Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-10-05
Mean temperature. CT 2.
NEW YopK STOCK MARKET

NEW YORK, October i.-For some time
past it has been the fashion at the stock
Exchange 10 sell little Chicago Gas
for turn. The prevailing idea has been
ihat the much-advertised Chicago COM
hinatlon Of capitalists. with tn assistance
OF some SIX millions Of eastern money,
would duplicate the old trusts plant in
Chicago and furnish gas at merely nomi-
nal figures. he street generally AMI
quickly fen I'm with the idea, the active
traders having been bearish at the time
the scheme was launched. The result
was that q big short interest was made in
the stock. To-day limitations We're re-
'oiyed from the West that the Universal
and Chicago gas companies had reached
an amicable settlement. This completely
upset the calculations Of traders. who
Immediately started IN to cover. As a re-
suit the stock bounded UP from 20 to 1875
on transactions Of Seen shares.
Sugar. which has been the leader Of
the market heretofore. came second in
point Of activity. but the changes in the
shares were far less important. The
stock sold nj N}3.GS57s. and closed at s. s..
The announcement that the differences
between raw and refined sugar was only
sufficient 20 wipe out the profit Of manu-
featuring dil not deter the shorts from
covering. and this movement was IN pro-
gress right up to the close.
Distill'rs rose from 81 10 l09.0@a. The
abandonment OF the rebate system was
given too much confidence. but when the
matter had ben thoroughly disested,
early buyers turned sellers.
In railway stocks a irmer tone pre-
vailed, and the covering movement which
WAS noted early in the week made furth =
progress Bear leaders attempted to ncu-
traliz. the good effect OF the rise IN chi
caeo Gas by attacking Rock Island. and
brought about a decline in the latter 10
5sit The manipulation. however, was
so APPARENT that II failed 10 obtain the
object sought for. and in the closing hours
tn railway list was strong. The In
prOvemant in thesa stocks ranged from
= 20 o.. per cent, ami was marked In
Burlington. st. Paul, New England. MIS-
souri, Pacific, and Southern Railway pre-
The market closed firm and h1u4 per
cent higher. Sugar and American To-
hacco, however. gained l.. each, and chi
GlCJ Gas 81 per cent ~. Paul' itocK
Island. and Manhattan made fractional
losses. An attempt was made 10 cover
contracts in Lead. but In the abs nce OF
stock. the prices advanced ~, 10 -. ne
total transactions were l9lVfl shares.
Aft.r the closa Of business II was stated
between the rival Chicago gas companl 3
hal been adjusted II remains II BE- seen
whether this semi-ohicial announcement
has not been discounted ~ tn STOCK TX
change. The bond market was irregular
in the carly DEALINGS. but at close a
hrmer tone prevailed
The sales Of listed stocks aggreSats i
i2N 00O shares. II unlisted Jtrt
Treasury balances: Coin, $'6.lliolO; cur
roncy, SieGG.0'o.
MONEY AND EXCHANGE.
Money on call easy at I per cent; last
loan and closing At I per cent; prime
mercantile paper, 4Hiis rer, cent. 49,,
Rar silver s.. Silver at the board. G27s,
bill. ,...,,-,
Sterling exchange dull, with actual busi-
mes i'm bankers bills at $iS'zfA% tor
sixty aays' anu NJ ISL. comm rciai
bills. SlSi204S5ia.
Government bonds steady. state bonds
dull. Railroad bonds easier.