The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-01-25
POWER OF FEW FlNANCIERS

necessary TO make interest rates attractive
To them, Money seeks the Contcrs where
IL can De most prohtabiy employed. ia
view ot Che large Indebtedness Of TINS
country TO Europe IL requires special I'm.
duoemouts 20 keep money here. But the
Significant fcature of the situation IA tnnt
hult a dozen bankers, aS one observer put
81, are able to control the money market
The chances are that some ot the banks
that are not government repositories VIII
get much OF the benefit OF the recent order
OF Secretary Shaw requiring those lustltu-
lions having public funus to change pack
from miscellaneous bonds 20 government
bonds, where suhstltutiOns were made Inst
autumn with "A view to relieving the money
market. Many up-to-datc outside banks are
hurrying 70 retire circulation SO as To get
their government bonds hack Ihcy then
Intend 10 turn around and sell thcm ns-
Stunning that he price VIII have risen snI-
frlently 80 net them n handsome proilt
That government honda VIII 60 up some
there !s no doubt, since more than S2nW9,-
coo Of miscellaneous bonds viii hive to ne
, exchanged between now ana August /, uud
government Issues must be obtained from
eomeWhcrc IL was very difficult to get
amy last autumn 20 put Mp against public
deposits, hence the permission 20 use nils
cellauuous bonds For several days be-
fore the order of the secretary was issued
there WIS n brisk demand for govern
mepts' Apparently somebody got an lntl,
marion Of what was 10 come and started
= early to canvass the field. 1t Is possible
I thar the demand for government bnnus VIII
! not be 50 large M anticipated auu henCS
that the proht In turning lHtm 'Nct WI
Z be less than present predictions only
! 100000 az circulation can be retired o
3 month, so that 81 the retirement were con
Npc1 10 those banks thut will have 10
change their miscellaneous honud II would
4 not he possible to get NDOcrNto on gov
! crlments I'm this way.
/ " is generally assumed here thar thr trust
! legislation In congress viii be harmless ana
J that the measure which vii Eventually
PASS both houses win be ono 10 which me
combinations can not take exception. lheg
s,I 70 mn To "
dIrrd to do soAthis Is the 'culored gen
tlemUn' I'm the fence, The corporations
have no objection 10 doing THIS, particular
Is iC the statements are not mAue puohy
/ Tut are held us confidential Information ot
itEe Interstate commerce commission, or
such other body as may he authorized 10
collect data In regard 10 Industrial con
Germs A great amount Of wire-puiling an
the part OF the trnsts has been going ON
during the last fortnight ana lheir error
arc bearing fruit, The Industrial STOCKS
arc to be kept fairly quiet until after con
Eress has had a chance TO dispose OF Jhr
trust question, Then there Is 10 Ne rise
- An some Of them which are most Ruected,
Interest OF Wall street rs sttll largely
focused on the Eastern railroad situation.
People here are convinced that something
important win happen shortly In connection
with Erie concernlng which SO many stories
have hren circulated. From various well
Informed sources come assertions that IN
spite 81 official denials n deal OF some
proportions Is nearly ready 20 be announced.
n NAV be used as the basis for the next
inward move. There IS now evidence that
Gould and the Rock Island people both
them on The concern Of the latter gen
tlemen Is now 10 so dispose OF Erie that II
will be IN safe hands. This will he the
deal. II directs attention TO the fact that
Gould and the MOores are carefully eN.
amining oil OF the available trunk lines "a
md out which they can capture with the
least trouble The I,ehigh Valley mls been
suggested--so also the New York Central,
hut objections appear In both cases, Nor
gan and his associates have nowhere near
4 a half " Iiehigh Valley stock, as Is com,
monly supposed. The ave railroads among
which Morgan distributed the Iehirh Val,
ley stock which he acquired from the Asa
Packer estate aud other sourcrs have less
/, thru sinoo0,nno 81 tho total $4,000 oo0 out
standing Rut Il would he next 20 mpos-
| Fihle for Could or anybody rise IN nick
mp n majority % this stock without attract
ing attention " Is widely scattered among
| old families Of PENNSYLVANIA which used n
draw 10 per cent diyidendA on It and Il