Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-26
FINANCE AND TRADE
Speculative Interest Conferred in
Chicago Gas.
LAST NIGHTS ACTION IN COUNCIL
Light for Ninety Cents a Thousand
Feet.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, February 26-Interest this
morning conferred largely in Chicago Cas-
as the result of an ordinance passed at
lest nights session of courcil granting a
charter to a rival company. The attorney
generals Office. regarding this action of
council as larceny Of private thunder,
Immediately awakened from its inactivity
and declared that the recent election of
directors for the several companies, an
equity in which is represented by the
Fidelity Trust receipts, was Illegal. AS the
result Of this combination Of adverse cir
cun'stances, the price of Chicago Gas de-
clinod IA per cent under liberal offerings
Of stock BY houses with western connec-
ticns.
The new company is pledged to furnish
gas at rate not to exceed 80 cents per
1000 feet to individuals, and to supply the
city with light Is cents under the above
rate. It must also pay to the city 31z per
cent of its gross earnings as a considera-
ton for the privileges granted in its char
ter. Corruption is openly charged by
friends of the old company, and 1t is in
timated that IL the Chicago gas companies
seriously object to ther new rival the in
corporators will willingly withdraw from
tne field for consideration.
The persistency Of these attacks can
hardly be construed as the legitimate
efforts Of responsible parties to improve
the quality or reduce the price of gas for
the benefit of consumers.
Sugar was sold down 1 per cent by
traders on a revival of recent rumors IA
nient that the plan for the reorganization
of Distillers would be published later In
the week served to keep the price of that
stock firm around first prices.
The railway list was practically ne
elected during the early trading. prices. in
the main, holding firm around final fig
ures. Rumors of probable reduction in
the rate of dividend on Northwestern pre-
60, h.. hot
ten curtailment must follow on the COM
mon resulted in liberal sales of the latter
to the lowest point of the year.
1t Is urged in some quarters that even
should per cent rate be substituted for
the one now prevailing the price of the
stock need not be further reduced in order
to reflect intrinsic value. This is short
sighted argument when applied to such q
the rate of disbursement will be reflected In
substantial reductions from today's quo
tations.
The stock is somewhat less plentiful in
suit of a temporary discontinuance of lfqui-
dalton and an extension of the short inter-
est. New York Central weakened in SYM
pathy with the decline in Northwest, SELL
ing down l per cent under traders offer
ings. The lack Of business in other parts Of
the list resulted In irregularity within q
narrow radius Of initial figures.-
The market for foreign exchange ruled
rates. The demand is reported as being
large. with a marked tendency toward
increasing. Gold exports could now be
made without loss. and the bond syndicate
it's obligation relative to keeping the gold
reserve intact The situation is watched
with unusual interest by foreign bankers
There is no doubt that every covenant Of
performed. but the manner OF perform
ance Is doubtful