The Portland daily press., 1900-04-04
FINANCIAL ANDCOMMERCIAL
Quotations Of Staple Products in the
Leading Market&
New York stock, Money and Grain
Market Review

BY direct private wire to Louis ). Col
we'll, manager Of Prioe. McCaruiek &
sompany's branch offiCs, No. eis Middls
street.
New York, April 8-The opening ef
the stock market was irregular. the steal
stocks being under considerable pressure
as q result of the failure Of the Federal
Steel stockholders to vote for an amend
ment to their charters SO ~ to enable the
directors TO pay dividend ON the com
mon during the current year.
The railroad stocks were fairly strong
and London was a moderate buyer Of In
ternationals. The professional elemept,
encouraged by the weakness In the steal
stocks sold the railroad stocks and after
the first half hour the whels market de-
veloped Q rsaotiouary tendency. How
ever, tine declines In the railroad stocks
were not serious and the buying OF them
on the dsclina was decidedly good. This
WINS especially the case In Atohfson com :
mon and preferred, Union Pacific. North
ern Pacific and Baltimore and Ohio.
For a while 10 looked ~ II the disap-
pointment In regard to the steel stocks
had checked speculation ON the part OF
the outside public, but during the after
noon business revived and during the last
hour and half showed considerable ac-
tivity. This activity was started by an
extraordinary rise In Baltimore and
Ohio. The buying which caused the ad-
vance was called good. but there was NO
dsfnits news In regard to the property to
account for IL, 1t Is true there was
rumor Of an issue Of additional stock ON
terms favorable to the stockholders, the
object Of the new issue being the acquisi-
tien Of the Pittsburg and Western. In
many quarters, however, 1t ia belisS ed
that the Baltimore and Ohio advance wes
in rsrlity due TO purchases by Pspnsyl-
vania and til at they are made In pursu-
ance of plan formulated sonie time ago,
by which the control Of all the principal
bituminous coal carrying roads 10 to be
lodged In the hands Of people who control
the Pennsylvania. That Is to gay that
the Pennsylvania people are to be repre-
ssntsd In the direotoratss of the Norfolk
and Western, Baltimore and Ohio. Lake
Erie and Western and possibly some other
roads. 1t Is a well known fact that At no
time In the history of the New York
Central and Pennsylvania have the in
terests which control these two large
properties worked SO harmoniously M at
present, and 1t Is believes that the out
come of the deals which are now in pro-
grsss will be the control Of all the import
ant Eastern trunk lines by the same In
tsrests People who profess TO know that
some such deal is In progress predict ex-
tremely sharp advances for Pennsylvania
and New York Central, and there Is but
little doubt hat that the assurance Of tie
stability of rates in tina eastern trunk
lines Will be maintained IN the future
will justify materially higher prices for
the securities OF these two properties.
Another feature Of the last hour was tie
strength Of the Reading and Jersey Cen
trail securities 10 being believed that steps
are also Icing taken to provide for hsr-
mony bstwsen the hard GOAL carrying
roads. The railroad stocks although they
reacted just before tine close. were strong
ana final quotations were well above
those Of yesterday.