New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-26

company IL made somewhat doubtful by H. tn.
placing Of further burdens OIL the company a..
hardly be considered wise financially, because q
has been demonstrated periodically in the last AZ
teen years that the fixed charges are larger thsr
the business OF the company can sustain. Il z
quite time that the holders Of the stock and
junior bonds should recognize the necessity of :
thorough and busincsslike reconstruction OF TIA
company. The failure Of the proposed scheme q
likely to result in u default in the payment Of
July interest on the general mortgage bonds 4
new plan may be- presented aftcrward and fore.
closure OF the mortgage may be avoided, but NJ
plan is likely to be Successful which shall not i'm.
pose an assessment the stock and junior sec,,ri.
ties. 1t makes no difference whether the misfortunes
Of the company are due 70 unwise purchases Of
coal lands by the late Presi5ent Gowen,
Mcleod The condition of the company de.
az ACQUISITION OF fresh c1pital for tile operation
that the next reorganization of the company will
not be on the basis Of All increase in the funded
debt ard in the fixed charges. This stock Dc.
Of the plan. and. although it rallied slightly
from its lowest point. il suffered final lbso
of per cent, Large losses were sustained By
was active ard weak at a decline OF about !
per cent. National Cordage seemed also to b
pressed for sale. because shareholders did NOT
Of that s 20.
be considered fairly assured but II the plan should
be rejected. as in the case OF the Reading Rail.
ROAD, the consequences might ne exceedingly In
portant
The st Of July may be trying time for othes
companies than the Reading II marks, Of cours0,
moSet tar Conditions will be- improved immedc
atcly after July /. Payment of interest on Gov.
eminent bonds will be begun tomorrow, and the
amount usually dsbnrsed at the SubTreasury In
this city is fully S6,OOO,OOO This is not n large
amount, but it will afford some relief, while tho
superficial signs point to relaxation Of the
Western demand for currency. Moreover, the i'm
preston is becoming more general in Europe that
the Sherman aver law will BIZ. repealed at the
next session Of Congress. For that reason bank.
ers with European connections more willing
to issue their drafts on Europe, and the Rates Of
foreign exchange have been Influenced by this
fact II is early to expect a heavy influx OF gold
ordered hast week was not altogether an exchange
transaction. At the same time the demand for
remittance. largely in consequence Of the high
rates for money, is inconsiderable. while the ex-
ports of merchandise will he likely to increase
from this time on II it is true that the sentiment
Of Congress the silver question has been
changed by recent disturbances, an extra session
should be called at the earliest possible moment
n would be unfortunate if it should meet and not
repeal fiie present Silver law. but there should
he no delay whenever it is PLAIN that a repeal Is
possible.
The granger shares were conspicuously strong
throughout the week, although they suffered
small final losses ST. fa wsr N
sharp attacks by the bear faction. but they all
displayed stubborn resistance, and their fna!
declines were only about ] per cent Missouri
Pacific was lcss strong. ami it closed not much
above its lowest figure, with loss Of Of; ls2 per
cent. Union Pacific was extremely dull. but IL
lowest point Atchison was pressed for sale. and
it ended without rally. The principal .t excep: p:
n;stiIlino and Cattle Feeling which scored q
fractional fractional gain, and by Delaware, Lackawans
and Western, which advanced l-2 per cent:
The closing was dull but heavy. and somewha'
lacking in confidence ,...
Following is our usual table, giving the number
Of shares sold Of all stocks, the highest. ioweS S
and the final prices of the week t9gethet b. VII" IN
average prices Of June %, 1892: