New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-13

Tuesday, Nov. 12-p. IN.

Tuesday, Nov. 12-p. IN.
Concerning Chicago Gas" the following special
from Chicago to-day came opportunely TO help the
bears in the stock market:
AT the meeting of the Chicago City Council
last night an ordinance was passed oy c vo'e VI
SO TO 20 granting the Mutual Fuel and Gas 20
of Hyde Park authority TO extend JUS system over
the entire city of Chicago on condition that IL
would furnish fuel gas at forty-wo cents an9 IL
Eliminating gas at seventy cents per thousand 1eet
this being the price suggested by the stockholders
of that company. After the adoption of this
amendment to the ordinance the whole question
was referred TO the law department If 1t should
develop that the City Council can grant the new
company the right TO lay its mains throughout the
city, the Chicago Gas Trust would have CON-
pettor.'
A prominent director of the Chicago Cas-
SAYS: This is a scarecrow proceeding. 1t
would be simply impossible to find money to pipe
more than a few miles, :. (which won't work., or
to affect the stock market, which it may Temporal
rily do. The Hyde Park Company has, perhaps a
paid-in capital of $685. 900. 1t has works and is
furnishing no gas 10 Hyde Park any other place
and has no charter. The ordinance was not passed
but referred to the Law Committee Our natural
gas has three times the heating power of any
manufactured fuel gas, and we shall be there
with it. The hackers of the Hyde Park concern
! have been left out Of our scheme and will stay
out. no matter what money is spent"
WHAT WAS DONE IN STOCKS
| The stock market this morning opened dull and
| generally at figures shade better than those at
yesterdays closing, but after the opening
the attacks on st. Paul and Missouri Pacific
| renewed, and these stocks were sold off IA per
cent with no little noise Next Northern Pacific
preferred was knocked off 5-s per cent, and New
York and New-England 1-8 per cent. These
movements were rapid and sharp while they lasted,
but all the excitement attending them con-
fined to a select few engaged in the work Dull
ness and recovery followed Finally ally
So to 81 "a The principal orders to sell the
stock were distributed by ole Of the leading
bears and among some of the best houses in
the Street. But neither the decline of IA
per cent nor the seeming character OF the selling
bad any effect on the general market; there
quick recovery to "a l-2. Then the whole mar
ket began TO improve, and continued TO do so
till the close. Missouri Pacific, which early sold
at GS rose TO go 5.sa69 l-2-the highest prices of
yesterday. The sales of the stock amounted 70
0000 shares; to.day's recovery from lowest
figures was made with transactions in Z 800 shares.
IL looks if Yesterdays sales of Missouri Pacific
were mostly for the " short account. Without
going into particulars, the market generally closed
not only higher than last evenings closing, but
higher than yesterdays opening figures.
And yet there is not in the market such a thing
as an organized " bull' party There is a bear
clique AT work trying to save losses the members
Of il meet several times day and consult They
doing I'll the speculative work and meet with
no resistance. except that continued public ali
sorpton OF stock which is not demonstratiye but
which, like the continued dropping of water on
stone, will in the end tell upon the speculation
and corner all the good stocks dealt in There
probably is not day in which al least ! 900
shares IN the aggregate are not taken from
brokers offices and paid for. For the moment il
is not as effective on prices single small "bull1
pool would be; but MS work is slow and sure.
The Northern Pacific Company declared a divi-
mol
the earnings NEARLY per cent for the quarter
ended September 80, and it found that the sum
Of s2,s44 APO was due to the preferred stock,
holders out OF earnings from July ] $50. 10
June 80, 1889, but the distribution Of his sum
was postponed till the future earnings Of tbr
company are set on q irmer foundation But il
was decided TO set aside from the new cnneol,da,d
o oGn Sis an amount at 80 per cent equal to the sum
I'LL further ordered by the Board. VIZ ''''"u'ef
THE DAY IN TIE BOND MARKET.
The Treasury purchased s47955O bonds. . 49,.
cents, sl5?,l00 at 1917, and lbs s39S "a ~.
| 105 "a. At the Stock Exchange a smoIii ~. ne
A per cents sold at the Government price lou ol