New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-03
CLOSING PRICES OF CHICAGO STOCKS.
Tuesday. March On. II.

TUESDAY. MdrCA -. IN.
Recent efforts OF the small short interest IN
Lake Shore stock TO cover and the purchases Of
the stock by investment interests. which fave
caused such marked advance in the price Of
the stock. were explained to-day by the an
nouncement OF refunding operations entered INFO
by the company in connection with its matur-
ing per cent issues. BY the reduction in in
terest charges which Will be made in the pro-
posed refundng operations, the company will
save over Sl.500OOO year, and it may
be assumed that this gain will go to the
profit Of the stockholders while the example set
By the company in making lower interest pay
ments will probably be followed by other rail
road corporations whose hgh-rate bonds ma
ture within the next few years Stockholders in
companies of sound financia. stability will oc
cupy an enviable position in the refunding opera
tions which will doubtless be undertaken in the
near future. According 10 figures recently com
piled by The New-York News Bureau" bonds
10 the amour. OF 1894 ,Sl3,jOp will fall due from
1897 to 1900, and on this amount present in
terest charges are S1J.3096 which. in' case
of refundng on n 31z or ! per cent basis, vii!
result in a saving of nearly S6.oOOpoO a year.
Regarding the refundinS operations OF the Lake
Shore company. il was announced to-day thai
authority had been granted the officers Of the
company 10 execute mortgage TO secure S'o'-
0m000 100.year 3i2 per cent gold bonds, ana
that the entire issue had been taken by a large
banIny house The income from the sale
Of these bonds Will be used 10 pay on pres
ent bonds as they mature or in the retirement
in advance Of maturity by special arrangement
with the banking house taking the issue. own
ers of existing bonds Will have the privilege OF
exchanging present holdings on a basis or IN
teres. at g. per cen. in payment for the neW
bonde which will be offered al lU2ie and m
terest. and the last-named should yield the
holders about 3 10 per cent.
Early dealings in stocks were at small decllhes'
but under the influence ot the Lake Shore IMAM
cial announcement in the afternoOo advances
were made throughout the lis, Lake Shore GO
ing up > per cent and holding good part OF the
cain throughout the rest OF the day. Elsewhere
fral prices were generally at fractiona! ad-
vanccs American Spirits preferred and COnsOli-
dated Gas making larger gains. Jersey central
again was the chief weak feature among active
shares although il recovered good part ot us
early loss at the close Sentiment IN the Street
was better. Burlington made GOOD statement
~ earnings for January; there was an increased
demand from abroad for wheat as reflected by
an advance in the wheat market. the good feat
lires in the business situation received more
general recognition and the near approach OF the
bnpinninc Of n new Administration in Washing
ION cont -iblted to a more cheerful feeling IN all
quarters The advance in wheat and fall III
the nrjce OF silver were both interesting incidents
OF the dav the first named rejecting actual trade
conditions and the last the action OF the Govern
ment OF Japan in adopting the gold standard.
There were no especial changes in the money or
foreign exchange markets, but in the last-naned
a considerable number OF renewals IN steTlng
loans were reported.
Prices for last sales Of the principal active
stocks. compared with the final figures OF yester-
day, were as follows.