New-York tribune., 1911-04-06
FINANCIAL MARKET
PEOPLES Gas and Bethlehem
Steel Only Features OF a
Dull Speculation.

speculation in the larger number OF
stocks presented nothing ne" or novel
transactions representing little beyond
the swapping operations of an uhim-
portant professional element. Price
changes as rule were confined TO
fractions. Peoples Gas and Bethlehem
Steel showing the only wide fluctuations
the latter advancing more than points
on buving based upon the good showing
made by the company in its annual re-
rort and the addition to the board OF
directors of a representative of Wen
known banking house, while People
Gas declined more than : points on the
expectation that the newly elected
Mayor of Chicago would carry out MS
rledge TO work for lower price for gas
in that city. Gas has been an issue III
the Windy City's elections for a time
that almost passeth the memory of man.
The Illinois legislature also has always
borne the Peoples Gas Company in
mind. but in spite Of municipal and state
legislation against il the company mas
continued 10 pay earned dividends. with
q comfortable surplus for profit and loss
account at the end Of each fiscal year.
The price of gas in Chicago was fixed
in 1906 at S5 cents for a period of five
years, from February l of that year.
and on that basis the Peoples Gas Com
pany paid = per cent on its stock IN
1906, 6 per cent in 1907 and l"pS. 6A
per cent in 1909, per cent in 1910, and
the same rate in the first quarter Of the
present year. In 1900 city ordinance
placing the rate of gas in Chicago al -
cents was passed. but subsequently re-
pealed as il was declared illegal by the
lower courts, which We're upheld by the
United States Supreme Court. The pros
pect that Mayor-elect Harrison viii be
able to give the Chicago gas consumers
20 cent rate therefore does not look
promising, although the idea has MADE
o good campaign slogan. Stocks as
rule closed at unimportant net losses.
There was no public interest in the mar
ket as far as speculation was concerned,
and little investment buying. Time and
call money were without feature and at
unchanged quotations, while commercial
paper was easier. 80 per cent being Of
fcrcd on the most attractive names.
nrmor London money market and bet
ter demand for remittance were re-
sponsiblc for ten-point advance in de-
mand sterling.
The current year in Wall street started
,.;ef, rl,ct ho ha6 &c no
gining early III December. the average
price on January > for the leading rail-
read shares standing at 11I.13 and for
the chief industrals at S2ll. From
these levels there was a steady rise
throughout the month to 1852 and
S493 for the railroads and industrials.
respectively, al the close, while in the
carly part Of the following month the
advance continued, with the hgn point
On February $ at 1897 for the rail-
roads and Sj.S7 for the industrals. a
gradual decline was recorded from that
time until March =. the two groups suf-
fering TO the extent of about ! points
but since the date named, the tendency
rs a rule, has been in the direction Of
a higher range final figures yesterday,
for instance. being near the best figures
of the year. This excellent showing has
been made in the face of the sort of
developments that ordinarily induce
liquidation and speaks well for the
technical strength of the market and the
confidence among bankers ana investors
that the various uncertainties in the
situation are merely making for dulness
in all markets rather than weakening
fundamental conditions.
1t is too early 10 figure on the possible
effect OF the extra session of Congress
upon the country's business. but the
financial community appears to believe
that with the elimination Of the anti
trust cases as factors for discussion eX-
pansion will develop in our industries In
spite of Democratic efforts 10 remodel
the tariff. Iron trade statistics for
March. ss compiled by '"The Iron Age"
show a sharp increase I'm production az a
consequence Of the larger activity at the
steel plants.