The sun., 1893-06-17

pears to be drawing to a close It was based
| upon exaggerated reports regarding the hoat-
ing indebtedness OF the company. which, ac-
cordine to the bears. will nccessltate an add.
tional Issue OF bonds. The amount and nature
OF tho floating debt OF tho system has been dis
tinctly set forth In an official ent to the
| effect that 1t Is entirely on account OF the
St Louis and San Francisco and Col
orado and Midland railroads, amounts
to about s5.o00,000, and has not been
| increased since tho Atchson Company as
| sumed tho obligations. Tho talk OF bond
| issue doubtless arises from the fact that under
| tho terms OF its second mortgage tho company
| is entitled to issue S5Ooo.00o of series B"
bonds per annum for actual additions and i'm
provements to tho property. The management
will avail itself Of this privilege. but to what
extent cannot bs stated until after the close OF
| the current fiscal year.
| Other noteworthy movements were In Gem
| eral Electric, Chicago Gas. st. Paul and Ma
| tional Cordage. The last enjoyed n sharp ad-
vance OH light transactions. presumably be-
cause It was learned to-day that the company.
as reorganized. will have net assets OF about
S15. 100000 This will include the S3.Oooooo
cash which the common aud preferred stock
holders will be asked to contribute for working
capital. and will he about S2.500.000 above the
par value OF the bonds and increased issue OF
preferred stock. The bonds. which are to run
thirty years and bear six per cent.
interest. are described as sinking fund
first mortgage and collateral trust bonds.
principal and interest payable In gold.
The bonds are to be offered to the stockhold-
ers at S5. and then to the public at price
fixed by tho syndicate which has underwritten
q majority OF the issue. but at not less than
S5. They will be subject to redemption at the
rate OF 8 y cent OF the Issue at lO5 and In
terest. provided the trustees cannot meet tho
requirements OF the sinking fund at lower
price. A preliminary report Of the receivers
and the proposed plan OF reorganization have
been approved by the Chancellor who appoint
ed the receivers. and it Is now expected that
both vii! be made public early next week.
Interest in the plan for rcadlusting the In
debtedness of the Reading Company increases
as the limit OF time for asserting to the plan Is
approached. 1t is also stimulated by the oppo-
stion which has developed. and which is daily
becoming more aggressive. At tho close OF
business to-day the holders of about S20.000-
600 Of the general mortgage bonds had as
sented to the plan. and the holders Of
over 100000 shares Of stock. The security
holders have until next Wednesday to secure
the assent of nearly S2o,O0OOO0 more general
mortgage bonds and at least 25O.000 shares Of
stock. Officers of the company and their asso-
ciates who have undertaken the readjustment
state distinctly that the time will not be extend
ed, and the failure Of their plan means the fore
closure Of the general mortgage and a reorgan-
izaton upon more drastic lines than those
now before the public. A good deal
has been said against the present
plan. and some of tho criticisms are
we'll founded. especially those Of the COM
promise. or worse. that the present manage
NT.T l.;
ates In the matter Of his reckless and un-
authorized operations in New York and New
England and Boston and Maine stocks. From
the point OF view OF tho security holders. the
question of accepting the present plan appears
to be one OF expediency and that argument
will probably carry creator weight with them
than any other.
To-day's advices from Boston indicate that
the banks at that centre are likely to follow
the example set them by the Clearing Houses
OF this city and Philadelphia. 1t would not be
surprising II they did So since Boston is one
OF the larger cities that Is invariably first to
feel stringency in the money market. Chicago.
however maintains its usual attitude OF brag-
gadocia. Its bankers assert. with an air
OF superiority. that they have no use for Clear
ing House certificates: yet. within the last
few weeks. Chicago banks not only drew lib
orally upon their correspondents here. but
also begged for accom- m odatons. Now that
their troubles have subsidized. temporarily at
least. they are as firm in their refusals to as
sist their country correspondents as they were
when the alarm at that centre was most acute.
One plausible explanation of the unwilling
ness Of the Chicago banks to cooperate for
their common advantage is that they dare not
trust each other. Whatever the reasons may
be. the banks OF that city are rapidly losing the
business and good will of country banks, as
they certainly deserve to. Chicago Is not bear
ing its share OF the burden which the whole
country is struggling under. and its narrow
and selfish policy is certain to react upon 1t.
1t appears that the atmosphere Of the stock
yards has penetrated and settled in its bank
parlors. Certainly. the management Of its
financial institutions has a distiuct porcine
flavor.
Money on call was more active than yester-
day; yet this circumstance did not impair the
tone Of the market which was strong until
the last hour, when prices yielded somewhat.
simply because the demands Of the short in
terest had been largely supplied. 1t is hardly |
probable the strinGency will become much |
greater than 1t was to-day. because the ex- |
tremely low rates for money at London virtual |
ly insure extensive accom- odations here in the |
form of sterling loans. AS to the future Of the |
money market, the fact should not be over
looked that July interest and dividend dis
bursements will probably aggregate S50.OOO.-
600. Preparations for these disbursements
may prolong an active demand for funds. but
after they are made greater ease should pre-
vail The closing OF the stock market was
fairly steady.
Final sales compare with those OF yesterday
ss follows: