New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-13
CLOSING PRICES OF PHILADELPHIA STOCKS.
Thursday, June 12-p. m
STOCKS


We imagine it hardly necessary to say that 1t
was an error-the substitution of oregon 1or
sugar" in a quotation printed this morning
But for safety we print correction: III the
governors permit. the swindling in Sugar TO con-
tinue don't care how prosperous the country
may be, before September business on the STOCK
Exchange will be dead and buried"
PROPOSED CONSOLIDATION
1t is proposed to consolidate into one company
10 be known as the Pittsburg Cincinnati, Chicago
and St. Louis Railway Company, four companies
which now are controlled by the Pennsylvania
Company's system west Of Pittsburg, VIZ: the
PittsDIrg, Cincinnati and St Louis the chicago,
ST. Louis and Pittsburg the Cincinnati ana klch-
mond and the Jeffersonville, Madison and Indian
apolis companies. In pursuance Of this object tne
authorization Of The consolidated company STOCK
600 preferred stock, $3O,0OO,OOO; bonded deot'
S75,00O,U0O.
But the issues proposed to make exchange for
the securities of the merged companies are COW
cred Dy S20,459,1s2 common stock S2l 1892
preferred stock: SAL, 724,9SS per cent bonds.
This will leave in the consolidated company
treasury subject to issues for future requirements,
$24.A50,sl7 common stock; $s,767,2S7 preferred
stock. and S33, 215O12 consolidated bonds
There is no data for the earnings Of the four
companies later than for the year ended Decem-
Der 81, 1889. The net earnings for that yea!
were reported as follows: Pittsburg, Cincinnati
and st. Louis, S. ,6S4,260 Chicago, 81 LOUIS ana
Tx
slO,SO4 Jeffersonville, Madison and Indianapolis
S463 ,3l7; total $3,432,437 .., ..
The bonds and preferred stock to be issued 10
make the consolidation will require net annual
earnings of 81. 66s,7O0 for interest on bonds ana
$3.50 $50 for per cent on the preferred stock
total, S2,5l3,65i. against the net earnings lor
1889 Of 81, 432,4
WV WHAT WAS DONE IN STOCKS.
There was nothing that was cheering about
tire opening figures Of stocks at the STOCK EA-
change this morning. With rush the hrst quota
tions were made materially lower than yesterday
closing figures; but it was only desperate spashi,
and no one except the first sellers were huIu:
The curious, not to say QulXotlc, pehaVlol "a
the Lake Shore and Michigan Southern Hlanaee-
uent in being, as reported a leader IN the cutting
of eastbound rates. was a topic OF general coin-
ment in the Street. and for short tnie was
On immense source Of comfort to the leading pears
The name of the president of the Lake ohVic
company was in everybody's mouth, and at thc
offices of other trunk lines there was no niue eA-
element over the newly developed poney Oh one
of the Vanderbilt roads. And yet, While under
any other hypothesis the policy of the company
at q time when IL cannot handle tne HelgnU
offered il seems TO be ineXplicabie theIc Me!e
few persons in the Street or in the railroad oHccs
who cared to assert that stock speculation was
the motive for cutting rates. John NeweH ID
president and general manager, and w n. NaRug III
bilt is chairman of the board of directors OF ule
Lake Shore and Michigan Southern Railway Iohl-
pany. H.. ~
Well, if there is any speculative motive con
nected with the queer" management OF the
Lake Shore rate question, it is evident thaC inc
opportunity to buy stocks was improved today:
But it is little hard on the manipulation OF I"us
that the price of Lake Shore stock should ad-
vance from IL IA TO Is l-s with tIansacoiGns
amounting only 10 1,7i5 shares. The obiectiEe
point. however may have been elsewhere than IN
Lake Shore. The ways of speculative ma TSees
of any corporation are past finding out; IIeIe
is one thing that is certain: change OF presi,,
dent and general manager of the Lake Shore anu
Michigan Southern Railway Company VIII not
damage the market value Of It's securities.
They" opened Oregon Transcontinental az
40 A and il went right down to AZ 3-s, on no1n-
ing. except sheer force of trip-hammer We
guess that any holder of Oregon and Iransc0hli-
mental stock holds q put at about 30 II ne eIecls
not TO 60 into the new company. The whole mar,
kct. after the first half-hour made s'eauy anu
improvements right up 70 the Close ana
silver or it's prospective legislation was not men,
toned or thought of all day The market ciosed
strong at top figures.
THE DAY IN THE BOND MARKET.
The Treasury to-day purchased $3s,15O per
cents at 80. and $34 900 l-2 per cents az loS.
At the Stock Exchange no business was zone IN
Government bonds. The quotations are as ioi-
lows: