The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-11-20
OPPOSITION TO COMBINATION
OF NORTHWESTERN RAILWAYS
That Has DEVELOPED in the Northwest
ern States Can Not Be Easily Set
Aside in Minds OF Stock Traders.

New York. November l9-Tnc stock mar
Eet today was under the continued influence
of factors. which depressed values yester-
day and discouraged speculation FOR an ad-
vance. Probably the outward movement
Of gold was the most onecmll of these fac
tors, but the expressed determination Of
the executives OF Northwestern States 20
use their influence To contest the operation
OF the Northru securities company WAS also
an obvious influence, especially on the
stocks Of the transcontincntal group. Union
PACING ana st Paul were especially at
fected. The argument that such opposition
10 the company was expected, owing To the
statutes of the Northwestern States, inter
fered 10 prevent consultations anu that
eminent legal counsel had co-operated TO
evade these prohibitions. was not very con
vincing IT. quoting Gpprehenslons, based on
the assumption mat the residents OF those
States are earnestly opposed to the spirit
and purpose Of the new company, leaving
only the question open most TO their AFFINITY
10 prevent by law its operation.
The hears sold the mai ket actively on the
announcement Of the engagement ul $1,000
600 additional gold for export on Thursday
but there was q large demand to over later
IN The day, when halt of this engagement
was cancelled and when the money market
was seen 10 be unaffected. Jump OF
centimes In the sterling exchange rate ar
Paris. decline in the private discount
rate there and . slight reaction here in the
exchange rates both on London and on he
from Yesterdays enormous outGo OF gold
end aroused the hope that the largest part
Of the requirements are satished- lhert IL
still confidence expressed that the ouerng3
OF government bonds for redemption VIII
maintain the ease Of the money market n
moro gold goes out 1t Is not improbable
that the selling Of government bonds comes
Indirectly in part from the interests VINO
have TO remit in payment Of foreign obllsa-
H Is evident that the exchange market is
cornered 10 a certain extent ana even tue
bills against outgoing cotton aad gralu
ed for in advance, leaving the bankers who
arc short of exchange still under the ne
eessity OF shipping money 70 cover ma
One feature Of the government bond re.
demptfon that has attracted attention Is
1hat the National banks apparently con
sidered the present price sufficiently attrae-
tive TO withdraw bonds on deposit Win tne
treasury to secure their clreulatloh anu
offer them for redemption. This process
Snvolves The release OF casa from the treas.
nrv 10 the market value OF the bonds, oNt "
also Involves the retirement or circnlaIion
10 the amount OF the par value OF the uouus,
oTsetting that far the, stppiy q nioneS ~ AZ
have already reached the lega' limit Si
81 600 600 per month for the present montn
There was some special suen$Ln shoNh
today By individual stocks. notably amer
icsn Car international Power, on the W,
gent demands for railroad equipment OF an
kinds and the express companies stocks or
gceount OF the general Dcsiuess actNlB o.
me country There were stronB spuls
sneonr the coalers and the local fractions;
THE market closed steady at substanual
rally from the lowest. ,. .,,,. %
. Reflroad bonds were moderately ncuft NJ
slight recessions. Sales, par value S5;voV
0O0. United States refundihg Is dechheu
u on the last call