Evening star., 1896-03-02
FINANCE AND TRADE
Another Big Drop in Baltimore and
Ohio.
IT SLOWLY ADVANCED ON PURCHASES
Not Much Disturbance Caused by
the Spanish Incident.
GENERAL MARKET REPORTS

Special Dispatch The Evening Star
NEW YORK, March 2-The official ac-
acknowledgement of the actual condition of
Baltimore and Ohio's affairs and the APP.
pointment of receivers incident to such
acknowledgment was a disturbing factor
I'm today's stock market. Opening prices in
all parts of the list reflected substantial
CO ncessions from Saturdays closing level
and continued sensitive throughout the
day
london cables rejecting but small frac-
tiopAi concessions for the active inter-
rational shares exerted Favorable inlI-
ence on values, liberal decline i'm the
foreign market having been generally pre-
dicted. Foreign houses were moderate pur-
chasers Of 81. Pan, and Nashville. the ad-
vance in the fornllr T. .i.S literally assisted
by the covering OF local contracts.
The Spanish Incident S.,s passed over al
most unIoticcd. SPANS prolapt apology
counteractlns all fears Of new complications
in the Cuban situa ton. The passage Of sym
pathetic resolutions by the House is relied
upon TO force some expression OF opinion on
the part of the administration TO this
couEtrys s position ;1 the controversy, and
TO dispose of the prevailing doubt involved
in the subject. The various diplomatic incl
dents which have arisen during The last two
months have prepared speculative circles
for the happening OF the unexpected, and
too much Importance is not likely to Ie at
tached to future developments of like
character.
The first recorded price on Baltimore and
ONO reflected a decline of 5i2 per cen. from
last weeks final ngurcs. and inspired I'M
mediate covering purchases. The price
slowly advanced to l9lg, but nnmediateiy
reacted under an increased Offering OF long
stock.
The development of the property during
the term of the receivership will naturally
be extremely slow. and opinions vary as TO
the ultimate outcome of Saturdays COLI
fession Of Insolvency. The acquisition OF
the property by another read Il among the
possibilities.
Mir. Morgan's reported willingness TO ad-
vance the necessary funds provided the
ntrol of the property WAS surrendered
suggests the idea of a consolidation. The
ocmpany's floating debt is enormous. and
radical changes in mana cement will he
necessary to put the road lu anything like
the conditions demand 10y the active COM
petition in progress througnou the larger
part of its territory. Effort 10 meet the
interest obligations maturing at various
times during the balance of the year, will
be Immediately set on foot.
The railroad list was active and rallied
sharply from the declines of the early
iacrning. Earnings submitted during the
day were generally satisfactory. a reported
Increase of over s1;:0oo in Burlington's sur
plus for the month of January attracting
particular attention.
Sugar was active on large volume of
business. traders buying back the stock
sold last week on the report that inside
inter ests were utilizing Tie decline to in
crease present holdings. From a decline
10 1l3i2 the price was sharply advanced for
d gain of more than two per cent
The approaching dividend period insures
strong n afket for this property during
the coming fortnight, especially as IL is
entirely removed, except syIGrathetically.
from probable adverse infiU' aves. The final
trading was active and ia in- main steady
al fractional net gains for IN. ,isy.