The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-04
CLOSED FOR THE WEEK.
Three Days Vacation on New YOrI
Stock Exchange.
VOLUME OF BUSINESS VERY SMALL
United States Steel Was the leader bu
There Was Considerable pisappoint-
ment Over It's Dividend.

sent out by the secretary Of the New york
| stock exchange;
The exchange will he closed from 3 p. nj.
today until Monday 10 a. M. July s
| New York, July 8 Today's stock mar.
kct was little more than nominal. The
volume Of business was SO small that had
there beeu wide price movement. little
Significance could have attached TO tho
fact
The subject OF vital interest was whether
1t would he possible TO get together quo.
rum Of governors TO achieve the Ionged.
for adjournment Of the exchange untll
Monday next When this was accomplished
It was greeted with cheers all through the
wall street district aud there WIS mn
Immediate exodus Of members on hoard
Only those who werc compelled 60 stay %
close M contracts remained In the board
room.
The leader In such market as there was.
was United states steel That stock r.
nfected clearly enough the disappointment
/ oNev inc wording of the dividend dccla.
/ ration, The omission Of the word ''ouar.
/ t9rM IN connection with tho | per cent
dividend on the common stock was al
| lcged 10 throw doubt on the continuity
! OF the dividend rate thus established rhe
/ argument Of the friends of the stock that
as well as to decrease II, did not assure
/ the specnlntorS and they sold the stock
/ markedly, decllnlng IN from the tor level.
| inc common fell ~ trom Ia, best both
stocks seemed 90 be without support
/ The effort OF helated borrowers to &c.
/ cure loans - carry over the four dan In.
/ tcrval until Monday caused . llVc,y FURRY
IN money As high as 2s per cent was
| raid for cal loans and considerable uQui.
| lation was precpltated The last hour
VAS In fact' thN uCst active OF the day
ter " leading stocks were carried down
! point oi more The disturbance In the
money market was evidenced IN the delay
70 the retnrn 10 the market Of the money
paid In dividends and interest IN snite
/ Of the payment OF government Interest
the sub-trcnsnry has taken a small SUN
| from che money market on balance this
! week. The sharp discount to which Chi
cnEo exchange has fallen Is also evidence
ct the 6p"s NS Y mat market Of he3o
was felt that the effect Of weak hank
statement would have to he faced when
| trading was resumed on Monday.
The bond market was dull and irregular
Total sales, par value Sl75oo0o
There was n general hone ami cxpecta-
tion among professional operators In stocks
last week that there would be some re
yival Of speculation this week, witch Inns
been totally disappointed II Is not nm
likely that quite favorable developments
would have proved inadequate 10 overcome
the rcpressye influence on stock opera.
items, az on every other form Of humun ac
tlvlty, Of the terrible heat Of the week
Business AZ the exchange WINS Of such
small proportions that the price changes
oher title Significance II Is no unusual
thing FOR money TO continue tight after the
passage of haf-yearly dividend period,
owing to delays In the distributlou OF re
sources accumulated Ia loans 10 The chan
hels OF the money market again, but opera
tors for the rise this year had to face.
In addition, the discouragIngly small dc
mand from Investment SOURCES in antlci
not customary FOR prospective recipients
al prohts to await actual money in hand {
rrinYcst when there Is Il rising market
This year the antlclpatory Investment do
mand was conspicuously nbscnt
There has been an nndertuno nf uncnsl
sion and criticism OF the anairs OF the
seventh National bank aud Maryland &
Go Failures were OF very mo crate cf
face OF affairs, while quiet, bus reflected
that prnccss was going ON Of the over
/ hauling OF collateral ~ loans aud the oper-
alton Of credits lacked the perfect smooth.
ness and facility which have CHARACTERIZED
thr money market since reoupemilon was
CARLY established after The May panic.
Corihcation Of checks for the large
amounts employed bI stock cXchHng'
hous has been less ready Conjecture re
ggrdIpg Tie chnractcr Of colhterl far bnnl,
J loans Ia general WINS stimulated hy this
condition and nlsp by the cluSlug of two
! purtancc
In tho public discussion now going on
; tbnt sSgir 81 tht jpoth1is Of the falIeG
inuk which haze been most criticised md
whirb nrc i'm pcntr1yentinn of thn statutos
nrc really essential 10 the conduct of bust
moss ia the Mali street dlatrict ana an,
, ,ntlreiv IN coinInnu nractlcc among New
, ynis oitv honps 1j,c,a ina neon ne
,,,na u k,o" ,,t,it,oamt nc iu,nr.5aionobis
cn"rators r"1dy to MAKE use III MI avail
nnh ,n ,hci, Ia .he i,,ri,,nc, renoyti IN
tndnn rsdectIno on IN" seeprlfy Of New
een'lered ms hnd The rfrect Of represslne
rather tllan depressing speculation IN,
not weather OF ne Weeh hi@ na'Neeu
HhAWtS iNE'lulnnS w 'l"ir,i pal''. att nna,i
have naturally been especially affected Ihi
II n1gurntlon ~ strike hy the Amnlga
united Association Of lfon, Steel and TIN
Workers has given pause 70 tptculaIlel
hattd on the prosperous anu aclNe Gun
dltion Of those trades ihe. te9i scope "'
the subject u llltle uhuflS'pol, ,.t.
, The SUCCESS nt inc sem ,ahnMht heit{N
ments IN lierHn hsr aHoiNti trlei " W
n oney markets NJ the worlu unn mohtA
has chenpenet 81 suddenly w londnh ~ ~
threaten Withdrawals of Frcnrh .cnpllg
Invested there, bui tbs onse ot money y
considered transitory and the needs OF, w
: early autumn nrc already considered, bntl