The daily morning journal and courier., 1904-10-24
LOCAL FINANCIAL NOTES.

The most important feature of both
 the New York and local markets last
 week was the purchase of the control
 of the ontario and Western railroad ! by the New York, New Haven and
 Hartford railroad. The control of the
 former has been carried by voting trus- tees since 1885.
 There is no reason to think that an aontario and Western deal was even scontemplated six months ago. A little aagitation over the voting trust, which
 seemed to amount at first to an effort 2 to promote specuation in the stock, sopened a possibility. It showed that
 with q little patience and diplomacy,
 and with q fair amount of capital, con- AtroI could be bought. A few months Aago there were heavy purchases in the fopen market. For a period of several Aweeks one brokerage house and anoth-
 Ter bought hastily from 10000 to 25,000 8shares at a time. It looked then as Though the present management was strying to intrench itself absolutely Aagainst possible opposition. What sseenls to have happened is that Kuhn, @Loeb & Co. saw their opportunity and 8collected in the open market nearly Eone-half of the $58.o00,000 capital stock,
 acting entirely as free lances.
 I It was said two months ago on semi lofffeial authority that on the return of tW. K. Vanderbilt from Europe a prop Sosition would be made to turn control lover to the Pennsylvania railroad and 1.-the New York Central Jointly. This
 deal has been kept on the carpet. The sneW development, which scarcely any lone is cognizant of even yet, was the Ibid for the property by the Wabash
 raiIroad This bid was very alluring fto the owners There is reason to be- &lieve that the New York, New Haven 9& Hartford stepped in almost at the Hast moment, and had to bid higher to
 secure the bargain. Of course, in the 8ease of anything but cash purchase, zfhe nature 9of the security offered or
 the stability of the guarantee must be nsidered Certainly a stock guaran- Heed py the Wabash railroad would IA1ot have anything like the rank of lan equal guarantee of the Pennsyl- Ivar1ia railroad and New York Central. EaA guarantee of two per cent. by the 'lNew York, New Haven and Hartford swould make the stock equally valuable sn the open market as a three per cent.
 guarantee of some western railroad Sseeking another tideWater outlet.
 Al all events $58,0OO,o00 of railroad stock is being taken out of the specu- tative arena, to disappear as Morris 6 'aEssex and Rome, WatertoWn and og-
 densburg have disappeared. Its place ifs speculation must be taken by some lining else. This is considered by many
 observers reason enough in itself to ssstart the whole stock market upward
 again. *f.
 N. Y, N. H. & H. R. R. stock sold to 199, an advance of four per cent. for the week, the low point of the year iwas 1855 1-4 on May 19. It will be very Interesting to local holders to know how this large deal is to be financed.
 1t is said that this transaction nett to
 the control of the Burlington & Quincy lis the most important one of recent
 years The N. Y, N. 1T. sM H will re-
 ceive freight from Duluth and all lake
 points on it's own line at OsWego, and
 an independent ocean shipping point