The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-09-29
INTEREST WAS DIVERTED.
The Yacht Race Defracted from the
Speculation in Stocks.
A FEW HEAVY BLOCKS TRANSFERRED
Additional Obscure Stocks Were Brought
Forward as Was the Case Friday.
A Week OF Liquidation.


and the affair was principally one of small,
professional operations There were some
heavy blocks, running from 1000 to $500
shares including United states Steel com
mon and preferred New York Central and
Union Pacific, transferred In the opening
dealings, and the market generally went
higher during the first hour.
number Of obscure stocks were brought
forward as on yesterday, some new ones
being added to yesterdays list Amalga-
mated Copper 6uctuatcd uncertainty, rls-
Ing small fraction at first and meeting
support at early declines The whole mar
ket sold OIL Ia the second hour, when the
traders took their profits, and Amalga-
mated fell "a below last night. The Van
derbllts were also notably affected by the
realizing in the absence Of the buying
from the sources which were responsible
for yesterdays strength. The market
closed weak
The bank statement showed larger
gain In cash reserves than was autici
pated, but failed TO reflect the expected
contradiction In the loan account from the
stock market liquidation. Preparations for
October disbursements and for subscrlp
scrptlon TO several municipal bond issues
during the week proDhDly ~account for the
Offset to the repaying of loans by stock
markets.
Heavy liquidation from all sources has
been apparent In the stock market all the
week. The motive Of this liquidation was
obviously mixed aud seemingly somewhat
conflicting. What are called the large
financial interests showed evidence of n
divided sentiment early in the week. Nor
gan and Gould stocks continued TO adj
vance, with signs of inside support, after
all evidence OF support had been with
drawn in the stocks In which Standard OH
| interests are dominant.
There has been activity for some time
/ past by the speculative pools in the mar
ket based on the assumption that the
great financial powers were united In a
determination to support prices and pro-
tcct the money market as they did through
/ the crisis following President Mckinley
assassination
The fact Of divergence Of policy among
/ these influential capitalists was sufficient
| 10 check the activity of the professional
pools even while the one party continued
ITS measures Of support, which was only
for short time. Not only did the brokers,
VINO have acted as agents for the support
Ing powers in the market discontinue their
measures but they became large sellers
/ OF the shares accumulated by their heavy
buying at recent periods of weakness.
Joiped with the rush to realize by pro
fesslonal pools, the effect was TO throw the
] market at times INTO state bordering ON
Generalization.
The dlsconcerting effect on speculative
sentiment of the Developments In Amalga-
mated Copper doubtless was an lmportan!
on the part of the leaders The conditions
In the copper trade which are assigned as
the cause of the present decentralization in
copper n~ning stocks are not new subjects
In Wall street Even The omission OF the
customary dividend on Amalgamated Cop
/ pcr stock was induStrlously rumOred for
many days before the fact. 1T was news
/ to the Specula tors In the stock that for
J clgn consumption and export of copper had
decreased ENORMOUSLY, owing to- trade de
preston and failures Of electrical enter
| prlseS IN Germanyy9 Copper trade Stats
tics we're In circulation in Wall street for
We'tS betore the collapse in Amaigamateu
] [
ing 10 near lts record hgure II was only
on me very eve oil the dividend action ny
tbt ulHVIoIS luul me manipulation 10 au'
vince ana support the prices ceased.
me rush TO sell aiter me reuuctlon III
DIVIDEND round the market pare OF de
Ilauu, aug We ul"p IN Tue prlSe rom ~.
a. glu9J afternoon llsJ Wech' oS eloe 'ns
w !uvuu VAS "ilnouuce,d 10 oo33s on
Ntuuv24ay' WIS pracIcaliy peTpehulculII
e Hgl'"Y Oh 9'oGhs eiSeMpeie III ene Ia
Ne' was Nu' III idIEc part 10 SpeCuldt l't
losses Incurred ny me drop IN Amalgh
,a NVlIet, Nv MiI'o ~ @ , 49,
selling Of long Stock and short selling 5y
tTna ,,.1o,,l ,,,,,o,t ,,.os oors,dorod die
"Ho"oA waS CUnsiselSu
IN" cIr"ias Of ,r0sno,.it, bod prc,cbNd ne
,ot 'uiuVts Wy I'M Ia w tnV t S,j II
ut'Ht 81 S"IlHHc ol lne lhiPurtShI nnh Ii
- lvONlIE ~ tAtVuslon oI Co,ntuuiii ~
aulnoIi@rd, was made that measures ioI
HuahtihE the purchases OF N9rtuerh IA
vHt SMues on nehalI OF Union Iacihc were
70 ne postponed uhili more 1aVoraole con IL
ions rms renewed me latent hppFeheh
SION OF an outhreak OF tue Huafrel over
lhc control OF Northern IaclhC,
F'Atpouuu irHRnt rates INTO Onlcago were
reported demurahzed on account of the
llght grain movement with threatened eN
tension To trunk line territory, and SpeclhC
assertions We're published of a feud he
tween PENNSYLVANIA and Wabash over the
entrance of the latter into Pittsourg ON
threats Of rcprSals. fears REQUIRED that the
near demand FOR money would exceed the
resources Of New York banks and would
ncceSsitate large curtalments Of call oln,
TO meet them, while the sharp recovery in
foreign exchange carried rates well away
from the gold import point and destroyed
hopes of Immediate relief from that source
Such were some of the items making M
the feeling of announcement in the sock
market during the nerlod of violent de-
cline I'm prices The feature Of the money
market indeed seems hv no mems clear
although interest rates have declined and
banks have shown increasing >disposltiou
to accommodates borrowers That heavy re-
quircmeuts remain 10 he filled for intel d
currency needs is reTtojn Cotton ts heIna
! credits are rcnuired FOR tLis purpose'
IN addition, the supply of cotton bills
Calls nnn m 6nS eAeHYS d mGrSe az" ~,
kdured This nrria w. octjve n,oneI ~
Withdrawals OF gold from London for tina