The Portland daily press., 1900-03-15
FlNANCIALAND COMMERCIAL
Quotations Of Staple Products in The
Leading AarketS
new York stock, Money and Grain
Market Review

(By direct private wire TO Louis s. Col
well, manager of Price. Mccormick &
Company's branch oflcs. No. 2l6 Middle
street, Portland, Me.)
New York, Marcn 1.-The market
opened rather heavy owing to disappoiut-
ing cables from London, there were also
evidences Of some liquidation by commits
sion house. The temper OF the room ap-
pearsd to be psarish and there was some
disappointment becaus, the passage by
the House Of the finance bill failed to
elicit buying In London. Sugar was
active and rather heavy. There was news
In regard the property but brokers ip
loan crowd reported a falling on In the
demand for the stock and IL was believed
that trade conditions continued TO be
very unsatisfactory. Third avenue had q
rally on the publication Of the receivers
report but a resetion Immediately fol-
lowed as q closer examination OF the fg-
ures disclosed the fact that the indebted
ness Of the company was extremely
heavy. 1t appears from the report that
there was total Indebtedness OF nearly
$!5, COO 900 including the IS 100000 Of
bonds. This did not include ths liabili-
ties Of the subsidiary lines which are eati-
mated at something over $50. 0Oo, 0o0 max
ing a total Of something like $55, 800, 900
1t is further estimated THAT somewhere
between $40, coo. 600 and sl2, 0O0. .OO0 would
be required to put the property in good
physical condition. Even suppcsing this
sum could be raised at fcur per cent fixed
charges would then be established which
would te considerably in excess Of the es-
timated net earnings OF the year. The
decline which ensued was checked by
heavy buying by Provost Brothers. This
house has been a steady buyer for some
days and its total purchases including
those today are estimated al about 40. 90
shares, This is little over one-fourth OF
the whole capital stock, All sorts of sur
buying The two which received the
largest amount Of credenoe are that;
First, the stock 10 being bought In the In
terest OF Mr.. Yerkes of Chicago, and SEQ
oDd that the Metropolitan street railway
Interests are buying control, Towards the
close the advance became rapid the ex-
treme advance being to sixty-six. A re-
action OF three points took place on whA
looked like liquidation. The general
opinion seemed to be that the advance in
the last half hour was due to urgent short
covering. However, there was still q
good demand fer the stock in the loan
crowd and the outstanding short interest
is undoubtedly large. The fact that one
house alone has bought something like
twenty five per cent of the stock IN the
last week indicates that the short side OF
the stock Is In considerable danger of q
further squeeze.
The rest of che market was fsyorably
affected by the advance in Third avenue
ard closing prices, were rs q rule AT
moderate rallies from the lowest OF she
day. The money market showed few
changes; as high az six percent was paid
in come instances, hus probably the aver
age for the day was between four and
one-half and i've per cent. Banks CON-
tinus to lose heavily to the sub-treasury,
their losses being estimated at something
like 81 900, 600 day. There seems to be
hut little doubt that Saturdays bank
statement will make a had showing, in
fact 1t is quite within the bounds of pos
sibility that the surplus reserve will be
eliminated.