decline
r. .rdsv and today These bearisa
n ,s nave been supposed by Wall
~ 10 resident chiefly in the west
q oocerped in bulling grain as wen as
s,ocks. The feeling gained force
Nm s,reet today that this double cam
~ nore basis Inv fact than was be
r@.terday and the Western contin-
"a ...eIvod large achievements from
sonrccs The supporters of the
"a NJ made Roadway against the bears in
a., honr when vigorous efforts we're
a drive the bears TO cover. There
"a ,esnmptlor Of operations IN south
II p.oiec and that stock as well as st.
.rs Missouri Pacific was left well
81 sst night. Aggressive selling by the
IA immediately developed, based ON the
100 ~ the new damage To, the coiu
. faV NlFn 81
I Nm wheat crop, now first Needed liz
M Ps,reet Another attempt was made
M r,Gr the market on the strong bank
(. 4sment in which large loan contrac-
"a GENERATED with substantial In
Ese in cash to recuperate the surplus
HIhe banks However, higher plds lor
.-4is brought out such large oueilngs
e., The bulls were Obliged TO dcslst and
~ teu by rapid stages practically mp to
IA close St. Paul fell ! points under
81 night Rock Island AZ, Northwestern
Atehlson sk, Atchisoh preferred 2% and
,Sars Of the Pacific and southwestern
2<nos as well as leading Southern and
"a line railroads and speclalties from
a pclnts. Some OF the less promi-
i'm stocks showed large losses. The
&ted States Steel stocks were largely
IA in, but moved narrowly and We're
tsported. the common losing only "a and
al preferred closing 4 higher.
'4ns week opened with deluge OF
B<f dalton Of stocks The realization OF
tkaaned demoralzltioE Was apparent In
M Effective measures taken to support
III market by the two dominant groups OF
NiItalsts whose quarrel prcclp!tated the
HHthern Pacific corner and the May
nflc The mere fact, which was made
5sfent to tue speculative public, that these
jW powers were united In supporting the
<6fket gave immediate relief. The inn
0fise depression of the week before was
Npcipally due to evidence of selling on
tiialf Of one Of the interests of various
LIE and to fear which gave rise to the
$@ef thar the Northern Pacific quarrel
>& broken out afresh
.f was therefore determined to make
lAEn the new harmony board Of the
7etaern Pacific, This step was admitted
4falen with a view Of market exigQacies
~ 70 lessen pressure Of liquidation, which
- proving detrimental to many import.
iA nlanclal projects and depressing prices
# level felt to he unwarranted by the
<pnlse OF the future of sustained and
I easing earning power. EARLY knowledge
q lne coming announcement was clearly an
|[@tlt In the enormous buying an through
IM lst BY insiders on Wednesday, al
|1*lgl Il was not until lust before the
Se may the announcement was given "a
N& pune One Of the detrimental effects
|<.ll ie, sunni IN American stocks was Its
|;;& eltllne effect on the London stock mar.
Nv Wnele tortnightly settlement was
,1 1pIogtess II is striking example OF
XII NV importance aud influence OF
"A -'' INV W nnanclal ahairs that a decline
n " suares or an industrial corporation
84N,ew YORK should result In a drop I'm
AZ eonsols To the lowest price In a
.. 7 immediate explanation is found TO be
|;. San trvI tlaI lne course Of United States
'<l s.pehs aroused distrust among Lon
-& uahKets and money was difTicult 10 80
81. ~ we carry over on those stocks
Il. icl American securities as whole
A,b, somewhat affected so that even dis
'.5 iales hardened during the pendency
|}f.l,as sseNlement Heavy blocks of the
Slates Stcei stocks have been placed
|,A 40 me result of the recent foreign
81: ia ia 'nc foremost canitahst in the cor
/. ..rss 0I syndicate, but they came back Il
|1& sSor ius Week MS a result OF the strife
214.r.Ip ~ VonSolS was supposed to he due
e ohellngs by the American avndl
@1 "aiVu, " Will be remembered, received
NJ Allotment Of the last issno 1ht,
N ~ WIS naturally resorted to as 9
\, ~ ny International exchange norket
cs Sung ID New York by British hold
MA aainerlean securities. The Impression
konsth Tr Tue London market, which lee
~ ssnlhs resembling a public rcmon
|I# S AT from Lord Rothschili on Monday
u aS, ISu.'ess an additional motive toward.
|l2 y ~, ~ ,aken to support the market an,
| 80 ueclne. II made II evident ais,
I'M w gatt OF Inc heavy liquidation of las
W tbs oue 20 preparation for support
|40 III he SlAet which II was foreseeu
|4&s Se necessary this week.
|t|I M. Importance Of this agreement ON IN,
.slnV OF values az railroad sacnr,tias !,
81 ~ territory affected is easiiv soon =,
'A1tt IN Importance 1t had a marked
|@H the strengthening the stock market
'{t1kes 'rLevl was modified hy technica
|Hf br ,no III was considerable profit Ink
|t# deciirpeo' llatlve buyers Of the period q
',fIn ssdi,tn monday. There seemed d
Bags Inv some tightening Of insid,
SapS .ne market on Monday Tha nnv
ifherna 'pIs tHted by the publication of Nh,
|Nfhe ln,inavihc harmony plan and H.
'tIfn IN narslons OF further stems 10 b.
F''ectlhg 1t was therefore partl,
||t a ~ , market conditions have been cas-
|t'elatlen a.a OF last weeks importau
flgh Tho srb lne government operation
i.{4snt con. sun-tfeasury have made i'm
|4H dlsnnasiittiioutions to the money m5rkei
|3N ,owsrs on OF bankers. however. 1
M tsknnrr1u rather cautious nonservafio
,,f lnover,a the requirements OF tn
|''fhe corn IN w me breaking OF the drontl
III dlsoster ~ renewed the fears OF ahsc
f tie mi ps5r, mere, but in the same meas
ieen ~ promise Of prosperous condition
IN nm involve an active interior dc
lsts ,,s money in the near future Ther
soaeedl 's IN, lhe underlying Influence N
ns ro5 contest .H,.s in the steel trad trade. in
ch AZ ~ s,pproduetion and consed1ept re
N from 1e tbnd which would dtherwis
Pntinaed 'ne wages and profits thu
N nreSseulstlye contingent rests rrea
ftel sr,.s The assumption that Of
he 45rtrgIInEle@,ents are in force backe
oft NJ s'hSipal capitalistlc eronps !
Ia ana 'SS1eeful and suecessfuI MARIE mar
iiroad bDanasssatqr Of the dsy. u ~ ~
stocks 0nas have moved in sympath
&io, StoeKu.
as pr,e.. are the sales of stocks an
's on the New York stock MAJ
closin
son sales. hid
oflspl pf 's.s..... 80 400 III