The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-09
Chicago and Alton Deal the
Common Topic.
THE WORCESTER MARKET.

Is the Chicago & Alton deal found
ed in fact, or is it simply a stock mar
ket canard? That IS a question which
the local stock brokers are vainly
trying to settle i'm their own minds,
and which the local holders of the
stock are anxious to have settled. The
general feeling is that the so-eallled
deal is a gigantic blur" but the
object of it Is not apparent. A prom
inent local stock broker said yester-
day, In speaking of the movement. that
he did not believe the parties mentioned
In connection with it had ever gotten
together or would get together. He
said that it was we'll known fact
that Gould and Rockefeller hate each
other cordially, and he was inclined
to regard the whole story as market
canard, although he was unable at this
time to explain its object.
Should the deal prove founded upon
fact, however, several local stockhold-
ers will be affected. The holdings IN
this city are not large, but still they
are sufficiently large to make the
change felt here. IF the deal goes
through, they will be obliged to turn
in their holdings, the price offered be-
ing $40 on common and 5000 on pre-
ferred stock. AS the market price of
stock stands at about 172, holders will
not suffer by any means as a result of
the change.
New York dispatch says
1t was learned yesterday that the
Hartman Syndicate, which is seeking
10 purchase the Chicago and Alton rail-
road, and has offered $175 a share for
the common stock and 5000 share for
the preferred, is made up of John D.
Rockefeller. George J. Gould, Jacob II.
Schiff and E, H. Hartman. Mr. Gould
represents the Missouri Pacific, Mr.
Schiff the Baltimore and Ohio, Mr..
Rockefeller the Missouri, Kansas and
Texas and Mr.. Hartman the Union
Pacific. This syndicate has the pur-
chase money deposited with the United
states Trust Company of New York,
ana its offer remains open until March
l. The shareholders who do not accept
and who prove to be in the minority on
March will have to negotiate with the
syndicate privately to dispose of their
holdings. If the road is acquired, it
VIII be used as a clearing house for
the transportation lines named. each of
which will have an equal interest. The
Atoms bonded debt will be refunded
will be a change in the dividend rate
of the common and possibly of the pre-
ferred stock"
approximately 100000, 900 worth of
railroad bonds outstanding in this coun-
try are paying I per cent interest, rep
fesenting upward of So different issues
Nearly all Of these bonds will mature
within the next ten years, and rail-
roads Will save millions of dollars by
replacing them with issues paying a
much lower rate of interest. There are
II issues bearing 3ls per cent interest,
IL paying per cent and one 21a per
cent. There is only one issue that
bears s per cent interest.
The stock market yesterday in some
respects resembled the weather of the
past few days. 1t opened weak yester-
day morning, but rallied quickly and
closed strong.
Wheat showed a slight upward ten
dency. gaining about three-fourths of a
cent on Tuesdays quotations. 1t went
up TO 72% and closed at that point
American Steel & Wire preferred held
its advance of Tuesday, opening strong
and closing well. The opening price was
94a4. and at closing it had been worked
up to 80. The common stock also adj
vanced, opening at AIS and closing at
49,.
Atchison preferred, which is attract
ing so much attention among specu-
iators Just at present, showed an adj
vance. the opening price being 81 fat
and the closing 611s. Atchison common
did not show much of an increase over
Tuesdays quotations. the opening price
being Piss and the closing 21%
Tobacco advanced two points, open
ing at 141l2 and closing at 142.
Sugar showed a slight gain, working
up from 1870 at the opening to 1905 at
the closing.
Federal Steel common opened at 4S1s
and worked up to 4Sas at closing. Fed
eral preferred made a slight advance
from S5% 10 S57s.
Despite the rumors of collapse in
Metropolitan Street Railway stock, it
continues to advance slowly though il
Is evident that the limit has practically
been reached Yesterday it opened at
2341s and closed at 2344.
The upward tendency in Pacific Mail
was noticeable in yesterdays market
though it is evident from the way il
drags that the promoters have a hard
row to hoe in bringing the stock IN.
Yesterdays advance demonstrated this
the opening being 5214 and the closing
52la
Northern Pacific common is still for.r
ing ahead. Yesterdays advance was
from 51ss at opening to 81 fat at clos
ing, The preferred stock opened at 7S5s
and closed at 7S%.
Yesterday S quotations on local stocks