The sun., 1891-11-29

The manner in which the system is held to
eether Is unauestionably faulty and has re
suited In methods Of management that have
failed TO inspire confidence on the part Of q
large portion Of security holders In the cir
cumstances. tho step that has been taker
seems to be proper and wise. ..a
| Tho suspension Of Messrs Field. Lindley
Wiechcrs Co. Is rapidly proving 20 be n more
serious matter than was at first supposed
Tho IN ethods OF tho concern have already
| caused number Of institutions and individ.
uals good deal Of annoyance. and are likely
to provoke litigation. II Is too soon to deter.
mine whether any serious losses will be sus-
tatned by those who had dealings with the In.
solvent flrm. but 1t is clear that considerable
amount of securities will he tied up for some
little time to the obvious embarrass-
ment OF those who own them or who may
have bought or sold some of them during the
last few days. The wreck is unauestionably a
bad one. the result OF injudicious plunRing in
both the stock and grain markets. Probably
several days will be required for the street to
discover the full extent of the operations OF
this unfortunate house.
The stock market has shown stubborn
strength all the week. and at the close the feel
ing was general that whatever may be the out
come OF the Field. Lindley falu Q. ut least an
aggressive. and at times influential. bearish
factor has been removed from tho situation.
There has been a further accumulation OF
money at this city and at the principal
foreign centres which are in closest
relations with New York. Railway re-.
turns made public during tho weos have
been uniformly good md have included tho
figures OF number Of the more important
systems. These two facts should logically be
reflected in the investment market and doubt.
less will be In due time. As to speculation. no
one expects to see revival OF It until utter the
end Of tho year. At the same time. confidence
is so strong that no one looks for q material
recession in prices.
Fluctuations for tho dny and for the week
were in the main inconseluentia!. Tho only
noteworthy net change for both periods was In
Chicago Gas. which closed nearly . a cent.
lower than last night. and nearly 3 4 cent.
lower than last Saturday. The selling OF the
certificates appears to have been inspired by
the commencement Of . new suit against the
company. but rs it is simply for breach Of
contract. and not for large amount. II is diff
cult tn see what bearing 1t has upon
the intrinsic value OF the property. An
official statement OF the operations Of
the company for the last two years ia
printed further On in this column. 1t is. we
believe. the first statement OF the kind the
company has made. In addition thereto It may
be noted that tho combined companies now
have LOO miles OF mains. which 1t is con-
stantly extending to meet the demands Incl
dental to the growth OF the city. Since
the companies were combined In the
trust. now defunct. s3.2OOOOO Of net
have been expended upon the
various properties while the amount Of bonds
issued has been only $775.000. Of which $780,
600 are in the treasury Of the company issuing
them. The proceeds OF the remainder OF the
Issue have been applied upon the construction
Of the largest gas holder in the world. the total
cost Of which will be approximately s5OO.OOO
As SO much capital has been made Of the
Economic Gas Company as o competitor ofthe
enterprise. 1t is proper to state
that the newer company has laid only four.
teen miles Of mains for piping nat
nral gas. and an equal length OF mains
Tor piping illuminating gas. The two
are laid side by side. The work OF
laying these mains has been undertaken by
The Columbus Construction Company. New
Jersey corporation. and the holders Of o
OF its certificates have applied to the
Chancellor Of New Jersey for an Injunction
the company from calling Of |!
'urther assessments or installnents upon !
heir subscriptions. They have done this be- |
.4u6e OK IN lnulana l1W WHICH ptOS1ueS tn0c |
natural gas can be piped only under certain
pressure. and that pressure. it Is alleged. Is |
rot great enough to permit the gas to |
20 taken out OF the State. The law |
s prohibitive in effect. though not 80 |
n direct terms The minority holders |
II the Columbus Construction Company aver
hat this law makes the piping OF natural gas
nto Chicago q futile enterprise. and they |
therefore wish to be relieved from putting any |
more money into it. The Chancellor has |
granted a preliminary Injunction. and will |
iear the case on a motion to make the injunc- |
ion permanent in few days
To-day's bank statement shows an increase |
n lawful money OF more than 2A milliona A |
increase In the deposits requires |
learly half OF that amount leaving over X |
million to be added to the surplus reserve, |
which brings that item up to figures that place
he banks in an unusually strong position for
his season Of the year. The market to-day
ras dull and irregular. the only feature being
he raid upon Chicago Gas.
Final sales compare with those OF yesterday
10 follows: