The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-28
APATHY AND INERTNESS.
Conditions that Prevailed in Stock
Markets Yesterday.
DEALINGS IN STEEL AND THE CHANGERS
Overshadowed the Rest Of The Market,
Apparentb--con Carrying Roads Benz
Gifted by Weakness OF the Cereal

New YORK. July 81 Not much comment
is required uron todays stock markel,
The same conditions Of apathy and iuert
ness that have been gaining ground for
the week prevailed Trading was ot nm
important dimensions and the price move.
ments were without Significance. The pub
he was entirely unepresentcd IN the mar
hot and the meager trading represented
only the efforts of professional operators
Of the small class TO induce come move
ment OF prices that would o0er them a
days profit whether ON tho upgrade or
the dnwngrade,
The dealings in the United states Steel
stocks and to less extent In the gran.
gers aud racines overshadowed the rest
~ the market steel stocks were strung
on the same Mind Of operations rs yes.
terdaN, seemingly based on a belief IN an
early triumph OF the corporation IN Toe
an extreme iis and the preferred ~
The corn carrying railroads We're hene.
htcd by the weakness ~ the corn market
ern dtonth. qhe tobacco stocks, peo
ple'a Gas, Amalgamated Copper, American
Cotton on and few others were nvia
iECrcase In loans reported bS the hank
statement hut they Induced no following
nd covered ;belr shorts before the close,
which was steady at the recovery
The week just past has given pretty
clear evidence 81 the culmiuauon for t1e
time, at least Of the speculation for the
decline In stocks and for the rise in grains
which has been going 90 IN the various
markets during the whole Of July The
eject on the stock market has hcen fever
lsh and Irregular movements OF prices with
narrowing fluctuations and decreasing vol
ume Of business According to the nys-
rlahlc rule in speculative movements OF any
dimensions this one has oyerdoue itself.
Tho consequence has been reaction from
the recently prevailing tendency,
Monday mornings prices we've tho low
est OF the week, but did not reach, OK
ccpt In few. caeeS, the level OF the pre-
Cedlug Monday.
The week opened much rs that preceding
| had done, Continued hot weather and
| drouth over sunday brought an accumula-
/ lion Of selling orders into the market,
/ which sent prices down with a rush and
| there did not scent 20 he vigorous support.
| support was offered the previous woek,
I when tho declaration OF the steel strike
/ had demealizeL The steol stocks: Every.
/ thing looked promising for the bear, hut
| Il began To he obvious before lopg thRt
| them so Tar that tsey hesitatcd 10 coW
/ NIT themselves further ana thar they
! were disposed to close up their contracts,
I
the grain markets, where the unloading
/ OF the longs brought collapse ia corn
! out OF ali proportion 10 the beneficial re
{ ports for the crop In the drouth districts
! As a consequence " the rcactinnary tcud
I cncy OF the markets, the week has been
/ given % 4 sort OF taking stock OF present
/ ise. More conservative Views have pre-
vailed as the relatively lower prices war
rsnted by the damage 70 tho cevn an,
/ heavy decline in the spriDg wheat yielt
! last year was found not 10 warrant "a,
severe declines In the prices OF Norta
/ western stocks. Earnings OF these ralirOdu
were found 30 be Wen sustained hy th
very large merchandise traffic ard dlstrl
button Il stocks was net dimlnished, TX
pert estimates os the Yield Of corn ol
/ tue basis Of damage done reveals that
/ large grRfhc remains Tor the railroads from
the crop, The Important compensation Q
successful wheat crop is urged IN
/ relatively smaller proportion borne by TN
Z grain traffic on the Western railroads q
The total tonnage Is taken INTO cons!dora
ton The large surplusSes carried by %
railroRd companies as residue from th'
several prosperous years arc cited 20 show
their ability te face year Of scuuly earn
lugS Hut when an this Is said the far
Is stll recognized that the unprecedcu.et
prosperous conditions u the last few year
come Of the strike SIN 20 be contendeS
with Even the GNere losses already re
corded from the nigh level OF me yea
Ia The prices ~ railroad stocks, the fac
Is kent ia mind that the high level wa
beyond an warrant In actual condition.
aud represented large degree OF specn
lRtivr lphltlon,
Questions arose which found no place n
the excited period os bull speculation, q
20 just how the stocks aEe 20 hepert II
vSlue. even supposins all shat has beel
related 81 the community Of Interests ant
Z passing Of control Ia centralized ralWU1i
systems TO be true The process IN a
( most every instance WAS Hppv0ximatol
the same, involving the purchase ~ con
troll az high prices and the Issuance o
/ bouds ahead Of che stock ~ the purchasih
railroad. These bond issues are ~ Yo
umc that require align earnings N the mos
To pay the charges upon them and 90 kee
the system out Of bankruptcy n gpe
without sayiag ut the recent condition
in the security market have not been prf
plticus 10 these marketings and no snna
part ~ the recent heavy liqpldatlon
. lection Tor capitalists VITA large commi
ments thus necesstated
fhr beginning ~ this week Of the tran.
fer ~ currency 20 the Interior 90 uloY
the crops calls attention 10 the face ina
recent liquidation Va the stock market ha
for its object tho preparing 80 mec this N
, ouirement aud not 20 supply means for q %
newcd speculation 10 stocks. Foreign none
markets ,ooR for n demand for soid fro'
New York in fhe autumn, but as ia thel
agreed. The speculative outlook from a
present level W prices Ia thus seen 10
business in railroad bonds has been .
are related IN value 10 stocks by cor
. yertihie rights.
Stocks.
Following are the sales % stocks an
: closing prices for the New York stock MAJ