The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-14
|etaI Influences Combined to Keep
Stocks Unsteady.
IrIsurD PRESSURE TO LIoUlDArE
| Weakening Influence and Was
.sially Overcome by Recuperation
Il Clearing House Conditions.


N and the large recuperation In the
,tIon Of the clearing house banks. dis
4 by the weekly bank statement. There
two sharp rallies ON account of these
rs Neither rally WINS held with any
,ess and the market closed with re-
u declines at many points OH reallz-
Ind sharp advances in Individual
Il. There was evidence OF continued
lire 20 liquldats in the opening deal
most marked In the United States
stocks The preferred was carried
2% before vigorous support rarled
The common lost a and rallied most
4 The preferred rose IN. with the
kl rally In the market, bur continued
pressure, The recent market lead.
b. Paul Atchison and Union Pacific
u to 2 points. but came up vigorously
n the break Ia corn on the Chicago
ID was reported
frecovery In corn sent prices of stocks
! again, as 1t was feared the move.
WAS more due 10 precautionary realiz.
~ longs in corn on the possibility Of
~ rains than to actral ncws OF amefi-
~ Of the conditions in the corn belt.
Y hank statement showed larger
d cash than expected. the reserve rls.
4. 1890.
\ Importance Of the weeks liquidation
n stock is measured by the enormous
81 contraction of $21. o01, 500. This Is
Mgest decrease in loans for single
sPn the history of the clearing house.
|4he single exception of the week end
Ny IS of this year, which was the
E5followine the May panic, when the
were reduced S94,204, 500. The do.
y in reserve liabilities affected nv the
contraction aided materially in the
'N5O recuperation In the surplus OF
bahks.
eHlc liquidation Of speculative accounts
fNept the stock market this week and
ldfrable long selling has been added
y The threat Of damage to value of
f1pes by developments Indicating fur
npairment Of earning power. The
a*tiye buying, which was conducted
fteadily during June. has been thor
shtSsen out, and the level of prices
~: BETTY where IL started. The process
gun last week and cut short by tn
ment Of the stock exchange fro II
H daG until Monday of this week.
during the interim az
1,fd the pressure to sell this week. A
Yyorrne movements OF the June spec
'W VA hep the understanding OF the
of the EdepPesslon thEis VI X.
&f tnlng the stiffness of the money
& was persistently ignored during
tR the suppOsltion that with July re
24en,s met and the accommodations dis
S mere would he abundance of re.
M ahd easy credits On the contrary.
E}x have shown n marked lndlsposition
<t<P credits Tor speculative puIpos IS.
(, .nlye exercised more stringent dis
ion as 10 collateral under tho In.
w. OF the disclosures IN connection
LAG Seventh National bank failure
lnE nave called many loans to repair
ei> upon their legal reserves.
''nrp exports Of gold TO Germany made
VfnA drains. The movements OF In.
z Noney markets had indicated an I'M
,,Af& early demand upon New York for
&l9 move the crops, and bankers have
Wpelled to prepare themselves for
|.4he sums disbursed for dividends
:1ifrest on July l. which We're unpre-
a{1f large, made no impression upon
2Iefk market In the way OF demand for
hr,a Ia .ah -.
<54Hd stocks with the purpose OF meet
142i demand were disappointed. There
5FF to believe that there was much
|12s ton of prices during June by
M capitalists, with the purpose OF
8| the damage to values wrought
day panic could afford better
EM credits IN To frrtneranor of al
WI financial projects or the support
T. already entered upon.
E q division Into two groups Of the
HH financial power of the country,
anction between which WIS emf
By the struggle for control of
W Pacific. The operations Of these
4ps are easily distinguished as in
but as a result of the promised
OF the Northern Paclhc deal,
9f&fe supposed to be not antagonis ic
<tbe as one to support the stock
ft the high range of prices. The
abroad this week that the policy
X<fwn gFouns in thtS vngnort praa
f116 again Rroters snnnosad m act
k4aabers az tho ono ,rn,,p ya,e soil.
5<<<S while for me amer there was
Ak Ranks afGifstnG Win thn cen,toI.
W esch prann H,nrn as,,irg hishar
t,{<t monev ana c,iIing inaSs n,hlie
&ftf troljed IN. tho a,hh,s. go NJ ein,
fftln csil toSrs hro.t, M pn,nns.s,
5thsltjonsI ro,or+s T.,.o nr,iisSeS
6ftfmy interviau, 6o,,,so,, i,ha ty,o
n1AI3 representatI,'as ~ ~ ,,,oT,,
31tl Ia reonsn ,ba ,rhola orSh oup
Wtbarrel In ths ohsanne ~, g. :, fnr
t1inrlzed anno,To o,,,h,'t III,
1tttmpts 70 crastn os,,,r,,nn ~,
70 peace In NorfbeIn paciBc feiied
Mt'purnosp TN ~, = ~ ,,,, ~ ~,
bf{hlSon' Toneka snd Snnt, En ne a 1
f1flip frelt,kt rotaa % S.,'i,o ~,
NIItsun rl,'sr n Ines osNMeen M " - ~
Ftrss nrdpa YiIn1s 10 go 'u ~ e ssti
Nisf commtDitv 80 ~ S Tu ul tpe LUZ,
NV Territory v,baro III, Pun "a
! u 1ost sty,lTI uete tnat principle nau
4 Nf6e part al t5 . snaipI,,,,.o hn,in,
: k IND !, Nil, glT speSulatiive puylng
E an assnmntion That IsrSa. ond
Nsplcuous nraIaots ~ oi"S ~, ISrger sn ne
I, fad heeh he outrrowt t ~ tSa
\ EnfPaclhc sattier, ontsroMsh OF 1He
! n 1<bves that ls,,,n'. ~, Inns Weeh
y UII |rar,.is 20. scr speculative nolu'