The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-01-18
STOCK MARKET VERY LANGUID

renewed activity Of this class OF traders,
following the announcement OF the ReadlDg
deal, Is believed TO be tnctured with some
presentiment over the time lost In dispos-
ing Of holdings. With easier money traders
have been prompt to enter on speculation,
employing all expedients known to lift the
prices and attract an outside demand. Ihe
suspicion has grown this week that much
Of the appearance OF activity and strength
In the recent market has not been due TO
competitive buying to secure control OF
railroad systems or maturing fnanclul prof.
Gets promising attractive profits. Some OF
the pools In attempting to sell their hold
ings at their level have demonstrated the
feebleness Of the general demand and have
made inroads on prices. There are very
few prominent railroad stocks In the coun-
try whose rate Of return Is per cent or
even Az per cent at ruling prices. The
growing cost OF operating and the rising
tide of wages makes more doubtful the
prospect OF Increase in the rate OF dividend
disbursements even In cases where there
are large surplus earnings over the present
dividends. From time to time there are
soles nj Wide declines OF so-called gUtedgc
Investments which nre so closely and 1eal-
ously held as to not appear In the market
more than once or twice year The whole
subject OF the future rate OF return on
fixed capital is thus brought up for consld-
GRAFTON, with the possibility of read1ust-
ment TO a lower price level for investment
security. During the week the Louisville
directors have declared the 215 per cent
semi-annual dividend, the same rate as be.
who followed the stock up during the period
Of the buying OF control had hoped for m
Increase which would fix a rate OF return
consonant with the high prices nj when
they bought the stock II VIII be remem'
bered that the minority stockholders were
not included In the offer for the purchase
Of the majority Of the stock. II was not
surprising, therefore, that there should
have been heavy liquidation during the
week in Reading after the announcement
that the control Of that stock was lodged
with the Baltimore aud Ohio and Lake
Shore
The upward course Of sterling exchange
during the week has fixed attention on the
probability of an outgo of gold. IT is known
that an outgo In December WINS ayerted
only by extension OF obligations then ma
suggested that foreign bankers were co
operating with the bankers protective poor,
which subscribed Sl0.O1O,OO0 for emergency
IN the stock market, bv agreeing to defer
their demands for repRyments. me pres
ent heavy outgo OF grain and some buying
here Of stocks for London account serve
to oase the exchange situation But 1t Is
elgn money markets for the hotauon OF
government loans will demand some snip
ments OF gold from New York. The heHN3
government disbursements at New YORK on
contracts are believed TO be about com
pleted so that the New York money mar
ket is not expected TO benefit TO the same
extent from subtreasury operations as ~ mas
since the first of the year, lners nav ang
been some demands for lower grace auu
speculative bonds. United states - nave
advanced u and the Old AZ and 0s 4 per
cont while the IS coupon and the new ~
coupon have declined = per cent on cal
during the week.