St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-25

stock and making pork while human beings
were making lard. The lesson will be a
good one for Mr.. Armour. He has been
talking altogether too much. and seems to
think himself To be much bigger man than
he really Is. His recent disastrous deals on
the bull side of wheat ought also TO have
demonstrated TO him how far he is from be-
ing infallible in his judgment and calcula-
tons. The stock speculation i'm itself pre-
sented absolutely no significance during the
week. Prices tend evidently to a lower
level, and nothing but Over-seling spasms
on the part of the bears can cause upward
reactions. The general list must go down
before the outside public can be enticed to
come into the market again, but there may
be found here and there comparatively
OBSCURE SECURITIES
which will repay investigation and watch
ing. The unsatisfactory condition of the
railroad stock market has turned the atten-
ton of investors and spectators TO mining
and gas stocks In the latter there has
been quite lively market of late The inn
mediate cause of this movement was a
tremendous cut in the price Of gas i'm Balti-
more. Some time ago the United States
Equitable Gas Light company sold its right
for Baltimore To company called the
Chesapeake Gas company. The latter COM
pany has just completed its works and
advertised it would supply gas at $l.5O per
l, 900 cubic feet, and the Chesapeake Gas
company replied by reducing its rates
to so cents. This, of course, opens
fierce war of rates, and the following
facts and figures will be of interest to those
who feel Inclined to take a flyer in these
securities. The total capitalization of the
old companies is S4, 800, 900 in per cent
l.
new company is $1,000, 900 in per cent.
bonds and 81, 500. 900 in stock, so the YEAR
bond liability Of the old companies is S276,-
900 and of the new $50, 900. Both sides al
low that gas cannot be supplied at so cents
per ], 900 except at loss, but the CheSa-
peake company, with its new system can
manufacture at much cheaper rate and
will therefore
LOSE MUCH LESS MONER
should the fight go on. In order to prepare
for the worst, the Chesapeake campany
held a meeting few days ago. when it was
stated that it had 500, 900 unsold bonds
and SCI, 900 in the treasury, but the direct
ors suggested that S400, 600 should be raised
on the scrip of the company to prepare for
ali emergencies, and this sum was sub
scribed by the directors themselves before
leaving the table. 1t now remains to be
seen WHAT IHe Ola companies Will
do to meet this move, as their stock
fell from over 90 to At. There will
probably be similar excitement in Chicago
gas stocks before long. A company there
has bought up the rights of the United
States Equitable GaS-light company and
large works are being constructed to supply
the eastern district of Chicago, where there
are already two rival companies supplying
gas at 81 per 1000, but the gas is said to
be Of very poor quality and manufactured
by an expensive process. The two old
companies are the Chicago Gas-light and
Coke company. with capital of So, 900, 900
stock and 81, 900, 600 bonds. and the Con-
sumers' Gas company, with a capital Of
So. 900, 600 stock, and bonded and floating
debt of about 81, 100000. The new COM
panY, which is called the Equitable Gas
Light and Fuel company, has capital of
So 600, 900 stock and $4,000. 900 bonds.
This comparatively small capitalization will
necessarily give the new enterprise good
start, and if a fight ensues, as is likely to
be the case, and people tired of stock and
grain speculation may find some amusement
and possibly profit in bulling or bearing the
rival gas concerns. But this is not all.
The gas fights will probably be renewed all
over the Union.