The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-08-11
NO DEMAND FOR STOCKS.
The Entire Week Has Been Dull on
the Stock Exchange.
RENEWAL OF PROFESSIONAL SELLING
Caused the Small Gains OF Yesterday
Morning to Be Wiped Out in
Dip that Prices Experienced.

New York, August Io-High prices from
London were reflected IN a fairly good tone
Tor railroad stocks at the opening, but
small gains were soon wiped out and prices
dipped well below yesterdays close for im
pcrtant stocks on a renewal OF profes
sIonal selling
The interest excited in the government
monthly crop report and the prospect Of
some important developments in the strike
situation next week caused large d.
minntion In the volume Of business The
pauclty of demand helped TO Increase the
downward tendency. which was most
marked In the graugers, Pacific, Coalers
and Southwesterns. Missouri Pacific and
kindred stocks were Influenced by deuals
OF recent reports of the impending absorp
tion Of Mexican railroads. as on the two
preceding days Missouri Pacific spurted up
sharply at the close, the nnal figure today
bringing II TO yesterdays level
But little Of interest attended the nuc-
tuatlons in the United States Steel stocks
today, their movement being only fraction
al, but indicating support for the common
rather than for the preferred, the latter
ending VI lower.
The bank statement, while less favora.
cided effect on the market The increase
in loans of s7,94s 700 was not readily e1.
plained, and 1t decreased surplus holdings
S1,212, 400. The closing was Irregular and
almost ifeless,
Developments of the week were not suffl.
GENTLY defined TO afford much encourage
meat to either bulls or bears, and the re-
suit was a dull, narrow and unsettled mar.
ket. In addition, the uncertainty us to the
crop situation continued In the absence of
the governments monthly report md the
Wide variance In estimates by recognized
trade authorities. These conditions re-
duced public operations and from day to
day fluctuations represented only the char.
acter Of the professional views.
Liquidation was on a large scale earlier
on uneaslness us to the possible ramifca
tions Of the steel strike and crop scares.
Discussion OF the effect on general busl-
ness by the reduced purchasing power Of
the wage Garner and the farmers In the
event Of their condition becoming critical
was factor In limiting general specula-
tion. Large amounts OF the United states
issues came on the market, but the actual
declines were less than when the rupture
first occurred weeks ago. This circum-
stance. was Inscribed TO the formation Of an
alleged pool. which was prepared to take
enormous amounts at fixed prices
The known conditions rendered profess
sionals chary of attacking the stocks, the
possibility OF an early termination of the
| strike and the consequence of squeeze
! being weighed. Nevertheless, their re-
/ covery from the low point when various
| plants resumed work. was checked at times
by influential selling.
| Consistent support was lacking for other
/ stocks ana speculative fdvoritest snch as
| sugar, St Paul, Atchison, Union Pacific
aud Southern Pacific, covered wide range
either way frequently.
Pcssimlsttc views regarding the damage
TO the crops, which had hitherto made large
inroads on prices OF the grain-carrying
roads, were not borne out by the tenor OF
the late advlces. Reports of copious rains
remedied conditions somewhat and the
Improvement noted by the weeily crop
report caused mobilization OF alarmist
reports Operations Of The long account,
however, were conducted with caution,
traders taking profits quickly and being
content 20 await the monthly showing.
General prosperity reported In a large
part by the agricultural Yield and the
prices obtained, lpcSuationg In the grain
market were watched closely and traders
coutormcd pretty closely to their variations
Uneasincss Is admittedly greatest in the
corn belt but some believe tho prospects
are good for an unprecedented growth OF
spring and winter wheat. This outlook
furnished good back ior to che grangers,
! tte heavy shipments 10 the seaboard 10
fill the export demand being reflected In
| the Increased earnings.
general waiting attitude was more or
| less In evidence and occasional bursts OF
activity were succeeded by perioda OF sent
Htagnmion. Various bull movements were
engineered In stocks which do not exert
any bearing on the general tone, and their
fluctuations did little more than 10 increase
the broader scope OF the trading.
Railroad returns were viewed with satis
f9Huon the large gains made by the rep
resentatiye systems traversing every see
non Of the country indicating that general
business was in good volume. Recent II
quotation was conducive &c ease In the
money market, and call rates Mt about ~.
per cont throughout.
Tenders reported time loans In fair de
menu ana mercantile paper terms without
especial change. Considerable RatlafnctInr
god at Pacific coast points from the Klon
dixie and Australia, credited to locnl hanks
wiheh enabled them to gain largely or
subreasury operations. That Institution
aleu dlsbursed the August government in
terests and Ms the interior currency move
meni favored the banks the nrospects 10,
good bank statement helped 20 maintain
market prices. Export OF gold nnDeoret
70 be forcshndowed In the near fuinrc hy
the higher market for sterling bills. 4
seatellA OF commercial acceptances coincl
uent WITH an active demand brought rates
70 n level at which IL was considered nroh
nole that gold shipments would soon ht
nude. There was early talk OF exporfs h
Germany, but as all foreign government In
hututiiohs Were In strong position and
actual outflow Is likely 10 be deferred nntil
rates are higher, say ASH. ani there IL 4
good PROFIT ON this form OF remittance
PrlCes or bonds moved within narrow
nnhts lhfoughont and displayed little feat.
Wy hslae rom pool operations in a few
Stocks.
Following are the sales Of stocks ana
Nsfffaa al