The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-02

IlOn OF n htgneT Market TOT AuuotlCAu bcCut1tio8
in London tomorrow morning. Various adj
vices from abroad agrco that tho Improvement
in the tone Of the market for American rail
way shares Is due chiefly TO tho impor-
tance attached TO tho authoritative state
ments regarding tho currency made last week
by the Secretary OF the Treasury. Other devel-
opmcnts that stimulated speculation to-day
were favorable crop reports and tho passage by
the lower house of the nlinois Legislature Of
The Chicago gas consolidation measure and the
So-called Frontage bill. As there is no doubt az
to tho Governors action regarding these bills,
they may now be regarded as practically upon
the statute books.
This legislation is Of great Importance to all
gas, electric light, and street railway companies
in the State OF Illinois. since 1t enables com.
panics operating in the same municipality to
consolidate, and. what Is equally important, II
prevents spectators and blackmailers from pro-
noting alleged legitimate undertakings, for II
requires tho consents OF a majority of the abut.
ting property holders before n street can be
opened by an electric light, gas, or railway com.
pany. Tho consolidation measure will enable
the companies that supply Chicago with gas to
formally and legally consolidate, and thus
effect important economics in their nd.
ministrative as we'll as in their operating
expenses. 1t also places tho enterprise in > po
sition where 1t cannot be constantly assaulted by
INSCRIPTIONS politicians. both In the City Coun.
Gil and In the Legislature. The consolidation Of
the several companies, which has been in abey.
ance for many months, can now be completed
and will result in the issue OF q stock that will
not, like the present certificates, represent pro-
portional holdings of the shares OF the various
subsidiary companies. but, as in the case Of every
other corporation, will represent the aggregate
equities In the properties owned.
The Granger stocks were exceptionally strong
and active. under the lead Of Chicago, Burling.
ton and Quincy. The statement Of that compa-
ny for April corroborates the claims that have
been made regarding the recuperative power Of
the company, so far as earnings are concerned.
The Louisville and Nashville statement for
April was also a fairly good one, and influenced
higher prices for the stock OF the company. OF
the stocks actively dealt in. Sugar Refining.
Jersey Central. c., c.. C. and st. Louis, and
Manhattan Railway wero the only ones that
did not close higher than on Saturday. In
the early dealings c., C., c. and ST. Louis broke
badly. but subsequently recovered to within a
fraction of last weeks final price. The fact that
the company is not earning dividends upon its
preferred stock at the rate which IL has paid SO
far this year is the only reason given for the de-
cline in both classes Of stock. During the mid
die Of the day the professional element sold the
list rather freely on the theory that a reaction
in prices was due. Traders also made a point
OF the fact that, at the present rate at
which the Senate is considering the Tariff
bill. that measure is not likely TO be disposed of
for some time to come. The offerings. however,
were readily absorbed and the reaction was over
as soon as efforts to bring it about ceased. This
significant condition Of affairs was quickly ap-
preciated by the traders, and their efforts to re.
cover the stocks they had sold resulted in a
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