The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-08-06
"A LIQUIDATING PRESSURE.
Speculation in Stocks Betrayed I
Yielding Tendency.
UNITED STATES STEEL LOST STRENGTH
Condition Due Wholly to Non-Settle-
ment OF Strkc--Other Metal Prop
critics Declined in Sympathy.

New York. August 5.-.Specula,lon today
betrayed a yielding tendency from the open
lug to the closing OF business. Resultant
losses from to 8 points for the stocks
most actively dealt In and included leading
members Of all principal groups. OCCASION
nj railtcs were unayailing In checking the
steady stream OF liquidation and the pro
fesslonals utilized every temporary recovery
to put out additional short lines OF stocks.
Western and Pacific stocks bore the brunt
Of the selling In the railway quarter while
United states Steel and Sugar We're In the
van In the downward movement of the
specialtles.
The failure to effect settlement OF the
steel strike on Saturday prepared operators
for presumption OF liquidation in the united
States Steel Issues at the opening OF bust
ness today. First sales OF the common
were lo,po shares at from Al to 40fa Mi,'Yh
about measured the low point until well In
the afternoon when 1t saggcd TO 40. Inter
mediate transactions were on narrow lNic-
tional range ut the fact shai me Stock Stock
amy STRENGTHENING efcct on the general
market The closing price was the lowest
| OF the day and Indicated g net loss OF Sa
points as compared With Saturdays close.
! The preferred stock suffered an extreme
| loss OF 3is and ended : points OF
The speculation OF the day hinged on the
u
! the street WAS inclined 10 view the iali-
IRE to reach an agreement Ms foieshadowlng
! a highly sensitive stock marker for u whlle,
1 Otper metals properties scored marked
sympathetic losses. Tennessee Coal dipping
I RS and American Car and Foundry pre-
/ ferred 4 points Selling by the West con
/ tiuued In spite Of reports OF RAIN IN various
| sections of the corn belt and the pubnca-
| tiop Of nlargp number of very satisfactory
| Increases tn railway earnings Tor the iourth
] week in July,
| Sugar Was a prominent feature all day
! aud dropped ~ to 1908. on salos by the
/ professionals who agreed that the forth
! coming opposition could make large inroads
| on it's earning capacity.
hut little news was circulated 10 account
for the weakness Of many stocks ana the
continuous selling was attributed IN part
10 liquidation by holders who have become
/ tired out by The recent steady drop ct
prices A holiday at London deprived the
/ market Of is usual cue as &c me attitude
Of the foreign Spectators toward the deN'l
/ opments over saturday.
The large expansion in the loan Item "
! Saturdays bank abatement was cummenicu
on today hut not adequately explained
The increase Is believed to Dc due 70 va
rious corporate financing schemesnow n
progress. Money rates were ehsy all DAY
and the sub-trcasurv paid ont million doi
lars on gold receds at Pacific coast points
As the session drew to close the pres
sure against stocks Increased and the low
est prices Of the day were made In tho ma
dealings Reports were current that th'
United States steel, common and preferred
were No be- held nj 40 and 30 rospectlYel,
hut the preferred broke TO S9Ss. The i'm
mense dealings In the stocks were inah
within a range Of a point comparing IN
opcnng and lowest prices ~ the day, Man,
railway stocks covered a range OF from
10 3 points In the same period.
Railroad bonds were fairly active hu
weak In sympathy with stocks. Total sale
par value, s3,250,000.