The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-03-13
FINANCIAL AND COMMERCIAL
Quotations Of Staple Products in the
Leading Markets
New York stock, Money aud Grain
Market Review

(By direct private wire to Louis 5. Col
well, manager Of Price. Mccormick &
Company's branch oflios, No. ZIG Middle
street, Portland, Me-
New York, March IL The cables fro m
London were OF a decidedly cheerful
character, the news from south Africa
came good. all branches of the London
market showed an advancing tendency
and It was said that the rush for this war
loan continued and that in all probability
IL would he ubsoribsd some twenty
times. Our opening was fairly steady and
with q moderate degree Of activity. Lon
dan houses were buyers Of all information
al stocks mere especially Atchison pre-
ferred of which they took about four
thousand shares. Thsre was also fairly
goou local buying. but In many stocks
notably In sugar the advances were
thought to be dus more to covering Of
shorts than to any increase In outside
business. After the opening the market
became some what dull and rsaotionary
tendency developed, but IL appeared that
on the dscline there was a fair supply Of
buying orders and this coupled with
considerable nervousness on the Fart Of
the shorts brought about another rally
which lasted practically up to the CLOSE,
final quotations telling as rule the best
OF the day. Probably the most active
stock on the list was sugar. To large
extent the buying was covering but senti-
inent on the stock was rather bullsn.
good many traders being of the opinion
that the STOCK Was worth at least as much
as American tobacco and In some In
stances strsd dies were made by buying
sugar and selling American tobacco The
latter stock was strong in spite OF THE
selling, but It's advance was not as pro
uounced as In the case of sugar. Insiders
both bought and sold market, the object
of the manipulation being apparently TO
attract outsides peou'stion Only moderate
success crowned the effort. Although
commission business Increased only
lug by some of the larger interests who
have been absent from the market for
some time. For instance in st, Paul
broker generally accredited with having
Standard oil connections took some 5000
shares and ID was reported that the COM
pany was considering the acquisition Of
the st. Paul and D., and that should
this deal be put through IL would be paid
for by new issue Of stock which would
bs given to the stockholders at par. 1t
was further stated that the stockholders
will be ailo wed to subscribe to the extent
of 10 per cent Of their holdings. The steel
stocks showed more strength than for
some time, good deal of the buying be-
ing for Chicago account.
During the afternoon there was n
Tightening up of the money market, as
high as per cent being paid at one time.
However, little attention was paid by the
room to this upward movement hardly
having a set bsck during the last two
hours. Atuhison was strong on . rspors
that the gross earnings for February
would 81 ow an incrsEss Of $500, 00o.
In the loan market there was n marked
falling off In the demand for stocks Hs
result of todsy's covering movement. The
ruling rate advanced 10 four per cent In
consequence of higher prices for money,
the only stock leaning below that rate be
ing Third avenue, which WAS In fair de-
mcnd at three per cent,