The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-24
Opens Strong After
the Holiday.
TOBACCO LEADS.
Steel Prices Among the
Highest on Record.

The general stock market opened con
Riderably above Tuesdays closing
yesterday. and while some of the
stocks dropped trffe before the day
was over, the general market held
firm.
Tobacco was the feature of the day
again. 1t jumped IS points a rise of
is points over the high figure of Tues
day, to 1S5, a gain of SO in a week. This
is rather a contradiction of the report
current at the beginning of the week
that the shorts had privately settled at
40. This marking-up process most
certainly would not keep on if the short
interests had been eliminated, as al
legged.
Ihere is no question, however, but
what the holdings are thoroughly con-
centrated and outsiders should be de-
cidedly cautious as to how they touch
1t, No matter which side one takes
the chances for losses are as good. if
not better. than those for profits. The
slump on Tuesday noon is the founda-
ton of the rumor of a private settle
ment by the shorts.
At a special meeting of the directors
OF the Chicago, Burlington & Quincy
railroad, held in Boston yesterday. il
was decided to raise about $4,000 900 of
new money for Improvement and
equipment purposes and to issue SIC
100000 in new bonds with the proceeds
OF which the Chicago. Burlington and
Northern and the Keokuk and Western
he oh
Ottawa, Oswego and Fox River Valley
road per cent bonds falling due in
1900 are to be iquidated Chairman
Hunnewell, of the finance committee,
stated after the meeting that no re-
funding plan was contemplated.
de said: 1t is the intention of the
company to put q new mortgage on its
property east of the Mississippi: and
we need about $5,000,000 of new money.
as We intend to buy in the Chicago,
Burlington and Northern railroad. and
refund it's debt this year; and we shall
also at the same time provide for the
Ottawa, Oswego and Fox River Valley
per cent bonds falling due in 1900, so
that it will make about $4,000 900 to
raise.
THE plan of the directors is to go
to the stockholders for what money is
wanted this year say about $4,000 600,
Issuing to them about $4,000, 600 stock
and 100000 new SO per cent bonds for
$4,000 900 cash, which will give the
stockholders reasonable compensation
for advancing a large sum of money
without increasing the company's an
nual payments. The directors voted to
buy the Keokuk and Western railroad,
go miles long. in Iowa and Missouri,
and practically in the Chicago, Bur
lington and Quincy territory. AS a
three and a half per cent bond on the
property of the c., p. q @, east of the
Mississippi river practically all the
Company's property in Illinois /and
wisconsin,, may be considered as
worth par, it is expected that the di-
rectors have practically agreed today
to raise SIG 900, 600 from the stockhold-
ers by giving them a bonus of 81, 600, 600
in Chicago Burlington and Quincy
stock AS this stock is worth nearly
$4,000, 900. the Chicago, Burlington and
Quincy stockholders get a plum this
year of the value Of &c. in addition to
their Sc cash dividends The amount Of
Chicago, Burlington and Quincy stock
outstanding is SIS, 695,loo.
The stock jumped l to 14S1a, receding
to 147.
American Steel and New Jersey Cen
trail were up two points each and Sugar
and Metropolitan Street Railway one
point. Atchison preferred was fore
most in the railways, gaining Il point,
10 81.
There We're confident purchasers of
the coalerS. Their present rise, it is
claimed. is based mainly on informa-
tion that the negotiations looking to a
concentration Of interests of the an
thracte mining and transportation
companies and individual operators had
arrived at a point where it would be
carried to a successful issue. If this
information is correct, and it looks very
much as If 1t were so, it justifies
higher prices yet for all the coal stocks.
No company should be benefited more
by the combination than the Reading
as IT will place nearly all its shares on
a dividend-p paying basis. New Jersey
made the extreme rise in the coalers
yesterday of 3A.
Manhattan made a gain Of two points
before the closing yesterday.
Boston trading continued broad and
the prevailing tone was strong. Parrot
copper led with rise Of $40. to $50,
Teceding to 81, while many Of the lower
priced specialties We're buoyant Mo
hawk rose ?, to 36, losing but a Ad-
venture ~, to Is; Rhode Island /, to
10; Winona !. to 90 with y recession:
Isle Royale 2la, to 641a receding l. Old
Dominion was off ~, at 441a; Arcadian
gained /, to 1I15, yielding to 30; Calu-
met e. Hecla sold eX $40 dividend; at
S50@A0; Tamarack held at 264 and
Montana was off "a, at 26S. curb"
shares, notably Santa Re, We're strong.
Low priced stocks, Crescent and ca
talpa prominently were active and