New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-09

ON THE STOCK EXCHANGE.


The weakness prevailing in stocks yesterday
did not disappear to-day, aid after few spas
nodic rallies the market closed unsettled. In
most shares last prices were at declines from
yesterdays closing quotations The bulk OF the
dealing was done in the Iniustrals. Reading ard
two Of the Granger shares. sharp break in
Chicago Gas. evidently due to the efforts OF pro-
fessonal traders and obstructlonsts TO the plan
for putting the property upon better basis, was
the chief feature of the day. and from the open
ing at 69l2 the stock declined to $685. a loss or
34 per cent from yesterday. The attack upon
this stock preceded by the publication from
a brokerage house advising holders Of the stock
to se-probably for turn the short side OF
the stock-and also perhaps to assist the stock in
remaining among the speculative favorites which
the Intelligent and investment holders OF the
stock fighting vigorously to prevent.
Enemies Of the concern assert that the plan
for consolidating the Chicago gas companies ~
legally imperfect. but the committee Whlch is
now engaged In trying to rut the anairs OF the
companies upon d solid legal basis strenuouriy
deny that there is anything wrong with the plaA
and they profess great faith in the ultimate sue
cess OF their ideas. There is no doubt that II the
Chicago gas companies can be freed from the
graGp OF spectators and petty gamblers the prop
ertv will Of worth investors. and II the pres
eat Reorganization Committee succeeds IN TAX
ing the companies out Of the class OF specuIatiVe
faVOrites ii Will accomplish Work OF great sd
isfaction and benefit to all honest investors. The
course Of the stock to-day clearly showed an or
gained bear campaign against II, ana the resi-
Of the Industrials acted somewhat IN sympathy
with It, United States Leather preferred was
active. and after decline OF over per cent II
rallied and closed above It's opening price ana
at gain Of Y per cent from. yesterday. Its ad-
due to the announcement OF a dlvi-
dend Of per cent on the preferred stock. Inc
dividend declarations on this stock. which is
entitled TO per cent cumuativ dividends. are
about erratic the movement Of the stock
The dividend declared to-day will make total
OF per cent In twenty months, leaving 10 per
cent still due. as since the date or the organiza-
ton Of the concern 70 October this year, there
has accumulated % per cent in dividends. The
payments which will be required on November
by the Leather Company. including interest on
s5.7600O0 per cent bonds outstanding will ag-
gregate N220030.
The Changers and Southwestern railway shares
were lower on further reports Of rate-cutting in
the West The rest Of the railway list was life
less, ard changes were Insignificant. The furry
in call money rates disappeared to-day. and
there was no further advance in call loans al
though the majority of bankers would prefer To
see higher rates. and foreign lenders are DESTROYS
Of a higher level The shrinkage in the surplus
reserves Of the banks will probably not be so
heavy this week last, as present indications
do not point to heavy movement Of currency In
the next few days 10 the South. There have been
reports in the last few days that conferences
were being held In regard 10 Union Pacific re-
organiza ton, and to-day they were substantially
confirmed. First mortgage holders with other in
tercsts have. IL is learned, practically decided
upon a reorganization plan for the main line Of
the company. and il said this afternoon that
the plan would be forthcoming within the course
of the week II the plan assures the prompt pay
ment of coupons IL will undoubtedly be In favor
with the first mortgage bondholders European
politics and some liquda :iOn In the South Afri-
can mining shares depressed the foreign mar
kets and London sold Ia this market, while
American securities in London were lower.
The following to-day's final prices COM
n'a