The Portland daily press., 1900-02-07
FINANCIAL and COMMERCIAL
Quotations Of Staple Products in The
Leading Markets.
New York stock, Money and Grain
MARKET Review

my direct privAts wire to Louis 8.
Coiweil. manager OF Price, Mccormick
g. Co.'S branch office, No. ZIG Middle
street. Portland. As.)
New York, February 6.-Our market
opened strong, being favorably Affected
By higher quotations from London, the
recommendation Of the executive COM
nissss OF the Reading road that per
cent dividend should bs DECLARED upon
the frs. PREPARED stock BY expectations
Of dividend on National Steel, ana oy
rumors that the Psnnsylvania has
acuuired an intsrest In the Norfolk and
Western which would enable 1t to osn-
troll Its policy In the same way az now
being done with the y. and o. London
houses bought in the neighborhood OF To- :
600 shsrsa Commission business was
more active than for many days and tne
bulk of the order seemed 10 be on the
buying side. After the first half hour
the market developed moderate reaction
ary tendency owing to rather heavy pro-
fit taking In the gilt-edge stocks. Thsrr
was, however, no war news, except In
Sugar, which was sold down on the IN
nouncement that the sugar company had
decided to close temporarily Its .rsnnsries.
Ever since Mr.. Havsmsyer's dslphio
utterance Of week ago there has been
Q disposition in the part Of holders OF
sugar stock to liquidate and ttis dispo'
sit,on finds active expression wherever
there 10 any unfavorable news or any
unfavorabie rumors. Further, the Tun-
stall fireworks of the last week gave the
stock black eye and many traders who
used to be active in the stock are now
conducting their operations In other Sc
cnrities. A moderate recovery took place
towards the elise, but there was net
loss Of some points as result OF the
days TRANSACTIONS During the after
noon, two or three of the prominent
operators on tho floor became decidedly
active on the bull side, the purchases
being heaviest In b. and v. common and
u. p. common, At the same time COM
mission house business seemed to In
crease until during the last half hour
when the market became extremely 40
tive and closing prices as rule were the
had q sharp advance on rumors Of ex-
cellent earnings and buying by two
houses who are generally supposed to
represent inside interests b. p. hung
fire. Traders were inclined to believe
that the people who we're heavy buyers
some two or three weeks ago were tax
ing profits in the neigh borhood Of 40.
The rates for money were practically
unchanged. Bankers do not expect to
see any upward tendency for some little
time to come. Inc street IL grad uslly
cutting loose from the influence Of the
South African war ana Is directing Its
attention upon the possibilities of the
passage of the finance bill. 1t IL esti-
mated that should the conversion OF
bonds 90 through something In the neigh
borhood of SIS. 900, coo would be released
from the treasury, and further. should
the bill also include the CLAUSE allowing
the national banks to issue notes up to
par On Us bonds, 1t would mean an In
crease IN currency of not lsss than $780,
OC0 600 and probably $50 o0o, oo0, oonre-
qusntly the whole Increase in circulation
would lie close upon $4,000, 900. An
other point worth considering 10, that
whilst the banks are loath to pay pre-
MUM for bonds against which they can
only issue so per cent Of their face value
they would be only too glad to buy
bonds at par on which they can issue
n OTIS to par value.