The Providence news. (Providence [R.I.]) 1891-1906, 1895-06-14
FINANCIAL NE VS..
Chicago Gas Broke and Raj
lied Again Yesterday.
Whiskey Decision Shows Importance
of the Consolidated Bill.
Special 20 the News.

NEW YORK, June l4.-Chicago Gas in "a
hours broke from ~ to 7les, and rallied back
10 7614. Tho decline shook out most OF the
weakly held long stocks, and made short
interest which, in turn, was compelled to
cover, leaving the honors to date clearly with
the big buHs There was an impression yes
terday afternoon that Gas was liable TO open
up considerably today. Friends Of the com
pany said there was considerable work being
done with reference to the passage Of the
consolidation bill over the veto. Action
might be taken during the afternoon and
might be deferred until today. IL was be-
leved that the Lowenthal frontage bill had
been prepared lines suggested by the
Governor, and IL was inferred from this that
he would sign the bill, nevertheless the situa.
tion was admitted to be very uncertain, and
liable 10 surprise either way. The clearest
fact in the confusion is that insiders in Chi
cago Gas have certainly been buyers in con
siderable quantity around "a. They believe
that the situation will be favorable 90 their
interests, and that they shall sec profit on
their stock.
The decision OF the Illinois Supreme Court
In the Whiskey quo warranto case clearly
shows the importance OF tho consolidation
bill under which the Chicago Gas companies
could consolidate into one legal company
The Chicago Gas trust was declared illegal
under this bill. and became the Chicago gas
companies, which Mr.. Moloney attacked.
Later, Mr.. Moloney's opposition was again
aroused by the payment of dividends on the
Fidelity Trust receipts, and on this point he
Is again in court before a master. The con-
solidation bill would stop all of this expensive
litigation. and permit the issue of stock
directly upon the property Of the consolidated
company.
The dominant impression last night was
that II an excellent trading market yes
terday big enough to enable the leaders to
deal freely and consequently affording ample
room for smaller people to turn either way
The only stock on which there was definitely
a bearish ,opinion was Northern Pacific pre-
ferred, which was considered too high in
view of the expected assessment.
An operator in Sugar said last night:
"There is absolutely nothing in the way of
bulling Sugar for five months TO come 1t
Will be period of good earnings certain diyi-
donds and freedom from legislative attack.
People who have tho stock Will in all proba-
bility take their profits during this time, so
as to be Prepared for any unfavorable de-
velopments that may grow out of Con-
gressonal action next winter"
TopAY's STOCK BOARD.
WALL STREET, June 1.-THE stock market
opened active and irregular. General Elec-
trio reacted per cent. and Tennessee Coal. q
per cent. Chicago Gas was IN demand, and
advanced rs: Susquehanna 81 Western gained
q Baltimore n Ohio preferred, Is, and Sugar
y the latter reaching % per cent. Values dis
play ed decided upward tendency after 10
a. M: Manhattan and Chicago az Eastern
Illinois preferred, were quoted ex-dlvidend,
and improved and / per cent. respectively.
General Electric recovered IL and Tennessee
Coal. q per cent. Chicago Gas eased off 5s
but rallied -. Illinois Central and Rio Grande
Western preferred each declined l per cent.
the latter rallyiDg y.
GENERAL FINANCIAL NOTES.
Pittsburg papers say that Westinghouse
and not General Electric will equip Manhat-
tan with electricity.
London heavy, with declines from \ to y.
j. 5. Bache g. Co., say that the newspapers
print sensational articles about d. C. F.. but
this decision has been long expected by the
attorneys Of the reorganization committee.
Assents to the Atchison plan amount To 20
per cent. for fours. and 81 per cent. on the
stock.
Joseph says: "Insiders feel confident that
Gas will sell very much higher. II seems
almost absurd to talk about 90 but these
figures are most confidently predicted. Sugar
will recover its dividend in short order. Buy
Western Union and Manhattan Elevated; both
are good for an advance. Hold st. Paul and
c., b. O."
NEW YORK STOCK QUOTATIONS..