The Washington critic., 1886-02-04
FINANCIAL AND COMMERCIAL.

The latest interesting rumor in railway
circles is to the effect that two great synd-
Gates oie schemng to secure the Western
freight traffic TO the seaboard. One is the
DreXcl Morgan Vanderbilt Pennsylvania
syndicate, with j. Plerrepont Morgan as ne
gotia,or-in-chicf, and the other is composed
Of the Baltimore & Ohio Company and Its
Western feeders. Ii Is stated that an i'm.
portent conference has Just been held in
New York between President Garrett of the
u. Il o., Thomas King, second vice-prcsl-
dent Of the Baltimore & Ohio; Mr.. W.
W. Peabody, president Of the Ohio
Il Mississippi and Mr.. Alexander Mitch
ell Of the Chicago, Milwaukee 4 st. Paul.
Their object Is stated to be the formation of
plan for pool or combination whereby
these roads may, In large part, control
Western traffic with New York. The Ohio
e Mississippi Is to bear an important part
in this arrangement A part OF the plan Ia
understood to lie directly connected with
the extension Of the st. Paul Road to Kan
sas City, which was determined upon at the
last meeting OF the board OF directors. who
authorized an issue of S7,0O0,O00 for build
Ing the new road. 1t Is now proposed, ac-
cordiDg to this report, TO push this line for
ward directly from Chicago and then the
Baltimore & Ohio, the Ohio & Mississippi
and the st. Paul are to enter into freight
agreement which will give them command
Of much Western business, particularly
when the Baltimore & Ohio's Staten Island
route is completed. Mr.. Garrett is quoted
rs saying yesterday: ave will be running
over our own tracks into New York within
year. Mark the prediction" On the
other hand the plan Of the PENNSYLVANIA.
syndicate is to force foreclosure of the
Reading Road to discontinue the building Of
the South Penn. and to form an alliance
between the Pennsylvania, Reading, Lack.
awanna and Lehgh Valley roads. Mr.
Gowen will vigorously oppose the fore
closure Of Reading. He has announced
that he will fight 1t, and will also contest
the recent decision by which the Jersey
Central lease was broken. II is believed
that he will be joined by the Junior Sc.
curity-holders Of Reading, and II he sue
ceeds in his efforts to pay of two general
mortgage coupons, he will be able to block
for considerable time the attempt at fore
closure.
The New York stock market opened
strong this morning, but soon sold of
slightly. By the first call, Lackawanna
came to the front, and, on good buying,
advanced at an astonishing rate. On
every sale the stock climbed higher and
higher, and, at midday, Its price was 81
per cent higher than Il closed last nipht
The advance in this stock strengthened the
whole list, and, at the hour mentioned, an
advance OF to u per cent. was established
all around. The dealings In Lackawanna
were on large scale and attended with
much excitement. Since midday there
has been q slight reaction. At time OF
writing 1:30) the market is ON the advance
again. Money loaned at q per cent. Ex-
change dull, 4SSa49O. Actual rates,
4s7l@l for 60 days; 4s9l61l for demand
Governments firm. Currency, Gs, 1861 bid:
As, coup, l2li bid; AS, do, 1929 bid.
Petroleum.
b. X. Plain 4 Co., st. Cloud Building.
| furnish the following Oil quotations: Closed
| yesterday, S2i; opened to-day, S2l; highest,
| S3A; lowest, S2!; 215, s31.
The Foreign Wheat Market.
LIVERPOOL, Feb 4.-Wheat and corn
| quiet demand poor; holders offer moder-
ately.
LONDON, Feb. d.-Wheat quiet but
| steady Corn nothing offering.
New York stock Market.
The following have been furnished by j..
| Vance Lewis, broker, southwest corner
Eighth and streets: