The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-12-14

" ser sooner OF later They can not dis
pose OF them IN snch q market ne the
The public huys only on a rising market
The close relations between the money
markets Of the world were strikinrlv IL
lustrated BY the heavy shipments OF cash
from New York to California lmmediately
following similar transfers from San Fran.
cisco to New York. Wall street mas not
been able to set It's bearings on to mat.
ter, being told In an indefinite sort Of wav
tnat business was brisk on the Pacac coast
and that interest rates were 1 to 2 per
cenT higher there than here. This Is not
the real reason, although 1t Is a partial ex-
PLANTATION. san Francisco has been shin-
ping immense quantities OF grain 10 for
eign. countries, particularly Co Europe. and
the b'lls IN payment for the same have al
q rule. been drawn on London. Now New
York owes London SO much already that
London does not care TO send any gold to
the United states In payment for the Cal
formin grain. when London can lust "a
wen shift the burden TO New York and
make the latter cancel some of It's outstand-
ing Indebtedness by settling for the Grain.
SO London, IN a word, has told New York
to ship some money to California the .eby
obvlattng the need OF Loudons sending any.
This amounts to the same thing as II New
YORK shipped gold 70 London in payment
of It's debts and then the latter turned
around and sent gold TO California In pay
ment for the grain.
T7ns would have made double ernense
Of shipment and insurance Such a thing h
always avoided by the keen foreign ex-
change experts who make profitable turns
ny shifting funds from one financial center
70 another, just now the same principle is
being applied by the shipment of gold from
New York to Buouos Ayres, thereby rem.
deFing 1t unnecessary for London to shin
direct, I'm payment for the grain aud other
products imported from South America
I There is a good profit at the moment In
handling the hills drawn on London IN
favor Of San Francisco whereas at certain
times Of the year San Francisco exchange
Z d na leo "A
New York funds are at q premium
An opinion prevails here that two reasons
which are operating to prevent the return
of currency from the Interior 10 New York
| BANKERS say that some of their correspond.
enus inform them that in many parts If the
/ country real estate speculation IS being CIR
ried on to a very great extent and many
that it Is impossible for thNl to remit ia
New York as much money Hs they used q
do at this season Of the yeur Tais, Of
course does not apply TO ell sections but
they say that It does reflect conditions in
some parts of the West
In addition to this. the public "a tokinr
more than usual Interest In grain and cot
ton. A vast amount of money IS required
to Garry these speculative Investments
which constitute . large proportion %
/ them.
The apparent compromise by me qoulc
and Hartman factions OF the Colorado
Fuel contest does not indicate that they
have come to any understanding in regard
to railroad matters, but they are just as
bitter as ever toward each other They
have not IN fact joined hands IN Colorado
Fuel Gould and osgood, it is understood
here, won that fight, but they thought It
was policy 10 permit Hartman and Hawley
to have representation on the board since
the Colorado Fuel company Is dependent
on the railroads Of Colorado Tor the trans
portaton Of Its products The Fuel com
pany VIII prosper better Y It receives rea-
sonable transportation rates and makes an
equitable division among the several lines.
But Osgood and Gould, who have q cure ma
Jority, VIII run the Fuel company ia their
own way, and IL Is assured here that Har.
rlmah ana Haw-ry will sell most OF their
STOCK. Gould does nos intend to relax any
OF MS energy to pay al scores against
Hartman il the railroad world Harr!-
man got away the ST. Paul road from
Gould when the latter was making traffic
deal with the Missouri Pacific. Gould now
Intends to force terms TO his liking from
Union Pacific or extend his own system TO
the Pacific coast. Gould mas Joined hands
With Senator Clark, as ! intimated in a
previous letter, and he will use the lat
ter 5 Los angeles ana salt Lake railroad In
any event Gould is also Interested IN
stilWeL's line to the Paeldc coast. which
Is projected to cross Mexico.
In view OF the fact that the Rock Island
railroad Is also restless to get an outlet to
the Paclhc, and Chicago Great Northern Is
seeking to extend its lines further vest
ward under threat Of slashing rates the
Western railroad situation is exceedingly
Interesting ana important developments are
likely IN the near future. The Chicago
Great Western directors called a special
meeting Of shareholders TO authorize an In
crease Of 100000 In stock Not malt
Of this viii be required for the extensions
now under way, and for absorbing the
roads recently bought It Is assumed here
that some of this stock may be used. II
need be, for further extensions westward
Another matter which Is attracting wide
attention in Wall street Is the growth OF
the independent steel movement OF which
the Union Steel company IS the center
Some Of the shrewdest men IN the United
States are Identified with that project, and
from the fact that a large expansion OF
output, besides q railroad TO Lake Erie and
the purchase Of extensive mining lands IN
the Lake Superior district are contem-
plated It is assumed that an opposition or
great proportions may be built up which
Will be In position to cope without dinl
Guilty with the more heavily capitalized
United States Steel corporation. Tho no
ton that the steel trust Is back Of the
smaller concerns IS not entertained here
but that the Pennsylvania railroad Inter
ests may favor the scheme is believed by
some who are watching the movement.