The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-08-04
AIMLESS DRIFT OF PRICES.
Stocks Opened Higher, but the Gain
Was Not Substantial.
THE WEEK HAS BEEN A VERY DULL ONE
Market Has Eeen Exceedingly Marrow,
Both in Business Done and Number
OF Different Issues Involved.

New York, August 3,-Prces o.ened
higher this morning under the operations
oil the small attendance OF professional
traders on the bourd. who were apparently
Influenced by the belief that the renewed
conference OF the steel strike gave prom
Use OF Il compromise aud resumption OF
work. Both the United states Steel stocks
rose point over last night and st. Paul
rose point aud fraction.
Prices drafted aimlessy for the greater
part OF the session. Selling or lers APP
peGred when the bank statement was pub
llshcd, whether for the purpose taking
profits by room traders or from an uu-
favorable Interpretation of that document
would be hard to say. Tho rather large
Increase In the lonn item was not a
strengthening factor, but the In, reas, IL
cash largely offset It's eil9t ON the surplus
reserve item. The selling at h l0st,
though small, seemed rather urgent and
carried prices rather preclpitateiy tn the
| lowest level of the day. The closing IT.
self was weak ana near the lowest.
! The railroad bond market was as far
from rejecting any demand for securities
as that for stocks and WIS dull ana heavy
throughout.
The week In stocks has been a dun one
In contrast with the two previous weeks
when the Monday morning dip made the
low PRICES feel weak, the Monday morn
Ing bulge this week has only made he
highest. The market has been an exceed
ingly narrow one, both in point OF amount
of business done. the number Of different
issues dealt in and the extent II the
fluctuations The news of Monday morn
| ing gave promise of a rebound IN prices n
that rea was Afforded from lie Two
| principal depressing factors 81 tnc prt'
vlous period, the drouth and the threatened
sleel strike. The weeks news from the
corn belt gave tue first lnduhitable assur-
ance that whatever is left Of the crop
to he benefited was sure of the requisite
Notwithstanding the vnriou; ph SEES o
che steel strike negotiations, Wa rect
has chung to the conviction that the ultl-
mate outcome would be a resumption o.
work aud. as Il consequences, wide reacnihg
prosperity of the Industry Yet sun the
security markets have hal cd and the large
financial Interests and the general pnhhc
have maintained n profound indiuercnce
to the market
The dominant influence upon speculative
sentiment eNertcd by the steel strike cal :
renewed attention to the prodigouS pro
portions of the United states Steel Cor
porntlon and the other projects in the ran
way world which went hnnd In hand with
Il and from closely Identical origins. Thee
projects represented a process OF capital
izatiou of the enormous prosperity .wmch
the country had enjoyed Tor y number OF
years with a promise of Cuntlnuel enjoy
ment 10 help on the floating ct new Sc ur-
ties. Il is easy TO perceive now in the re-
trospect the holiness OF grasp with watch
the far seeing capitalists selzed the nd
vantage OF vast accunulations of hAnSing
reserves to provide themselves with he
. reGcurces in the shape or syndicate ans
! for the carrying out OF per9aIs long Gu
ished projects ON ths industrial, : 90, as
Steel Corporation and on the railway side
about the extension OF the so-calleu com
munity of Interests
IL was after the steel combination hal
been fairly launched the Pennsylvania rail
road had consolidated under Its inilu ncpA
the SoutherlH trunk lines, the PENNSYLVANIA
, Coat company had passed TO the contro
. OF the Erie, the New Jersey Central to the
Reading and the Southern Pacific had hcel
absorbed by the Union Pacific ana the
speculative world was ready 80 accept with
uvidlty any suggestion, however extreme,
lof consolidation OF capital that the North
J e,p Pnclnr Quarrel brouglF home IN. fact
chat auagonsm and conflict OF Interest
still existed in the world of capital Lvep
this quarrel was turned to account uti
= mHtely by speculative enthusiasm MS =
!! means ny its settlement Of still fu thCr
: and more effective combinations But
+, other obstacles interviewed.
The damage to the crops by the drouth
was made to do effective service h dc
! opposition party in the speculation tow ri
:, OF the trouble in the steel trade. Tho de
: ppndency of capital upon n state OF ner II
: thus began to be shown. When the LIST
Of July arrived aud the period OF TIE We
approached for active use Of money IN
= moving the crops, VI became ncceSS ny Ia
, tighten some of the loads that capital VS.
carrying, the liquidation set IN II il
demonstrated uow''thnl foreg n m NV mar
= kots as well as New York were resorted e
y FOR syndicate borrowings n the pc led OF
new combinations and the repay luent oi
:, obligations created then, operates NOW {,
h cherl the usual periodical How OF mrn y
a. New York In payment Of the asona ~
:, outgo of United states agricultural prod
y ucts.
$ 4 continuance ~ the speculative actlyit,
> In tho security market was relied upOu II
; afcrd market for the new securities
;, ] which nuhliSlpl tpimliurst M
70 syi dictate for the OUTLAY made in q ON
pOnlon projects Win the checking OF
L the successful marketing OF these sccuri
tics, the sums tied M in underwriting II
Rotation Syndicatts remain 10 nrg
extent unreleased
4 The railroad bond market has been ~
! snail aud narrow as stocks. but has show
N evidence OF small Investment demand