The Washington times., 1894-04-26
GAS WAS rHB FEATURE.
Announcement of Quo Warranto Pro
ceedings Sends the Stock Down.

Announcement of Quo Warranto Pro-
ceedings Sends the Stock Down.
New YORK, April 25.-Chicago Gas was,
OF course, the great feature of the share
speculation on the Stock Exchange to-day.
The decision Of the Attorney General Of Illi-
nois to begin quo warranto proceedings
against the Gas Trust having been announced
after the close Of business yesterday, the
first opportunity to act on this very pro-
nounced "point'' was afforded at the open
ing Of business this morning. Plenty OF
rumos had been circulated as to the adverse
effect of the decision.
1t was asserted that an Injunction restrain
ing payment OF dividends would be applied
for at once, and granted as a matter OF
course; that the forfeiture OF the charters OF
several companies in the trust would follow,
and that q total disruption OF the Chicago
Gas Company would be the outcome OF the
Attorney Generals decision. As conse-
quence heavy blocks of stock were thrown
upon the market at the opening, the first
price made being 64, which was 2ss per cent
below yesterdays closing figure, and 5000
shares were sold between that price and 90
before the stock exchange official reporters
could catch up with the quotations. ms was
tho lowest point touched ana when it was
Iedcucu puyLiS OIueIS WtEo uhcoNpiOu' "
lieved to be for the account OF insiders VINO
had sold at the high figures Of last week.
Purchases were also made to cover short
sales made yesterday. and the support thus
given to the stock had a steadying influence
and checked the selling movement. As re-
suit rally OF II per cent. to 641s was made,
and although there were quite free sales
thereafter, the panicy feeling was absent and
the lowest figure subsequently recorded was
631s the final safes being at recovery OF =
or 231 below the last price of yesterday.
Officials OF the company profess 10 leel no
alarm at the situation, claiming that the worst
that can happen is q compulsory change OF
organization, which they claim Will not
prejudice the interests Of the present stock or
bond-holders; they scout the idea OF for
feiture of the charter of any Of the combined
companies, and say that although the attor-
ney generals action was not expected. they
had been preparing themselves for an adverse
decision as precautionary measure.
Chicago Gas stock is likely to be mercurial
during the tendency of the impending litiga-
tion and the bears will undoubtedly practice
all their arts upon it, but the experience of to-
day proves that it has very strong supporters
and that the short interest is not disposed TO
venture very far outside the line OF safety.
There was furry also in the bonds oil the
Chicago Gas, the firsts declined = per cent,
but recovering. Consumers Gas 1rstS broke
SO, to so, rallying only Il per cent.
The stock market generally was surpris-
ingly firm in view OF the disturbing infiu-
ences of the gas speculation. During the
morning the only other shares which ap-
peared in the transactions to any extent were
Sugar, Distilling, st. Paul, and General Elec-
tric. st. Paul was strong in London buying
and rose 5s. Sugar was sold moderately, and
after an advance of Is reacted per cent.
Distilling receded y but quickly rallied and
during the afternoon sold up i per cent,
losing q in the final dealings General Elec-
trio lost only Is and then advanced per
cent, closing within Is OF the top figure.