The sun., 1898-11-18
F1N1xuAL lND CoMMnncr1L.
THURSDAY. Nov. II.

THURSDAY. Nov IL.
There was heavy trading to-day on both
aides Of the market. The tendency during the
forenoon was upward. except for American To-
bacco which was sold. apparently. because q
small plug manufacturing concern in Louis
vile. which had agreed 70 put its plant into the
Continental Tobacco combination. 10 now as
aertinR II will not live up TO It's preliminary
agreement As this concern figured for only a
little moro than S500.000 In the 100000, 900
capitalization OF the Continental Tobacco
Company its withdrawal from the combination
is obviously not serious matter. The retro
grade movement In American Tobacco which
resulted in a net decline OF n point, was over
shadowed by the enormous dealings In rail-
way stocks ut advancing prices. Atohison pre-
ferred was dealt In TO the extent Of over
100000, and at a fractional reaction from
the best prices closed nearly a point
higher than yesterday. The Granger group
received a good deal Of attention. Chicago,
Burlington and Quincy was exceptionally
strong. selling at the highest price yet re-
corded forit After midday the market became
irregular. owing to disposition to take profits
and on the part Of professional operators to
play for reaction.
Speculative sentiment was Influenced to an
extent by steady selling OF the Northern Pacific
stocks that left them fractionally lower than
yesterday. Northern Pacific common was Sec
ond only TO Atchison preferred In respect to
activity. The recent selling OF these stocks. to-
gether with the failure OF Union Pacific
shares to participate in the recent improve
ment In values. has lent color to reports
that tho relations between the northerly trans
continental lines are not as harmonious as
they should be in view OF their common inter-
ests. There was good reason for believing
when the Deutche Bank and its allies In this
country purchased the large block Of Northern
Pacific securities accumulated by the syndi-
cate that underworld the Northern Pacific re-
organization plan. and later when the Union
Pacific. Northern Pacific. and Great Northern
companies acquired virtual control OF the
Oregon Railroad and Navigation system,
that harmonious relations between the four
companies had been established for O long
time to come. IL not permanently. 1t certainly
would be asevere shock to investors both here
and abroad. should IL develop that amicable
relations between these companies are likely
TO be impaired. As previously noted In this
column. It would seem that the magnitude OF
tho various interests. the fact that all the COM
panies except the Great Northern have just
emerged from reorganization. and the char
acter OF those who are managing them should
be sufficient guarantees of rupture between
them.
In the late dealings Peoples Gas attained
prominence at net advance Of 1H y cent.
It is understood that the company is about to
finance its purchase OF the Manhattan Oil Com
pany and the expenditure OF 100000 that it
has agreed to make towardI developing the use
OF natural gas in the city OF Chicago by issuing |
$5.000.000 Of new stock at par. This stock. IL |
is understood, will be offered to the present |
stockholders Of the company pro rata. and as |
the amount OF new stock is equal to 20 p cent. |
OF the present capitalization. it is evident that
at the present price Of the stock the privilege |
TO take the new shares should be worth X a |
cent. Other strong features OF the market |
were Denver and Rio Grande preferred. Met
ropolitan Street Railway. Pacific Mail Norfolk |
and Western preferred. Illinois Central. Stand
ard Distiling issues. Chicago and Eastern Illi-
nois shares and Flint and Pere Marquette COM
mon and preferred. All Of the Industrial stocks
were rather heavy. the market for them being
Influenced to an extent by the declines in
American Tobacco and in Sugar Refining. The
closing was irregular