The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-04-27
STOCKS WERE QUIET AND EASY

the generally high level Of earnings reported
ana by such special exhibits as inc uun i
report OF Lake Shore, with its great surplus
earnings over extraordinary expenditure ou'
Of earnings for betterments.
The details OF the great internatlonai
steamship merger are accepted as eNldthce
OF rapid progress toward the strengthrning
and consolidation OF transportation tactl-
ties, both domestic and lnternational, OF the
country. The working out OF the com
munlty of Interest IN the anthracite car
riers Is also In evidence and some OF we
weeks buying Of the Readings has aunt
teddy been In the Interest Of the great trunA
line systems IN furtherance OF the PoliiSGS
OF division of control Of that tralnc
amongst them. Lake shores repnrt on nc.
QUESTION OF Il large block Of Lehign Nhlley
Is evidence Of the same tendency.
On tue other hand. there was a reIhihucr
Of the legal obstacle which may be lntcr,
posed for merger projects In the decision
OF the supreme court to allow the o. .s
OF Washington to hle against the parties
force IL seen of the comment by one oil tne
principals that the consolidation or owner
shin IN the Northwest Is assured, whateyett
may be the decision OF the supreme court
on the present plan of holding the proper.
ties. But the fact remains that Important
financial results depend upon the success
or the present plan Of holding OF theSe
companies and the question Of Its validity
must remain weight on the securities
market until 1t is settled.
The activity and strength NJ stocks or
minor railroads In strong strategic posi-
ton ana available for advantageous ahsofp-
ton by the larger systems. AZ wen a. tne
transfer Of control Of Louisville and Nash
yiction Of the steady tendency toward con
sold0ton In the railroad world, ,,..,-
The money market has attracted ,l't ,e
attention, ms the easy terms onercd no
check to tho speculation
There was undoubtedly heavy liquidation
during the carly part Of the week IN inc
stock market. But the financial projects IN
any important reduction in the volume OF
credits. In fact there has been n large
shown by the supply Of bankers, exchange
bills In the market against sterling loans
In spite or this the course OF cNchahEe
has been upward and gold exports are con
sidered probable again
The present extraordinary accumulation
of banking reserves in France Is n sub
ject Of wonder In the financial world. Ihe
conjecture that q large loan TO Russia was
In contemplation has been overthrown by
the authoritative statement That the Rus.
sian loan noated In Germany was with
the stipulation that no further RusSi7n
loan would he offered within a year The
French accumulation Is now supposed TO he
simply due to a prevalent spirit ot dtstruSt
Nv Investors due to heavy losses in Rus.
sian and other industries. II Is expected
that n satisfactory outcome In tomorrow &
elections In France may lead to some ont
flow of French capital into the channels
Of Investment.
Some tentative stems were taken toward
securing the admission ~ American So
| curities 10 the Paris. hsurSc or toward the
removal Of obstacles to the admission o.
foreign securities there. IN which Import
! ancc is attached. Meantime American cap
| ltalsts are awaiting themselves Of the
| abundance of resources Of the French
! money market I'm thc carrying ont Of syn
/ dictate projects and the London market IL
/ indebted to Paris on scale probably I'M
| Speculative and convertible bonds havq
/ hcCn very active. moving I'm sympathy with