The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-04-20
UNION PACIFIC WAS FAVORED.

ana uncertainty that would serve TO upset
the market and check the upward progress
or prices elsewhere. For one tnlnR thtgiss
Is the mass OF contracts for delivery Whlcn
nave been ventured into the attractive up
rush OF prices, for which stock has heen
borrowed until certi iCates can be secured
II there is any doubt Of the aOll-
liy or sellers to make delivery
the existing control in the prop
crty VIII naturally refuse to admit the con
testahts claim TO control ana VIII puy
IN the market to defeat that claim III
the Northern Pacific contest last year IL
was TINS process that swept tre ,, narHets
pare OF the stock and prccpituted n
corner. On Monday OF this week the same
state of affairs was Immediately threatened
"a Louisville and Nashville. II Is Clear
mat the contestant was induced no
consent TO its Judgment with j.
T. Morgan & Co. Just what the induce
inent for this action was Is a puzzle 20
the speculative public and has given rise
10 much surmise aud feyertsh speculation
based on this or that assumption of what
the quid pro quo may me.
- The unprecedented dealings In southern
halfway on Tuesday, breaking All STOCK
exchange records for a days dealings IN
a single stock were based on the suppcsl
non or n merger with the new interest
In Louisville Another suppoSition was that
the REIMBURSEMENT of newly acquired con
tfol Of Louisville and Nashville was prompt
ed by the danger threatened Of an upset
IN the general market In which the same
interest was largely committed. Inc re-
heWal OF the large speculative operations
was attributed In the same connection 10
the replenishment Of speculative resources
winch resulted from the settlement OF the
Louisville matter. That the controlling in
huencc in the Southern railway field has
oeeli centralized as a result Of the episode
goes without SAYING and it Is accepted
as demonstration Of the sweeping ten
dency of the times toward that end
General conditions have been almost to-
tally Ignored during the week. The con-
seryation Of the steadness Of the market
mas been an Important factor In fostering
the strength of the stock market. The
ihtt rlor has sent money to New York this
week and the subtreasury drain on the
market has been suspended owing to the
large pension payments The money rate
has remained sufficiently high to invite
further lending here by foreign houses, in
spite OF the demand upon the foreign
money market for the new British loan
Large subscription OF that loan Is evidence
OF the abundance OF capital seeking IN
NeStment, and the fact Of a large partici-
patton In the subscriptions without nd-
versely affecting the foreign exchange mar
ket at n time when commercial bills of
exchange are scarce and when there Is
large selling here OF securities for foreign
account, must he accented ms striking evil
dcnce OF the large remaining resources
Of this center I'm foreign markets. The
market has had no helping crop prospects
and the grain markets have reflected mis-
giyings The long-dreaded reduction In the
Amalgamnted Copper dividends passed al
most unnoticed in the general animation
of the market
The bond market showed some decline
In activity ms the stock market gained.
and there were sharp reactions In some u
the highly speculative issues
United States IS advanced Is and the -
registered and old IS coupon v over the
closing call of last week