The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-16

"WEDNESDAY. Sept. Is.
Dealings in the shares OF the so.called Van
ccrbiit railroads and in the stocks OF various
gas companies. particularly the local ones,
rather overshadowed tho transactions in
other securities. SO far as can be learned.
the further sharp advances in Northwestern
New York Central. Omaha common, Canada
Southern. Michigan Central. and Lake Shore
are due entirely to the extraordinarily large
earnings that all OF the companies mentioned
are making and which are indicated by tho
statement of the New York Central Company
for the current quarter printed further
on In this column. The market for To-
cal gas securities corroborates current re-
ports OF an impending consolidation that
Will include all OF the important companies
operating in Greater New York. Although the
reports referred to cannot be confirmed, that ia.
the officers OF the several companies decline to
discuss them. they are. in view OF tho course of
the market for gas stocks, worth printing.
The reports referred to arc that a consoIida-
ton will be effected under the charter of the
Mutual Gaslight Company and that the securi-
tics OF the new company issued for the stock of
the Mutual Company will be worth about four
and "A half or five times the par value of tho
present stock. 1t Is said that the holders OF
Consolidated Gas stock will receive doll r for
dollar In tho preferred stock of tho alleged pro-
posed new company. an equal amount Of COM
mon stock and 10 y cent. in 5 y cent. bonds. On
sales OF 5000 shares Consolidated Gas advanced
to $40. and closed II points higher than yester-
day. at 237. In the outside market an equally
large advance was made In Mutual Gas
stock. The enthusiasm extended to Chicago
Gas, which suddenly jumped to lO7aa
and at a fractional decline closed 2La points
higher than yesterday. Tho market for Chi.
cage Gas was also influenced by the fact that
practically all OF the trust certificates represent
ing control OF the constituent companies have
been deposited under tho plan Of consolida.
ton and that steps toward tho final execu.
ton of that plan are likely to be taken in tho
near future.
Outside of the two stocks mentioned the most
extensive trading was in st. Paul, General Elec-
trio, Missouri, Kansas and Texas preferred,
Ontario and Western and Union Pacific. The
last named again led the list In point OF activity
and closed nearly a point higher. The action of
the stock. as was tho case yesterday, tended
to strengthen the belief that the Attorney
General Of tho United States will permit tho
reorganization committee to rehabilitate The
property under the DEGREES Of foreclosure al
ready granted. Various speculative combina,
lions appeared to DO responsible for the activity
in Bay State Gas, in General Electric. and in
Ontario and Western. Regarding the last,
tho report was revived that the company in
tends to pay a dividend upon the stock
and thus bring about the dissolution of
the voting trust. 1t can be stated upon excellent
authority that nothing of the kind will be done
In tho near future. Among tho less active
stocks Metropolitan Traction was noticeable
for an advance, OF 2 points. Laclede Gas
scored a similar net gain. The most noteworthy
net advance. however. was that OF 4l2 points in
susquehanna and Western preferred. In the
unlisted department there wero unusual deal
inGs In Pennsylvania Railroad that left the
price of that stock nearly 3 points higher than
yesterday.
Foreign arbitrage houses sold stocks In the
early dealings. although tho quoted prices for
American securities in London carly In the day
were higher than those recorded at the close last
night. In the late dealings London was a buyer
OF Southern Railway common. Regarding
southern securities generally, 1t ts TO DO noted
that the market for all of them 10 held In check
By the appearance OF yellow fever ct