The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-08-09
ACTIVITY SUCCEEDED
PERIOD OF DuLLNESS.
Interest Was centered in the Rumors el
Railroad Consultations in the
South

New York, August s,--Eccrts were made
To-Day TO shift speculative interest to new
Quarters OF the market The opening deal.
inss showed that the glamor OF the sun
posed plan for merger of Southern trunk
line railroads had taken hold on the imari
nation Of the speculative world and most
OF the stocks which were violently affected
yesterday started out on fresh inward
movement But It also became quickly eri.
dent that the movement was ovcrrunpins
itself. Either the desire to take profits or
the belief that the prices has been lifted
to above the intrinsic value Of stocks led
TO prompt reactions In louisville and Nash.
VILE Illinois Central aud ccnsplcuously in
Hooking Valley The last named stock not
only lost its opening rise OF this morning.
but all OF yesterdays sensational gain as
wei. The reaction was not so violent Ia
other stocks, although Rock Island dc.
Neiopcd heavy tone and Colorado Fuel
became weak with considerable sentimental
euect upon the general list u can not he
said that the reaction In the southern group
materially altered the general conviction liz
the street that important developments are
impending regarding The group. The difd-
Guilty encountered by Louisville In It's nd.
vance above 100 was attributed 10 the fact
that that is the figure at which the opuon
Is supposed to he held ny j. r. Morgan Is
%, TO buy control of the road Some OF
the largest selling OF the Southern trunk
lines was by brokers usually employed by
the speculative leader whose publicly nro.
claimed "bullshuess' was a forerunner of
Yesterdays violent advances. Probably
some disappointment was felt because the
official announcement of acquisition of tho
Chicago and Eastern Illinois by tho st.
Louis ana San Francisco contained no ref.
erencc Is the further extensive projects
which are supposed To nc back of that
operation, In fact, no official countenance
could be secured from any sources Tor yes.
terday many rumorS. The belief was held
that this and other important projects may
hsve to await the return OF j. f. Morgan.
now on Ills way here from europe. Among
the new points ~ strength tho most con,
spicuous and influential was that In the
Erie stocks. No reason was forthcoming
for their advance beyond revival nt the
old iumnrs Of large holdings in he prop.
erty by ]. ], Hin and plans for its i'm
Amalgamated Gopher seemed 10 ne purely
speculative In It's origin. Other points Of
strength were the Colorado ana southern
stocks. Texas and Pacific and number Of
minor stocks The banks have not gained
enough from the interior to offset the drain
on the subtreasury and n poor hank re
turn is indicated This and the holiday
tomorrow prompted 10 realizing late in the
day and the closing was du ana irregular.
The bond market was dull aud irregular.
Total sales, par value, $ll75,On0.
RENCrl0N rs the MARKET
During the early part If this week, the
interest in the stock market had fallen &c
so low nehb that tho members Of me
stock exchange eagerly ovaied themselves
of the coronation Of the king Of England
on Saturday as an occasion for holiday
md petitlonsd the governors with practice
unanimlty to close the exchange. After
this action had been taken the market
sprane into activity again and by Thurs
day the volume Of dealings had again riser
10 well above a million shares. The fnc
that the awakening was coincident with
the return TO New York from a vacation
trip oil the puutative lender Of all the
speculative movements that have recently
occurred did not escape notice.
Some Of the most prominent movements
were in stock in which this leader and hi,
following have been conspicuous and sue
oessful operators In tho past and IN which
their continuing interest is nvowed Th'
by Good of rumorR which have . bear
ing on the stock market situation Ofhc'a
announcement or even admission on the
subject has been meaere, but there is o
general credence IN the theory that I'm
portant developments are impending look
ing 70 the consolidation OF interests in the
southern trunk line Geld Tho only accom-
| pllshed fact Of the week on which 10 hans
tho theory was the formal announcement
Of the plan 10 take over the Chicago ant
Eastern Illinois by the 81 Louis and Sol
Francisco This and the recent reaching
out by the ST. Louis and San Francisct
system In other directions In the Southern
field made it evident that there were new
relations 10 be adjusted In that held
Stocks of other systems which the new
element might he supposed TO threaten will
dangerous rivalry instead Of showing de
preston were bupyant In the market anC
the speculative public promptly formed
the Inference that relations were 10 be
I harmonized throughout that field This i'm
preston was strengthened by the well de
hned rumors that st. Louis and San Fran
cisco was TO acquire the Central Of Geor
gia railway and by the large and urgen
demand which arose for the securities Of
that company. The well understood fac
that the Georgia system IS securely con
trolied In tho interest Of tho Southern Rail
way first gave rise TO the conjecture tina
COLD GE nc NEW W