Speculation

Three years ago, when members of the Greek Orthodox church in North America heard about the cleric who would be their next archbishop, U.S.-born Metropolitan Spyridon seemed like the ideal man for the job.Spyridon , whose baptismal name is George Papageorgiou, is a native of Warren, Ohio. He seemed perfectly suited to lead a church whose members are no longer mostly immigrants, but are U.S.-born, well-educated and prosperous."He was an all-American boy," said Evan Alevizatos Chriss, a Baltimore lawyer and founding member of Greek Orthodox American Leaders, an independent lay group that is Spyridon's most vocal opponent.

While acknowledging the speculation that continues to swirl around the organization about manager Ray Miller's possible successor, farm director Tom Trebelhorn said yesterday he's not pursuing the job and is "uncomfortable" addressing the situation."

Shares in Baltimore-based T. Rowe Price Associates Inc. leaped $5.875 -- 10 percent -- yesterday to close at $64.75, amid continued speculation about takeovers in the money-management business.The jump in Price's share price followed Amvescap PLC's agreement to buy LGT Asset Management for $1.3 billion in cash and stock -- the fourth-highest price ever paid for a money-management company.Much of the advance in T. Rowe shares came in the final two hours of trading. The 753,000 shares that traded hands were about double the normal daily trading volume.

NEW YORK -- American Express Co. shares rose 4.8 percent yesterday, fueled by renewed speculation of an imminent acquisition by Citicorp, traders and analysts said.Shares of the travel and financial services company rose $5 in midday trading before closing at $76.625, up $3.50. It was the third time since December the market reacted to talk that American Express may be sold."The market is rampant with speculation," said Lehman Brothers analyst Thomas Facciola, who played down the talk. "The market wants to believe these takeover rumors.

Shares of Legg Mason Inc. jumped by more than 6 percent yesterday and volume soared on speculation that the Baltimore-based brokerage firm could be acquired.Legg's shares closed at $49.125, up $2.875. More than 143,000 shares were traded, nearly triple its average daily volume.John F. Curley Jr., Legg vice chairman, said the company's standard response to merger rumors is "no comment.""Brokerage stocks are not completely rational in their day-to-day movements," Curley said.Legg's stock rose yesterday as San Francisco-based BankAmerica Corp.

Michael Bloomberg finally emerged from six-and-a-half hours of board meetings into the sunshine outside Baltimore's Evergreen House, a neoclassical mansion once owned by a 19th century railroad magnate.Chairman of the Board of Trustees of the Johns Hopkins University, Bloomberg is a magnate himself, but of a uniquely 20th century industry -- information.He has built his Bloomberg News service into a billion-dollar force in only 15 years, challenging the venerable Dow Jones as the preferred provider of information to the financial world.

FEDERAL RESERVE Chairman Alan Greenspan rattled stock markets around the world when at a black-tie dinner in Washington on Dec. 5, he asked whether an "irrational exuberance" has sent stock and bond prices beyond reasonable levels.Even though they've been jittery, U.S. stock markets have held up in the aftermath of the Greenspan speech, and remain at dizzying levels. What was Greenspan trying to do through his comments? Was he trying to cool down the markets? Did the strategy work?Patrick C. RyanPresident, Ryan, Lee & Co., McLean, Va.He was sending a strong message about speculation.

THE LAST PLACE anyone might think of as a safe haven for their money is the junk bond market.Remember junk bonds? They were the securities embraced by Michael Milken, who used them to finance scores of corporate takeovers in the 1980s. They ended up crippling companies under crushing debt and forcing layoffs and failures.But stack up the performance of junk bonds against corporate bonds and the results are eye-opening. Junk bonds, also known as high-yield bonds, have consistently beaten corporate bond funds on an annualized basis over the past 10 years.

WASHINGTON -- With Mayor Marion S. Barry Jr. completing his first week out of the city seeking "physical, mental and spiritual rejuvenation," city officials have begun considering the possibility that he might resign."

What Wall Street taketh, it can giveth back.Hechinger Co., pummeled for months by investors, got an overdue shot in the arm yesterday as shares in the Landover-based home improvement chain jumped 24 percent on speculation that the retailer might be an acquisition target.Analysts and Hechinger officials were equally puzzled by the sudden blip on their Quotron screens -- the stock rose $1.125, to $5.75, with shares trading more than 16 times higher than its three-month average."I cannot believe it's any more than a lark," said Kenneth M. Gassman Jr., a Davenport & Co. analyst who spoke yesterday with Hechinger officials -- and found them not averse to the stock's rise.

George W. Owings III, a former Democratic delegate and party leader from Calvert County, is "actively considering a challenge" to Gov. Martin O'Malley in next year's election, the former majority whip told The Baltimore Sun. The 64-year-old Vietnam war hero from Dunkirk, who served in Republican Gov. Robert L. Ehrlich Jr.'s Cabinet, said he was "45 to 60 days" away from deciding on whether to enter the 2010 Democratic primary. He acknowledged the "very long" odds of anyone unseating the governor.

Word around the NFL is that the Dallas Cowboys are very interested in obtaining Ravens inside linebacker Ray Lewis if he becomes a free agent. The speculation is that they are willing to give him a three-year deal worth $27 million to $30 million, with $25 million guaranteed. ( For more, go to baltimoresun.com/ravensinsider)

Maybe Mark Clayton took all that T.J. Houshmandzadeh free-agent speculation personally. He sure looks like a big-play receiver right now. He also showed what a fine all-around athlete he is with that long touchdown pass to Derrick Mason in the third quarter. ( For more, go to baltimoresun.com/schmuckblog)

Don't get your hopes up. It's a little late for the Orioles to rally now, but the team is planning a big fan rally Nov. 12 at Harborplace and has sent out invitations to season-ticket holders. There has been a lot of speculation on the various O's message boards that it will be to unveil the team's new uniforms, the road version of which will have "Baltimore" on the front. (For more, go to baltimoresun.com/schmuckblog)

General manager Frank Wren insists the Braves won't trade their most valued prospects, apparently not even to bring Jake Peavy to Atlanta. Speculation about the Braves' interest in Peavy has grown since the San Diego Padres confirmed they were fielding offers for the 2007 National League Cy Young Award winner. On Sept. 29, one day after the Braves completed their first 90-loss season since 1990, Wren said he wouldn't part with the organization's top prospects. Wren made that proclamation before knowing the Padres would consider trade offers for Peavy, but he affirmed his stance yesterday.

If you are shocked to learn that speculators have been profiting from soaring oil prices this summer as ordinary Americans have suffered at the pump, there is a bridge in New York you may be interested in buying. Prodded by Congress, the Commodities Futures Trading Commission has released data showing that a handful of trading companies controlled a significant fraction of oil futures contracts on the New York Mercantile Exchange. That's as oil climbed to a record level exceeding $147 a barrel in July.

WASHINGTON - As gasoline prices soar to new records, America's president - and the two men who hope to succeed him - are offering only partial or long-term solutions and ignoring three steps that many experts say could bring some relief now. Americans began this workweek by crossing a dismal threshold, paying a once-unthinkable nationwide record average of $4.02 per gallon for unleaded gasoline and the prospect of even higher prices in months ahead....

In The World Without Us, Alan Weisman asks a deceptively simple question: What would the Earth be like if we humans suddenly vanished from its face? Gathering information from scientists, naturalists, engineers and maintenance workers, he leaves neither mammoth nor microbe unconsidered in his search for the answers. There may be no humans left in his book, but there are plenty reading it. The World has been on best-seller lists for weeks and has ranked as high as No. 6 on Amazon. Why has it struck such a chord?

Marriott International Inc. Shares rose $1.46, or 3.6 percent, to $42.14. The stock rose on speculation that Bethesda-based Marriott, the world's largest hotel operator, might be purchased, according to traders.

Equifax Inc. Shares declined $2.54 to $36.86 after the provider of consumer-credit information dropped on speculation that it will report slowing revenue growth because of slumping demand for housing loans.