The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-07-13
ALTHOUGH NEGLECTED. FRIDAY
WAS PROMINENT YESTERDAY.
Stocks Generally Were Firm WITH Aver
age Level About the Highest Point.
Bank Statement.

new York, July ia dlsposIt,o, e. "a.
vance prices was held In CHECK today nv
.ue iears that poor bank statemen. would
indnce selling Of stocks. This oho,r 80
removed when the bank sto.oma,t ,.,.os
Unexpectedly favorable pud tho ,,a,,,o,
poseu urn with the average level Of pr,ces
al about the highest. The princinaI evIdanos
tho was IN the grangers. especially
| carriers Atchison, which was
Az Yesterday, took up leadership to.
81 "nne missouri Pacific hung back un.
80, NC ia'e dealings, when II rcsr on large
| point Rock Island rose points
d ieVel points higher than yesterdays
suest' out the dealings were small and
'"e gam was not well held. rise OF near
y point In New York Central was an
L'Ien''y que to support in view of the
uee'ease IN gross earnings reported for
June oy the system. The industrials were
somewhat depressed, but recovered In the
Ia'e rally. The banks lost in cash less than
9~'""ooo compared with expectations OF 4
decrease Of 100000 Adding to this The
S4lUhOOo loan decrease. leaves n discren.
ancy stu upwards OF 100000 in the re-
ported decrease Of SIG, 449,5oo in deposits.
IL VIII be remembered that last weeks
roam increase of over Sl7,o0ooOo failed to
md reflection in the deposit item.
1oday's discrepancy is explained as due
TO a process Of rectiHcation under the alb.
Suuse system OF averages used by the banks
In their computations. There has been con.
siderable activity and strength In the stock
market THIS week, 1t has been Of an irregu.
jar character and confined TO comparatively
Iew stocks 1t is sufficiently obvious that
the prevailing sentiment amongst securities
holders Is one Of confidence In the mainte.
nance OF the prosperous condition of the
country and the continuance of the present
eOrnlhg power Of securities. Holders of
I9llroad stocks especially show no disposl-
lloh TO Fart with their property. But no
general public demand for stocks Ia aroused
~ the lactics Of the party which seeks to
lead a bull movement. The active leaders
seem TO feel themselves EXEMPT from daurfr
or strlngency in the money market and
nave dealt freely In stocks. shifting opera
tons from one quarter Of the market to
another, but combining their operations 10
a a,. rev leading stocks in each group. The
S S3dnt influence OF these special move
lnehts upon the general list has been
strengthening and 1t is highly probable that
they are designed TO support values to
some extent and thus 10 guard the credits
Whlch the same large interests are employ.
ing In other projects of magnitude
1t is novelty for large interests to be
committed at the same time to the long
side, both In stocks and grains Yet It is
generally assumed that tho so called "W-est.
cfn contingent" which controls the corner
In corn on the Chicago market Is also tha
most influential element on the bull side
In stocks This is explained by the fact
that the grain speculation is in the rem
hont or last years deficient corn crop
while the prospect for next years crop In
present crop condition is confident. The
government report Of conditions on July :
published on Thursday, was taken as con
himing optimistic ideas of the coming crop
and the rains reported as doing some dam
uge during the week have not been sum.
cient to disturb the general confidence in
a favorable outcome.
An important Influence also In maintaining
prices at high level Is the general con,
Nction of large projects for extension OF