The Washington critic., 1886-02-12
FINANCIAL AND COMMERCIAL.


The plan drawn up by the syndicate of
leading bankers and capitalists In this couu-
try and Europe who have agreed to sub
scribe Sl5,000,000 for aiding In the reorgan-
ization of the Reading Railroad, has been
submitted to the reorganization trustees,
and with slight changes agreed to. As this
will take away Mr.. Gowen's control, he
naturally opposes II. tits rumored that he,
President Garrett Of the B. & o., President
Little Of the Jersey Central and other we'll
known railroad men have formed syndi-
cate to oppose the reorganization, each hav-
ing special grievance. Mr.. Garrett was
said to be dissatisfied with the promises of
the syndicate that lie would be given an
entrance to New York and would throw all
his support In favor OF Mr.. Gowen, and
would assure the Jersey Central Of a divi-
dend on It's stock II 1t would make a new
lease with the Reading, based on its net
earnings.
The sydcate claims not to be committed
to any railroad or corporation beyond Sc
curing ia management In harmony with
the principle that capital invested in inter
nal improvements should be so managed
as to result in fair return In the way of
interest and dividends. Their object aud
purpose is to secure the reorganization on
business principles for the Philadelphia and
Reading Railroad bondholders, stockholders
and creditors without prejudice to the rela-
tive position Of either and In their Interest,"
"Suitable arrangements" are to be made
with "the Pennsylvania Railroad and other
ItpIral annI int tnrnate for N rp,n ip,t
tions." 1t is not surprising after this state
ment that the recent rumors of Pennsyl-
aVnndcrbilt-Morgan syndicate gained
such great currency. At the conference of
the representatives Of the syndicate and
the reorganization trustees of the Reading
Road yesterday the plan was submitted, and
q letter from President Poberts of the Penn
sylvania Road, with bis approval of the
plan, was read The trustees are to select
two persons to represent them on the exec
utive committee, the syndicate two and p.
G. Sharpe OF the Lehigh Valley road is to be
the fifth.
The New York stock market opened lG2
per cent. higher, on advices from London Of
higher prices for American securities there,
but almost Immediately weakened on selling
of Lake Shore and Erie. Prices declined
almost steadily from few moments after
the opening until noon, when the decline
ranged from ! to II per cent. Since noon
the market has been firm. Money was
easy at II per cent. Exchange dull,
$3.50 400. Governments firm. Currency
6s, l2G bid; AZ, coup, 1853 bid; AS, do, 1l3
bid.
Petroleum.
b. X. Plain & Co., st. Cloud Building
furnish the following Oil quotations: Closed
yesterday, 76; opened to-day, 76l; highest,
77i; lowest, 76l; 2:15, 76b.
b. X. Plain & Co.'s petroleum advices
say: "The trade seems utterly demoralized.
Wells reported from all sides, and every
rally brings out larger selling orders. We
can only repeat our advice Of the last two
months, to sell on every rally. OF course
traders must bear In mind that oil is selling
80 cents barrel less than 1t was when we
first advised selling, and sharp reactions are
but natural. But there is no great bull
movement imminent; so for the present we
are inclined to think that sales made with
judgment will be more apt to show profit
than purchases. Then, again, the carrying
charges cannot be ignored. Tonight they
are SO cents, simply because banks hesitate
to accept certificates as collateral"
The Foreign Wheat Market.
LIVERPOOL, Feb. 12-Wheat quiet and
steady: demand poor. Receipts past week,
152, 900 quarters, Of which $1,000 were
American. Corn firm, with fair demand
LONDON, Feb. 12.-Wheat quiet and
steady. Corn nothing offering.
New York stock Market.
The following have been furnished by j.
Vance Lewis, broker, southwest corner
Eighth and streets: