The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-10
a CHANGE IN SENTIMENT.
Banking interests and Syndicates
Strengthened Out Stock Market.
A POSITIVE BUOYANcY DEVELOPED
The Stocks that Lost Most Heavily Mon
day Showed Greatest Gains Yester-
osy-Soue Large Transactions.

New York. July s--Support for the mar
ket from the large banking interests and
syndicates which seemed yesterday to have
abandoned q 10 the effects OF forced ilqui-
dalton worked prompt transformation In
speculative sentiment today. The opening
dealings disclosed that there was still
urgent liquidation to be effected and some
heavy blocks were thrown on the market
at sharp concessions from last nights clos.
ing price. but brokers. with supporting or
ders. were present at the same time and
were bidding above the prices al which
others were letting stocks go. The conse-
quence was some wide openings In the
price Of the grangers, Pacific and South
western stocks on sales Of 1000 10 500
shares Of each.
The average level Of prices was carried
a point or more below last night and there
were exceptional losses in Louisville Of 81,
IN Baltimore and Ohio of 81. and in South.
ern Pacific Of IA. United States Steel re-
celved determined support from the out
set and although the first offerings were
OF 10000 shares the price was held at last
nights level. During the rest Of the day
the market showed steady recuperation and
az times developed a tone Of positive
buoyaucy.
The stock which suffered most acutely in
yesterday liquidation were most conSpicu-
Gus In today's rally, notably St Paul Tn
ion Pacific, Missouri Pucihc and Atchlson.
The movement In these stocks was eciipseti
By that Of Louisville. in which the dealings
were on a very large scale The opening
loss in this stock and the subsequent move
ment gave color 10 the supposition thar ii
was raided for the purpose az accommodating
stock. In the late dealings IL ,spurted 10
Hoo, an extreme rise of "a. Ii closed
with a net gain Of 26. The recovery in
the other leaders from the low point ranged
from 8 To points
Some special strength was shown by iii
nois Central on the dividend and the deci-
sion to Issue new stock and by st. Louis
and san francisco second preferred on the
placing OF stock on a per cent dividend
oasis. There was no apparent cause for
tue recovery in the general list aside from
the confidence inspired by the evidence that
powerful support was In the market ami
mat tho omlnous and urgent liquidation OF
YESTERDAY was thereby checked.
The dlsQuiet which was caused Yesterday
by the mystery surrounding last weeks
large loss in the cash reserves Of the banks
was dispelicd by the explanation that cash
nad oeen shipped TO Buffalo To provide
against possible run on the banks thera.
Inc open-handed freedom with which loans
were made by banks under Morgan control
quleted fears Of credit contraction and
counterfcied the effect Of the recent policy
Of the banks IN discriminating against col
lateral This policy had Its part I'm liQui-
dauon which might have endangered the
banks Themselves II carried to extreme. Its
check, therefore, caused general relief
News regarding the corn crop was not
improved today ana Atchson officials con.
unued to talk In a belligerent tone of the
announced cut In freight rates Assertions
were persistently made, however. that the
freight rate trouble would be adjusted and
some skeptiscism was expressed as to the
logic Of a cut in freight rates at a time
when complaint is made Of the car famine
ana OF more business offering than can be
handled by the railways. The feeling that
a campaign to depress prices made the
hears timd and the covering Of large short
ines helped the rise in prices. Closed firm
and near the top.
The bond market was moderately active.
hut only a part Of the list recovered Ia
sympathy with stocks. Total sales, par
value, s., $4,000.