The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-22
CHICAGO CLOSING QUOTATIONS

Atchison, nap..... lar Norfolk q pf. m. d5ie
Canadian Pacific. SdLI Northern Pnrnnpt. 5A'a
Chesapeake 4 Ohio. ga Ontario 4 west..... 17]
Erie con. aap.,... lebi Pennsylvania .'.''. oo+
Eric LIST pt..,....... DO VI Reading. LIST q p.... 1SS
Illinois Central. ....1 OF ISt Paul ....,.,..... 9Sls
Kansas q Texas. lbis South Railway. 1oS
Lake Shore. ...,..l76 u south Railway pr. 3
Louisville a Nash. 6ea Union Paeinc. ...... z
New York Central. / l 9 \ Wabash pf.....".. 81
THURSDAY. Oct, 81.
That the stock market is still narrow and
largely professional is shown by its constituencies
to commonplace developments. The improve
ment In prices since tho beginning of tho
week, and which was added to this morn
ing, evidently invited realizing sales by
operators who were fortunate enough to
buy stocks at the recent decline. As soon as
this movement was detected by another class of
operators they proceeded to attack prices, and
succeeded in bringing about a decline that was
almost general, yet was in only a few cases
more than fractional. Tho heaviest trading
was In Sugar Refining and in Chicago Gas.
Both were exceptionally strong. The reappcar-
ance OF an influential speculative interest In
Sugar Refining is unmistakable. Regarding Chi
cago Gas. evidence accumulates That an agree
ment Of some sort has virtually been reached be-
tween representatives OF the Peoples Gas Light
Company and the syndicate that undertook to
control the two principal opposition concerns.
namely. the Universal and the Mutual CON-
panies. The market for Chicago Gas Is strongly
corroborativc of this view, and it would not be
surprising IL definite md authoritative informa-
tion regarding the reported transaction were
forthcoming in the near future. II the Peoples
Gas Company or its principal stockholders have,
rs reported. secured control of the opposition
concerns on n basis OF fixed charges not in ex-
cess OF the present earning power Of those com.
panies. tho transaction would seem to be a de-
sirablc ono from the point Of view Of investors
in Chicago Gas securities.
Although interest in the local election shows no
signs OF Abatement Wall street is beginning to
show fully as much interest in the approaching
sale OF the Union and Kansas Pacific railroads,
because Of the efforts that are being
made In certain quarters to work UP n
sentiment against tho immediate reorganiza-
ton Of the Union Pacific sy stem. In view OF the
many misleading statements that for purely
personal motives have been printed regarding
Union Pacific affairs. 1t may BIO we'll to
state a few indisputable facts. In the
FIRST place, Congress has had ample oppor-
tunity during the last ten or twelve years to
bring about an adjustment OF tho Indebtedness
Of the Union Pacific Company to tho United
States had it sincerely desired to do so. Tho
record Of Congress holds out no hope that the
session which begins next December will pro-
coed upon more businesslike lines than its prode-
cessors. Meantime the Government, whose claim
might be wiped out were 1t any other creditor,
by the foreclosure Of tho first mortgage. has
secured from the Reorganization as
surances Of a maximum payment OF $50, OOO.-
600 in liquidation OF the second mortgage. The
sale Of the various properties is a pub
lie one, and II any responsible bidder sees
at 10 undertake the payment of tho first mort.
$500 H.. f. Nt -
moro than tho minimum amount nledved nv tho
REORGANIZATION Committee. there Is NO reason
why that bidder should not secure the propcrty-
The appearance at this late day OF profcs.
sional corporation wreckcrs and reorganizcrs
as champions of the rights of the people OF
the United States is as ridiculous as it Is auda.
cious. IL the Government suffers any loss at
the impendipy sale OF the Union Pacific and
allied properties. Congress is alone responsible
The suggestion that tho sales in foreclosure
should DO postponed comes from quarters that,
except for the seriousness of the situation. would
excite merr!ment, The Union Pacific situation
has been we'll known TO every intelligent person
for many months past. and has un,
ouestionably been studied By the multi.
millionaircs. who at this latc day see
a possible profit in it for themselves
II by posing ms champions of the people they
can upset or become participants In a plan OF
reorganization which has been carefully worked
out during the last two or three years. and in
which many millions of actual cash have
already been yen:ured. 1t would be a calam
iy TO tho Transportation industry of the
country and n serious political and possibly
judicial scandal IL those who a year or so ago
when the risks assumed were greater than al
present. did not become parties to the Union
Pacific plan of reorganization should by
their specious pretexts influence either tho
administration or the judiciary to inter
fere in behalf OF their purely mercenary
scheme. Should they succeed in ndroItly OF
forcefunv associatinp themselves with tbs
avndicate that has worked the reorganization
I'M to tho present point, that will be a matte,
which will not concern the public. excspt az Il
may further imnair tho confidence of tho pubIi,
in n number Of corporation managers who hay,
IT. H. .saLniaau.s
49, -. ar,..ainn,r -
80"
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