New-York tribune., 1877-06-09
entire payment of the interest on the following ODlga.


First: On the general mortgage bonds, and upon tho
three years. the coupons TO he payable half In cash,
they mature and half in scrip, with the option TO the
entirely for scrip. all holders being entitled TO receive,
AT once. scrip bearing interest nom July Tor sueh
coupons or parts OF coupons as are TO De exchanged
Second: The interest upon the debenture bonds OF
both the railroad and the coal and iron companies the
convertible bonds OF the railroad company, the bonds
due In 1885, 1902. and 1871 of the rdewater and Sus
quehanna Canal Companies, and much OF the rental
due to the Schuykil Navigation Company is apphca
BILE to the payment OF dividends TO the stockholders OF
the company. and to the interest upon its mortgage loan
OF ls95 70 be payable for ye years in scrip all holders
being entitled To cut OF at once the entire ten coupons
and 10 receive scrip for the whole amount bearing inter
THIRD: The drawings for and payments Of sinking
funds Of the Improvement and general mortgage bonds
i so long time should be required for the payment Of
the floating debt.
OF course with such an extension of payments on
account of first charges and large output of coal
at even a small profit, everything is likely to be
lovely with the Reading Company for time but
it must not be forgotten that this plan simply con
templates extension of debt-not payment-with
an increased interest account. There is no doubt
that this company has acted in business-liko
manner in considering the coal III the
ground as asset of the company which must
be used for the payment of its debts. Hence il has
steadily pursued one pocy-that of mining and sell
ing all the coal possible, without regard TO the re-
Quirements or necessities Of other companies. This
policy is the only which can save the COM.
pany from bankruptcy. if any one can and we
have every reason 10 believe they intend to con
tnue it. Whether or not it will accomplish the
result is a matter of speculation, bat it and the
departure by the Pennsylvania Company are certain
TO make "some one sick"
The stock market to-day. while feverish, was upon
the whole weak, and so closed. The frequent up
ward reactions which occurred were so plainly the
results OF desperate manipulation that they failed TO
deceive any one 10 draw respectable following.
Central and Hudson was we'll sustained, with an
evident purpose of selling Lake Shore, that after
selling ut 00ls09 99l2 10 S33s it rallied suddenly
To 90la, but closed weak at 80. Lake Shore opened
down ATTIC and sold at ~ 0f63s0 47016li iGI.
Michigan Central was dull as the iigures of - 7s0
"a 30 "a 3S5sG39 II seems likely thar the new pools
IN Rock Island and ST. Paul preferred will prove
entirely successful in manipulating these stocks
INTO the Same speculative position 50 lone held by
the NcYth-Wcserus, whore nearly every offer 10 buy
or sell a single hundred shares VIII have 10 Ice
made ny themselves. In the face OF a steady
progressive decline in business, these prices
are firmly held, showing clearly TO specu-
lators that already they have become rs
loaded dice" The receipts of All grams at Chicago
for first six days of June, 1877, are 1.332.SJi
bushels. against ., ,SOT2SO for same time oI loI6-1
decrease OF l,AIit-D bUSncIS or over - pei t'ht
of -four 27 233 barrels against GO,GsG-a decrease
OF 33, iJ3 barrels OF over % per cont. And the
receipts of wheat AZ Milwaukee for the first
week of june this year are 3S i3J bdshels,
against 1,OI2,292 last year-a decrease of
9J3 sG2 bushels. 81 per cent. Yet these two
stocks. which are directly and heavily interested
in this loss of busincss to-day the strongest on
the list. Rock Island sold ~ l3d3l 'sdH1', and
81. Paul preferred al 4Sl2a 10a is2i. ST. Paul COM
mon was dull and steady at 18lsdlsaisi The
North-Westcrns were lower, the common selling at
20lta2O and the prclerred.at at 153,0 tGa i3ai5'2.
Illinois Central declined from jI4Jll2 to - T. and
Chicago and Alton from 10 TO IS. The coal stocks
naturally were lower, Yet not pauicky. Delaware.
LackaWanna and Western after opening al 3II2 /
and selling at 371.a377s declined 10 3G'2 !
and closed nj 3G7s. Morris aud Essex made !
a bad break from GIL toGi1l but recovered TO G5' !
aG5ls and Delaware and Hudson sold 40 30 q dri
33l2a3t Western Union was active, being aided
by q rulnor of q compromise between il and DE Al
lantic and Pacific Company for which there was |
prob ably not the slightest foundation. Nry'rthc- /
less IT served 10 advance the price from 81 G2's |
10 G3. although in half houg later il again was I
selling at G2 and closed at G2lt Pacific lllil W"s !
duh but steady at 133aU19l,, the eNprcss's being ,
NEGLECTED. and gIiCt at quotations.
RASGE OF TIE MtRKEI Sc TIE sToCh ENCiiANHE.
- ArtuH r.'s. -- Closing tih0 shares /