The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-11-24
ACTIVITY WAS VERY GREAT.

the separate organization OF the railroads
brought under the ownership Of the one
company did not prevent persistent drop
ping OF the prices Of the transcontineutal
railroad stocks.
The export on Tuesday to France and
Germany OF upwards Of 100000 in gold,
thc largest amount ever exported from here
In a single day. kept attention focused on
the unprecedented conditions IN the for
clFn exchange market and offered no IC-
lief TO the anxiety as 10 how fnr the OBJ
scurc causes at work might continue. The
fact that the money market has been only
moderately affected this fur was not con
v.ncing MS 10 the future II is a noticeable
fact that the hardening tendency of call
loans in the New York market has not
driven borrowers 10 resort to any extent
10 the time money market 10 supply thcm-
selves for fixed term in the future with
funds at the present rates. which are
rather below the present rates OF call
loans TO say nothing Of what they would
be In the event Of stripgency by reason OF
the gold exports.
The extensive res 1urces OF the domestic
money market are illustrated by tho con
slant recuperation against the losses ot
the gold outflow. Although this outflow is
chandise exports and must he to large
extent Unforeseen, II Is partly made good
by the constant Inflow of Australian gold
AZ the Pacific roast This country's own
production of gold at the rate OF over
SIoOo,C0o per month Is also part OF the
account and must 20 to explain the facility
tries for the metal for the monetary pur-
poses are supplied. The option offered by
the treasury department for the redemp
tlon OF government bonds Is also safety
valve against money striugency, although
the effect OF these redempiions is modified
by the fact that some OF the bonds offered
for redemption are withdrawn from the
treasury where they were deposited to se-
cure circulation, thus operating TO retire
that much circulation.
The relaxation Of the tension in the for
of the week has heen an Important lnhu-
ence In relieving fears OF money siringency
stock market. The absence OF gold exports
today is taken as assurance that the Inn
mediate requirements abroad are satisfied
ms it was expected shipments would be
necessary to meet American subscriptions
due Ia London on December to the 0nal
lnStallmeut ~ the British loan, These
monthly installments have been disburscd
about as fast as they were paid aud this
! final payment points TO the conclusion that
the British government must soon be In
the money market ngan as heavy hor-
| rover to meet the continuing expenses
OF military operations In south Africa.
/ IL Is evident also that she bank OF Eng
/ land Is operating 10 make It's 4 per cent
| money rate effective In the money mar
| ket. Besides the British loan a large Rus,
| Sian loan early next year la impending
! while the a lnese loan to provide the gov
! eminent WIN resources to meet indemnity
| charges Is 10 be met GOme ting Ia the IN
| ture, Whether these requirements can be
| met without further resort TO our money
market remnins an unsettled problem.
The considerations which have served 10
| these doubtful factors In the stock mar
| ket have 20 do with the extraordinary
/ trade activity aud prosperity OF the coun
/ try as reflected In the record consumption
OF pig iron In attempts TO Keen up az cur
| rent orders heavy volume OF bank clear
4 ings and volume OF traffic IN all lines
! never equ8iled and beyond the capacity OF
! railroads to meet Ia spite % the great In
! crease IN equipment and carrying capacity
In the Immediate past. supplementary IN
/ huences are found In rumors OF financial
| projects looking TO the consolidation OF
| the minor Vanderbilt lines, extra distrlhu
| lions by the subsidiary lines Of the New
! York Central system and OF an Intended
merger OF New York city traction lines by
means OF a security holding company.
The railroad hond market has been mod
erateiy active during the week and Invest
ment issues have shown arm tone
Speculative bonds have been Irregular
United States IS registered. the old aud
new As and the IS advanced y per cent
! over the ciadng call last week. The re
sundiBS % declined y.