The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-06-16
A FEyERISH UNDERGONE.
That Was the Characteristic of the
Stock Market Yesterday.
ST. PAUL SHOWED MUCH BUOyANcY
And That Was Determining Factor IN
Sustaining Prices and Turning Them
Upward After Break.

but the bnoyancy NJ St Paul was de-
termining factor In sustaining prices ana
In turning them upward after the dip
occasloned by the weak bank return. Au-
thoritative announcement regarding the dc.
yelopments in ST. Paul continue lacking,
but the belief holds in Wall street that a
controlling interest Ia that stock has been
available for the purpose Of adjustment
Of the Northwest railroad dispute which Is
being worked out. II is matter OF notorl-
ETY. that when efforts were made to secure
ST Paul, previous TO the Burlington deal
the figure demanded for the stock by con
trolling interests was 200. limitations
have been given that minority stockholders
will be given equal benefit on any terms
OF sale OF the controlling interests AS
sumptions from these premises were the
occasion of todays dealings In the stocks
Of the conspicuous speculative leaders.
However, they bore as large part as
they did tn other large buying in the
market St Paul crossed ISL In the late
dealings compared with l14A last night.
Colorado Fuel added q points 10 It's
sensational advance. jump Of Il points
IN perc Marquette and 6 in the kanawha
and Michigan attracted attention, the lat
ter being connected with reports of CON
solldation by j. Pierpont Morgan of Ohio
soft coal properties. Tennessee Coal was
strong in sympathy with Colorado Fuel
aud the Readings were In demand. the
general market was Influenced by St Paul
throughout
The loan increase dlsclosc4 by the bank
statement reflects continued demand Tor
syndicate purposes. The. decrease In cash
Of million and half Is wide OF the
known movements Of money which indi-
Gated a small gain Part of the gold with
drawn from the Subtreasury yesterday
went to Holland today. 1t Is believed
more may go next week TO meet Berlin S
requirements for semlannual settlements
ON July l.
There was a decline In speculative acttv-
part Of this week caused by the showing
made by last Saturdays bank statement.
But Interest revived again as the wee
progressed, although the volume Of deal
ings did not rise to last weeks level
Many important general conditions deyel-
oped which offered ground for expected
improvement, bur the speculation seemed
10 hc based FOR The most part on special
considerations and was largely congested
In special stocks. The substantial gains IN
these kept the undertone of the market
pretty hrm and seemed to support prices
against considerable realizing which was
IN evidence from time to time.
The Gould group Of stocks Were con
splcuous during the week. Belief was
confident early in the week that early an
nounccmcnt would be made of steps ne
complshed toward the expected consolida
ton which Wall street has designed the
Greater Missouri Pacific Missouri Pacific
directors would consider other than routine
matters at meeting next Monday and
the news that holdings of Sl2,O0OOO0 Of
AllhNOuIl ldtlDt tOllNclUnleS paying per
cent had had the the option exercised ~
exchange Into stock under the belief OF
coming developments, Warning iutlBd
lions We're heard later against a too c0u
hdent assurance of early action toward
consolidation and confidence was somewhat
modified and directed toward dividend ac-
lions on Missouri Pacific Itself.
The current runners that the Pcnusyl-
yania railroad has secured control Of the
Pennsylvania Steel company to safeguard
US steel rail supply. who were fully cred
lied in Wall street In spite OF official dis.
Chalmers. attracted large demand for
Pennsylvania stock. This was taken ad.
vantage Of to market large amounts of
stock against the buying Of stockholders
rights TO subscribe for the new issue of
S0O 100000 par value
some very large dealings in the pncihcs
ana northwestern railroads were attrihut-
ed TO insiders and were supposed 10 lie
due to the working ont OF the compre.
hensiVe plan Of adjustment of claims as
surfing permanent harhiony which was ex
phcitly promised in the official statement
reached In the Northern Pacific dlsnutp
AZ Northern Pacific stock has practically
disappeared from the market since the
corner ana dealings In Burlington are
nominal while the boating supply nf chi.
cage and Northwestern aud Great North
ern IS small stocks of other companies in
Ierested have been looked upon as an in
qeN OF progress The notable strength Of
Union Pacific and Of st. PAM has iCd TO
conclusions that an interchange Of secur.
' m'es "t some sort between the two was
The PENNSYLVANIA steel transaction Inns
Ss''nVlGl atlehtinn TO large development
81 eaNtgl OF ihe steel industry Of the
estimated by a reputable authoritv ne
Sl3i'WNu00 since the formation Of tho3
cooperation, partly by expansion of exist
Ing companies and partly by organlzoIion
OF new ones. Consequently stoCEs ~ IN
dependent companies Ia the steel trade
Ifnitaap V 81 aeuye and strong while the
fhqqlnorS az the snme time have been pienti
lul ~ wall street that the enlargement of
consolidation of some Of the independent
s ~ Il Gompanlrs VIII he made preliminary
Steei rorn HnSvipIion oy the United States
ne publication Of monthly statistics
snt%Tkang Z, FUR further ,encroachments npon
Increase In the monthly rate of nrod,,o
non ana with prospect Of addition, s,,r
n,i,@ coming into blast was accepted ms
tNluehce or the unimpaired henlth ~ az
iron and steel Industry. This woe a Ui me
ca as one Of the most Important ossi,r
ances mat could be had Of continued L,,st
ness prosperity. Just
Another notable influence In the same Il,
reeiloh was made by the crops R,t az
SSe.lihateS ny experts on the government
n nsmses showing the promise Of a wheat
Top equal 70 or In excess Of thot ~ tSaS
Hnu the reports of rains during tho yreai
nnrt - h,Nhs SHOWN by the government re-
bo a1nt 70 be In need Of them added 10 the
come Of the e" @Top III Il the favorable out
LOT the German wheat crop, tbe DrnhaI'9tA
our surplus, ueihanu Tor
The statement OF our Nav evnor.s :,
uSmesue products indicates a continnS,oa /
= tne extraordinary conditions ~ o,,r
tbnsils 'iane the increase in value oyer
sIi noo 400 nay OF last year being more than
sLi,Vou,nn exclusive Of manufacturers nrnd
qcts The continued growth Of 9hc prod
tty wealth. thus Indicated bein s"uh-
prevent any apprehension from tha +sseVo
on,N nv money market 10 temporary deyei
',pil,ehis , OF credits for large cSrnorsto
~ na"sact'ohs' The reduction of haif oS
~, Vtnl IN me Bank OF England's mint
IKE reduction confirms the conRdoMeek
1 me iutnre ease OF foreign money n,ariot lu
me HANK OF England's weekIv tniarhets, |
nVnsVts large transfers OF Russian r,o,'ss
1917 ~ ucpvsuS from Paris, this acconntinr
IL, tue recent sustained condition az stals |
M, ,i,, eNvh2nge at Paris. This weeks 49,, |
~ sv" US IN Lond41 OF S3O,0o0OOO nstailman}s
SOS are expected 10 be mot wItboSs.. con con |
tetH anu 70 return promptly TO the n,ar
- 49, unlug 70 large government dIsh,,.s |
hN.ts Is not TO be forcotfAr 10 y. 20 ~ I
~ Lux lhis ihctor that the acrumniaslsr
a, if.llltal IN foreign conters Is due 80 tI
inh,,s,ss ahd depression OF business ia
nnon Trade, The influence OF thsse
Vlnlten states Is not IMMINENT ia the \
Inere should be a good vanar.t
~ inlslifoad bonds and some az an lnana |
NtSIuules. United States bonds 49, con 4
a 49, on the call prices Compared I'M
Stocks.
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