The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-12
NERVOUSNESS IN STOCKS.
Deep Cuts in Prices Made Before
Equanimity Was Restored.
SELLING CAME FROM LARGE DEALERS
Various Causes Assigned for Liquida-
tion-5anks Are Extremely Cautious
and Not Disposed to Speculate.

New York, July 11.--wall street had an
other paro1ysm Of nervousness today and
made some deep cuts In the prices o
stocks before equanimlty had been re.
stored There were various causes as
slgued for the spasm Of liquidation. In
Guiding some that were palpaply surmise
or the result Of the interested efforts Of
the bear traders to increase the fright of
security holders. Broadly considered. the
selling came from large spectators who
had accumulated stocks or had held on 10
them from long date in the hope Of
realizing on the mid July demand which
aud the refux of funds from the interior
TO New York before they nre needed for
moving the crops. That some unexpected
Developments have helped to discourage
this new buying and even to induce selling
is evident, but the underlying cause Of the
selling is the lndisposltion of the New
York banks to foster speculative move.
meut at this time in view of the exl.
gencles of the money market which prom.
lses to come Into force earlier than usual
this fall.
The damage undoubtedly done 20 the corr
crop and the threat Of more 20 come was
a potent factor. The action OF the corn
market itself today induced n feeling In
Wall street that the crop situation had
been over discounted In the weeks stock
market.
The feeling gained ground that the tech
nicai causes would have 20 be looked 10
for an explanation OF the force of the
selling movement. This left the way open
for many venturesome surmises as TO the
concealed causes Of the notable liquidation
going on. One OF these was that discord
had broken out afresh over the control
Of the Northern Pacific Facts cited TO
corroborate this were several. The North
ern Pacific directors 1t was pointed out,
had met and adjourned yesterday without
announcing the personality If the new
compromise board, Sensational reports
we're current of stormy meeting between
the two principals in the Northern Pacific
contest Attention was called to the iii.
vergent policy Of the hanks representing
the two coniendng interests. the one side
calling loans freely on Monday, while call
loan rates were rising, and the other side
coming to the relief OF the market by lend
Ing millions ana lowering the rate
The sensational drop in ROCK island
caused n conjecture that the possession re
Gently acquired large holdings la that
property had to do with the drastic iqui
latinn ia other parts Of the list, The
| liquidation spent IT'S greatest force during
the first hour, when half million shares
We're marketed. 4 tendency toward GOV.
cry then developed, which carried prices
carly In the last hour TO an average level
near 10 or above that of last night The
It covery. however. was not held and the
closing was unsettled and irregular With re
active stocks Rock Island reached level
~ below last night AtchiSon As, North,
Western D. LaCkawanna A., st Pau ana
Iowa Central preferred 3l5. Chesapeake
and Ohio ia, ST. Louis and san Francisco
FIRST preferred 3H and Baltimore ana OAip.
Delaware and Hudson, st. Louis South
western preferred, Chicago and Eastern iii.
nois and Great Northern preferred poin
each.
declined points or more aud losses pt
The call loan market continued easy nud
sterling exchange also weakened The hope
Is entertained that large government dis
burScments will help the money market In
the immediate future Tho largo lquila.
lion effected is also a sensible relieI an
the prospect of increased receipts on &c
count Of Kloudlke gold is factor TO bs
taken account of
The railroad bond market was moderate
IN active and irregular. Total sales, par
value. S3,51o,pOo