The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-08-18
A WEAKNESS IN STOCKS.
Prices Yielded Steadily from the Out
set on Persistent Selling.
THE BANK STATEMENT CONTRIBUTED
To the Feeling Which Caused tbs Ger
eral Decline--Pronounced Weakness
in Sterling Exchange.

New York, August II Expectations Of a
higher money market caused n weak tone
to the stock market today, which was &C.
centuated after the publication OF the
bank statement. Predictions rs 70 further
expansion in loans were not borne out,
the statement. on the contrary, showing a
decrease In this item OF S1.045,31O This
unexpected good showing. however, was
more than Offset by loss in cash of
S2,T1SOo0, which was quite unexpected, as
the estimate yesterday figured on gain OF
nearly thrce-quarters Of million dollars.
Some uneaslness was also fels at the eff
forts to close several eel mills, which
have Continued since the strike was de
claied.
Persistent selling OF tue Un.ted States
Steel stocks, which made extreme declines
Of * and ~ respectively for The common
and preferred stimulated bear selling at
other quarters. Prices yielded steadily
frcm the offset, and especially for the
grangeis, PacIGcs. local fractions. Sugar
and Amalgamated Copper which were
lower from / to 2 points. The Southern
ana anthracite and bituminous coal roads
stock also relapsed sharply In the final
dealings trading was !, shade more active.
bur the closing was weak.
ncunced Weakness In tha Ste Hing .exchauge
market, offerings OF all classes II bills he.
ing very large, with sea. cely any inquiry
Demand bil!S were marked duwn to 4.S6A,
pul long sterling was wen held.
Considerable OF the favorable underlying
conditions gradually supplanted tue earlier
dominant Influences Of the cove nment crop
report, and the steel strike, causing high
or and broader market Thesa CO sist OF
NpI g.f an ...pstI ny.
cedH NJ railroad earnings London buying
ana increased pubic Interest In the mar.
ket Mondays market, Wnen the crop re
port ana the strike inquired their largest
cXtent, showed mat tnes- coalitions wee
beng rapidly discounted. Inc low prices
Of tpe week were then recorded anu inc
SUBSEQUENT recovery, luouga irregular, car
rieu active St Cks rom 3 70 points higher.
Graincarrying roads, and special, rHosl
tapping me com belt Wle eNpec ed To be
targets Tor bear attacks when tue week
opened, but the moderate losses TINT fol.
lowed arQusi d a belief that the worst was
Over, and the heavy demand for the short
account that developed later colortd this
yicW
Inc failure Of the general observance of
tn strike o d ana ,he success III opera.
tion Of various plants caused pr, dictions
or an eaug collapse o. rae sIve. STRIKE
1he United States Steel stocks were con,
! s!derabg strengthened by these assertions
anu graiuU,ly e4cned level 3 I on 5 nDoY1
lAst week. THIS Improvement was main.
tanned until the late announcement was
Z IA.
~ incident comblneu win raj dis
position to take prohls on the WceN's larg
HHYnnces gave enlll to the market in the
Closing days
preceding this the waning effect of the
crop report aud labor situItlon caused d
more cneerfni tone although The specuit.
slonai character. jear pera, ors ,olk FIRE.
Quent advantage Of the rising prices 10
PHi cut short lines. hul a Their eIor,s
tren quickly ana awaited more OBJ o tune
time. These attacks became less energefc
a 1911 tnr carry Gays and he Ia er cx-
their evening up. ~
Weather Conditions were considerably
more mode favorable ana as grain prices relaps ed
after Mondays strength, operators hogan
10 figure on larger crop than the cOverli'
mem estimate. Discuss .ons Of he hIanc!al
return TO The farmer from the yieiG no.
cutteu' ~ being conteuded hat the higher
prices Obtained for cereals would o.
dahe dec eased growth. This reaslnny d
song eueet IN sustaining Stocks but .e.
rTh9its VIII nave TO await the harvesting
ot the crops Railroad earnings are Ii /
expected to show conclusive results of the
crop tonnage until the Wlntfr md I'VE
meanwhile showing large inc cages eo ~
| M systems issued frequent Oh, Gins q
the crop situation. Ihey were cutie mi.
sso ornnsy encouraging and supported some
iaNorNDie Tore asts by trade o gaas
commission houses reported an increasc
IN outside orders which, though not M re.
lnulcales that public interest has been -
aNakthed by the betterm; mt o. cond tiors
nnd advance IN prices. Loudon was he. w
buyer throughout the improved financial
ra nI p4Iiiibi ltI conditions abroad, causing
revived interest Ia American rails
Last month severe decline IN prices was
generally attributed to an important West
efn bear party and the Substantial sd
hahceh IN the CHANGERS and Pacific stocks
y largei! credited to covering by th.s in.
seere 81 st Paul was the leading feature
ncreSse wfeR ,b .slk d, q possibility Of an
4Seaalings ana rise of 10 points. Nothin
I lis inap eeSeloped TO support this rumor
strengthening aud the preferred stool y ~
made n large rise "'so
General movements were not SO pro-
nounse1. put mere We're In &c transactions
IN stocks which have not recentiy h on
preHlnsnt especially the trunk Lines. coal.
S Sss aed b hEq priced speelaItes This d.
cSiaiion Of Spu{aHS iSlIowsd the gradual cir
| tlte coal stocks We're bought on tha = ro 20
s IIyee position and but little attention was
6tSn TO reports OF renewed labor eompli.
cations, The formation of a large bitnmHI -,
Gus coal combination beneflted these nroi er
e" uS ana me trunk lines being the largest
~ iSls 10 the seaboard srpnla, u4zed ~
la,e pear attack on Poop g Gas died ont
Suger however, was hammered vlgorousIv
H. p co@ 4n Iae Illness Of the president OF
uohe The. loss was more than made M
lutsr, put Il was Yery feVerish. "P
money rates showed distinct harden
sns at the close, call and time rates stIffen.
ing, Lenders were reluctant 10 MIR an M
money for long periods, preftrr'ne To- To- Ecu oat !.
tunus available on call time ana CONNER
elal and crop moving rdmors. InieTIor
n osaas are reported In q strong position :,
neet demands to move crops, The local
on oihks r are not expected 70 be heavily drawn
oy the suhtreasury caused SONG concerS
ccllectlons more than offsetting unnsnalIy
, cnp, government dlshursements This q I.
e odn caused the hardening Of he
h,srhhen SHARPLY, demand bills going "a be.
low 40 on the London bidding ana o Sr
sn,lre supply Of commercials. rhis
s sep enectnally disposed OF any fnrtbs-
'a a OF gold exports this season.
me record exports of wheat this ,no,,,,
S vear ~ se VIII our balance thus far fhs
makes the outlook for large gold in traIe
this winter very reassurlng FV'ts
haliroaa bonds showed lAss hnnro,
nhsnt during the week than stoeSs rs.
srsgs Mas more general purchases az ME
Stocks.
relieving are the sales Of stocks an.
closing prices fcr AAs New Ysrs rtoeI -
ket; mar