St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-26
FINANCIAL.
New York.


NEW YORK. April %. - Chicago Gas
was. of course, the great feature Of
speculation on the stock exchange to-
day. The decision of the attorney gem
eral or Illinois to begin quo warraito
proceedings against the gas trust hav-
ing been announced after the close of
business yesterday, the first opportunity
TO act on this very pronounced point
was afforded DIT the opening of business
this morning. Plenty of rumors had
been circulated as to the adverse effect
of the decision. II was asserted that
an injunction restraining payment of
dividends would be applied for at
once and granted as matter of course,
that the forfeiture of the charters of the
several companies in the trust would
follow and that total disruption of the
Chicago Gas company would be the out.
come OF the attorney generals decision.
AS consequence heavy blocks of stock
were thrown upon the maj ket at the
opening, tile first price made being CT.
which was rs below yesterdays closing
Inquire, and 5000 Shares were sold be-
tween that price and Go before the stock
exchange official reporter could catch
up with the quotations.. This was the
lowest point touched, and when it was
reached buying orders were uncovered,
believed to he from insiders who had
sold at the high figures last week. Prices
were also made to cover short sales
make yesterday, and tile support thus
given the STOCK had steadying in
Huence and checked the selling move
Inent. AS result, rally OF 11a@l3Ic
was made, and there were quite free
sales thereafter, the panicky feeling was
absent and the lowest figures SUISSE
quently recorded as 631Ac. the final sales
being recovery of ~, or 25<c below
the last price yesterday. Officials of
the company profess 10 feel no alarm at
the situation, claiming that the worst
that can happen Is Il compulsory change
of organization, which they claim Will
not ejudice the interests of the pres
ent stock or bondholders; they scout
the idea Of forfeiture or the
charter of any of the combined compa-
MES, and say that although the attorney
generals decision was not expected,
they had been preparing themselves for
all adverse decision as precautionary
measure. Chicago Gas stock is likely
tn be mercurial during the pending of
the impending litigation, and the bears
Will undoubtedly practice their arts
upon it. but the experience Of today
proves that 1t has very strong support
ers, and that the short interest Is not
disposed to venture very far outside the
line Of safety. There was furry also
in the bonds of the Chicago Gas COM
panY, the stock declining to 81 and re-
covered to 81. Consumers Gas firsts
broke So to 80, rallying only IA per
cent.
The stock market generally was sur
priSingly firm i'll view of the disturbing
Influences. During the morning the
Il nf ho hor ,ioh
transactions to any extent were Sugar,
Distilling. st. Paul and General Elec-
trio. st. Paul was strong on London
buying, and rose %. Sugar was sold
moderately, and, after an advance of a,
reacted per cent. Distlling Ieceded
u. but quickly rallied, and during the
afternoon sold up to ~. losing "a in the
final dealings. General Electric lost "a
and advanced l, closing within 3S of tile
top. During the afternoon some few of
the specialties recorded declines, but
the market In the main was firm and
strong on small volume of business,
and closed hrm with all active
stocks higher than yesterday. eX-
ctpt Chicago Gas. Reading, which is
g lower and Sugar which is unchanged,
Ueing I@4; while Sugar preferred
shows an advance OF IA; Toledo. Ann
Arbor Il Northern Michigan, IL, and
American Dis. Tel. 2. Among the ill
active stocks which lost more than a
fraction are Baltimore & Ohio and
Evansville & Terre Haute, each per
cent, and National Starch hrsts pre-
f,rred, 2. The bond market was a
tritle easier during the morning. became
firmer in the afternoon, but closed
irregular, the principal changes in
prices being: Declines-Illinois Cen
trail 311as, 4; Consumers Gas of Chicago,
2; Oregon Short Line conSols 5s, 4;
Hooking Valley Is, l.. Il N, p. & A., A
division firsts, Ohio Southern 4s, and
Spokane Il PalOuse 6s, each per cent.
The Evening Posts London cable
gram says: To-Day there is a distinct
Improvement. Business was restricted,
but the upward tendency was resumed.
English rails were chiefly bought on fay-
orable traffic returns, but the specula-
Americans, which show fractional gains,
Indian buying said TO he speculative ON
the belief that the minis will open. This
rumor depressed rupee paper. The In
dian council sold So lakhs of rupee at
rates up to ID 1882. The smonnt of
-fered for next week has been increased
to 80 lakhs. Seventy.one thousand
pounds of gold were bought.
The Total sales o. Stoeks
to-day were rs follows: American SUI
gar. IA, 100; Burlington, 3,4OO; Chicago
Gas, "a, 800; Col, IL. V. d. L.. IS, 10. TOO:
Distilling, 10000; General Electric,
5000; National Lead. T. 300; n. Y. L. N.
E. AGO: st, Paul. &2UN