New-York tribune., 1889-11-07
CLOSING PRICES OF rnILADELrH1A STOCKS.
THE COTTON OIL TRUST.

wednesday. Nov. 6-p. m,
The trustees statement Of juno %. of the CON
dition of the American Cotton Oil Trust said that
the net cash assets on May 81 amounted to
"nearly 81, ,0OO.7 The statement for August
81, made at the annual meeting last Friday, said
that the net cash assets amounted to Sl.660, OIL
depreciation in three months of nearly $4,000
900. The committee of stockholders on plan or
reorganization, appointed at last Fridays meet
ing, to-day reported 10 the adjourned meeting
that the president and treasurer of the Trust
in spcculatons in its own shares, for the purpose
and with intent. so they state of maintaining
and Strengthening its credit, have lost S527,5l1.
without the knowledge of the trustees. 1t is not
stated what period is covered by this loss. But
supposing it TO have occurred between May 81
and August 81. the dates TO which the two state
ments were made up, there remains deficit for
the three months of "nearly" Sl.700,000 which
is not satisfactorily explained. To say that there
was a depreciation in the cash" and products
and materials Of 20 per cent is tax on credulity
The cash on hand Oh August 81 81 ,267. 900.
and adding to that the sum Of S527,0OO lost by
speculation gives nearly" Sl,S00,000. So that
the depreciation OF 81 100000 is on not near
" $1,000, ,000' but on the sum of s5,300.000
product and material, etc, nearly 33 per cent
But as the price Of the shares on
June ! ruled at about 60 and only declined TO As
on August 20 and was at 81 rs to SO rs on Aug
ust 81 il seems probable that the necessity of
maintaining and strengthening It's credit has
arisen since August 81 and that the loss of S527.
5ll by speculation was subsequent to the state
ment of August 81.
The officers have dscaimed legal response
bility in the matter but have made substantial
contribution to the same, Mr.. Flager contributing
oA nan
10 the company, s27751I. The trustees recon-
mended the matter be adjusted in this way, which
the meeting agreed 10.
We know OF several persons who have lost
their own money III Speculatlons based on faltl1
in tbe report OF June 2s, Of May 81 who would
be clad 10 settle with the Trust OH more favorable
terms than those granted by MessrS. tlagler and
Moss Still this meagTe statement to-day was the
incentive for an advance OF per cent III the mar
fet value of the certificates. The stockholders
committee have only cOnlounded Confusion by
telling Il part of the story. How does the Trust
stand TO-DAY is the question. since August
81, two month, have expired and the price OF
the certificates has declined 20 per cent.
WHAT WAS DONE IN STOCKS.
Tn the general market firm tone prevailed
while DEALINGS we're light, except for Philadelphia
and Reading which was active and was sold As
freely as if another recCivefshlp was III slght
The stock further declined TO 80 3-e ana wa
dragged back to 40 only by the sttength anu dde
good buying Of the general market Inc iouhuA-
tiOn for the late depression III Reading STOCK WAS
laid by the managers some eight lnOnths ago
when they ceased to give the monthly reports Oh
the Coal and Iron Company. AT the tlme we
severely criticised the change, and said, rs W.
say now, that the publication OF the Railroad ;
monthly sta iement without THAT of the Coal ana
Iron Company was like the showing OF one side
OF an account-all debit or all credit. As IL Is
simply matter of bookkeeping TO make one
show large profit and the other large loss, the
partial statement is deception that would not
be tolerated IN any other country. We know
nothing Of the Coal and Iron Companys accounts
for the last eight months, but we believe that we
know MS much as any one else except the officials
who have an opportunity TO speculate hoth
wnys the scant knowledge OF what
is the publics property. Whether the
reports Of the railroad have been made better than
,hsv should be at the expense OF the Coal anJ
ron Company, OF have been made worse than thcv
abould be- that the Coal and Iron COMPANY mav
smrurisc people with annual showing OF Ia roe
oains. is sealed book except TO a select few man
ayers of " other peoples property. The indigna-
ton in regard TO the matter is beginning TO assume
nracticnl form. The general market however
withstood the depreciation and finally tired of il
and declared its independence OF such trickery
| Union Pacific and Denver, Texas and Fort Worth
were conspicuously strong all day. Louisville and
| Nashville sold at its yet highest price. and MIS-
souri, Pacific rose from IS TO 80 3-s The market
| closed active and strong
THE DAY IN THE BOND MARKET.
The Treasury purchased $685., $50 bonds: 4 per
! cents, 81 $3.50 at 127, and IL per cents,