The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-09
AN URGENT LIQUIDATION.
Some Secret Influences Worked The
Stock Market Downward.
RUMORs OF FINANCIAL DIFFICULTIES
Large Interest Tried to Stop Selling,
but Offered Their Own Hold
inas Literally.

New York, July S.--1he action OF prices
In today's stock market made 4 evident
that very large financial interests were con.
ducting some notable operations The ef
fort was made to have L appear that some
occult maneuNer was gong on designed 10
inveige tec public into parting with their
stosts az declining prices FOR the best of
the large financial Interests, who seemed 10
be themselves selling storks with great
Industry, The fnal action ~ the market
left little room 90 doubt that urgent liqui-
datlon was being Effected Great caution
must he exercised, 10 judge corrlc.ly how
"a, the liquidation was iunuel "a bv the
Immediate developments Of the las Rud
how FAR ny general sense OF ds6tct
and distrnst which has been gaining f,rce
IN the market for several weeks past
Inc episode OF the seventh Natio1pl bank
fsiare and Of the bank failures IN BunAlo
have become sufficiently clear to Indicate
tbs. they are not OF prime tmpo. aGse m
the Immediate losses involved or IA tie inn
u'rSetc collateral cfrccted. buj as n pos
sioic symptom OF general conditions they
have received serious attention. The 90
cun.u'atlon Of doubtful secy.tt cs has al
ways proved consequence OF a period OF
inCrstrial expansion, the huSt Tess prOsptr-
IL and the general credit viii N Is there
bY caused ThC actual present cuLG. tithe Ia
Germany hears striking tesuaDav to this
etCnomlc law. 1gc seventh Nu,tona hank
clSscde has undoubtedly in'uved q r,WerAi
oN ca hauling ~ collateral nv the banks u
the Wall street district Not "A little iqIl
dStior has been induced as rcsl b
IN the STOCK market there haze no N large
srecn9uve holdings which were withhold
/ from sale Only 10y reason ot the snt ptit
IS IA cE has been accorded TO pr ICES las Migr
Sv,6iC1tes aud n oueyed intnAs.S. rde IN.
d'eatons we're that cons'dcrade pat -
th' support wa5 withdrawn lay and
Ia 81 holdings were diSNdCsd oN the dc
g. nc IN prices witch was allowed to wEtf.
3 1c selling was concentrated in cAard Ter,
the bulk Of " coming from few stock
exchange houses who have oftcu acted FOR
Ntstrru capitalists, soirc ot Wuom hSj he.
como i,fp ent In the strei ia ie petc 9
| AZ formation nj the United Sta'cs Sft,i
corporation and have been relocated to the
background since the rise OF that corpora
sion The selling attrlbu; sd to ;Ms Sn;t &c
was enormous, not only of the United
States Steel stocks Themselves but OF the
railroad stocks which led the slump. The
immediate cause Of the weakness Of TVS
group was the reported announcement bN
Atchisou authorities tuat freight rates
would be cut in tue Chicago Missouri liver
| territory July Is. As the railroads iu THIS
| territory comprise the principal properties
supposed 80 have been brought into com
munity Of interest and as There has b ,'l
a large speculation In them founded Nu this
| supposltion, the hostility manifested 10y nj
L
4 Bile They I'D tho decline an laN WIN
/ only occasional Struggling callieS on cover
! ing by bear traders In tho break 81 paul
( fell an extreme lONs, Missouri psrIN' $
! linton Pacific ~, Atcblson G& and Quilted
States which had offered some rrSist.nc
! DURING the day. suddenly dropped 4 POINTS
/ under very heavy offerings, While the gen
eral market was less actively Affected thor,
was some very sharp losses recorded anio =
/ the New ork public utilities, the most
/ prominent lndustrulS and che IVES err
trunf limos aud coalcrs Ins decuues ~
/ these ranged from 10 points la the Irir
4 cpal eases and the market closed ~ semi
/ Gem0rali2ed condition.
The call loan rate was oifesed down fror
I = bSr cent In the morning to per cent ~
{ the close without relieving tho wNtkuNs
I OF the stock market. Rumors Of inn'la
difficulties could not be traced 10 ahy 10
liable source nor could anything he learne,
e. Justify them. Growing rnensiness wa
1pccted and doubt wh'ths" there wou!
! be any considerable rciuN oa New Ntrl
ptCvlous to the crop movement.
! Railroad bonds were weak H. sywpatAy
| with stocks. Total sales S2,1@."c0. -
valuc,