The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-14
THE GENERAL MARKET.

The plan to consolidate number of
iron and steel mills west of Pittsburg
is now so far advanced that it win
probably be consummated by the end
of the month. Exact details are not
obtainable at present, but in a general
way it may be said that the mills to be
included in the deal are engaged large
~ in the making of steel plates and
bars and iron plates and sheets. The
capitalization of the concern will be
about $4,000, 900
A bearish article on Sugar in a New
York paper brought about considerable
pressure to sell early Saturday. This
pressure was relieved later, first, by
arguments that as Mr.. Havemeyer is
on record as saying that no unearned
dividends would be paid. therefore the
dividend just declared must have been
earned; and then by reports that settle
ment had been effected with the out
side refiners. and that the withdrawal
of funds from Boston was for the pur-
pose of paying for these plants. 1t was
also suggested, probably with more
truth, that the money viii be used to
purchase raw sugar. There was an
other somewhat odd story that the
trust had cornered the raw sugar sup
ply, and the other retiners have been
obliged to buy their stocks from the
trust. The story went on to say that
although there was no profit in refining
there was profit in these transactions.
The trouble with the pretty theory is
that if it were true that the trust so
had it's rivals at its mercy, it would
either compel them to close or ensure
profit on refined sugar.
Representatives Of Mr., Frick of the
Carnegie steel interest, have been In
| Chicago several times lately in con-
neetion with the plan for the construc-
ton of a harbor at East Chicago, and
| the erection of iron furnaces and steel
works there. Apparently the undertak
! ing is going forward as rapidly as pos
sible.
Messrs. Edward Sweet & Co., New
York, and the American Loan and Trust
company, Boston, are offering for sale
SO, $50, 900 Toronto, Hamilton and Buffa-
10 r. r. Co., first mortgage, 4 per cent
gold bonds payable June /, 1916 The
road extends from Welland to Hamil-
ton, Ont, and from Hamilton to Wat
erford, a total of SO miles. The mort
gage includes the valuable terminals al
! Hamilton, costing over $1,000 900. Ap.
| piication Will be made to list these
bonds on the New York stock exchange
| The board of directors comprises: W
| K. Vanderbilt S. r. Galloway, c. r
Cox, II. B. Ledyard, T. G. Shaughnessy
| S. e. Peabody. j. N. BeclSley. The road
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