Evening star., 1897-03-19
Sales to Realize Profits Prevented
Improvement in Values.
GAS CONSOLIDATION AT CHICAGO
The Bill Regarded as Certain Of
Passage.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. March le.-Realizing sales
In the Vanderbilt group and professional
selling OF New Jersey Central prevented
significant improvement In stock values
this morning. In a majority Of Instances
ACTIVITY was followed by concessions vary
ing from d 10 per cent This result was
neither unexpected nor undesirable The
recent advance i'm the market has not es-
tablshed speculative plane Of sufficient
breadth to preclude irequ ,nt Interruptions
In the dominant tendency
Conditions. however. are sufficiently en-
couraging to prevent substantial or per-
h'anent declines. In view Of these facts
commission buying for outside interests
should increase in volume with every re-
action which does not alter the principle
movement. The securities scld today az
the fractional declines noted above were
almost exclusively for the accounts of
traders. Having taken profits on early
week purchases the trading element I'M
mediately began operations in the short
account
The selling for this account resulted in
lurther Increase in the holdings of the
larger interests
The proposed Introduction of a hill to
consolidate the Chicago gas companies.
und y the authority of the state of Illinois
DtatHCldl illluclice on tne price Of
Chicago Gas. IL per cent being added 20
opening figures. The hill is apparently
certain of becoming law. but viii meet
with delays In the state senate. For this
reason interests confident of ultimate re-
suits are not disposed to assume risks
which may become temporarily embar-
RAISING.
The circulation of an unfounded rumor
relative to the purchase OF the ogden Gas
Company. the Chicago company's principal
rival. attracted few susceptible buyers at
the higher prices. Freedom from hostile
welfare of this property. and improbab ble
inventions cannot be regarded as contribut-
ing to assured results.
In some quarters there is a disposition 10
attach more signi.io ance to the date Of The
passage of the tariff bill than to the bill it,
self. The promptness of the House. which
is practically guaranteed. will not preclude
a thorough debate in the Senate. but aila-
tory tactics are not likely. The main point
the assurance of ample revenue. is disre-
garded because radical changes in few
schedules probable.
In a market founded on sound principles
and performing It's natural functions OF
emphasizing merit and demerit. II is pos
sible for sharp break to he recorded in
one property at time Of extreme huoyancy
in another. This possibility has been
hected during the present week by the
course of Missouri Pacific. If the manage
ment CT the American Sugar should sue
ceed Ia convincing the public that tha
sugar schedule is ruinous to the profits CT
that concern the stock might decline with
out material hurt to the general market.
The downward movement should termi-
nate once the possibility Of legislat tion vs.
more accurately. Demonstrations to retain
what now seems assured are not unlikely
in this property, but the whole market
is Eot to be held up during the process.