The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-16
LONDON SETTLEMENT DAY
STOCK EXCHANGE ENGAGED WITH
PRELlMlNARlEs YESTERDAY.
Was Some Anxiety in the Market for
MISUNDERSTANDING Dependent
on United States.

London, July l5.-The stock exchange
today was engaged With the prellminarles
OF the settlement. There were marked
and heavy declines In prices and large
movements in the money market. A feel
Ing Of anxiety prevailed, especially In the
market for Americans. The rumor that
bankers would not lend on American secu-
rifles is a gross exaggoration. Lenders,
however are chary all around where long
periods Of time are asked for.
Consols have fallen another 9s, breaking
the low record Of recent years.
Prices Of Americans opened with gen
eral fractional recovery, but later declined
with United States steel common, falling
Az and Steel preferred 5,
Since the last settlement many Amerl-
cans have fallen from 6 TO S points aud
one or two 10 TO Is points.
The depression In United states steel
is chiefly due to the report that the Lon
don bankers refused to loan money on
stock OF that corporation. The Associated
Press, however learns that the bankers
have pot taken any such organized action.
In few cases advances were refused on
steel hut this was owing more 10 the fail
lire of tho applicants than 20 the value OF
the stock, though all around difficulty has
been experienced In getting up the advances
on this security.
In ills connection j. p. Morgan, Jr,
said We have had no notification that
the banks were MAXI difficulties, Inc
only reason hich car explain the dcclne
IN steel is that there are more sellers man
buyers
Il do not believe the strike TO he seliors
Only q few mills are concerned luC tht
effect can not possibly he Judged for
few days When these matters have dc
veloned II the banks should decline 10
lend money on Steel we wolld he giau 70
do SO If we have money available Tor suen
One Of the largest American bankers in
London, questioned on this subject, sald
1T has always been rather difficult 10
carry over United States Steel corporation
stock ana today 1t Is more 50 than ever,
but do not think any tlrst-class firm VIII
ind IL impossible"
Of the Associated Press. There Is no
discrimination against United states steer
corporation or other American stocks: ~
is simply business matter thar Oankers
do not advance large amounts on one class
Of stocks alone II man came to me
and asked for $4,000 on one LOT OF stocks
| would not give II to him. ! should re
quirc several different lots Of securities
The financial situation here not excluding
consols, depends entirely on the united
states II you send over good prices we
will keep them up, but If you are persistent
sellers as you have been today. you can
not expect London to 20 on buying.
Tho financial situation In Germany ls
pends on the Tinted States. j. r. Nor
gan Dlaced $15.OOOOOo Of Steel here; they
nave gone down considerably ana 1T can
not he called surprising II the London mar
kct is Respondent, But there Is nc, rea
anxiety nor likelihood of any panic or things
OF that sort
Il expect the situation in the United
States--ihe drouth, bad crops and the pos
slble results Of the strikes-to be eXag
gernted Settle your strike and arrange
your railroad difficulties and you will INT
london as willing as ever to support
American securities
The New YORK prices cabled over today
were lower than the London prices ana
London sumped in sympathy, but quick
ly picked up again. Steel touched BIZ
but rose to 80 Steel preferred touched
S7ib and rose to 0Uh.