New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-23

CLOSING PRICES OF CALIFORNIA STOCKS.
San Francisco June 80. 1898
WHAT WAS DONE IN STOCKS.

Thursday, June 22-p. m.
Speculative interest was centred to-day on
Philadelphia and Reading. and the transactions Ill
that unhappy stock more than third OF
the total business. The price fell about : per
cent, and il reluctantly rallied only small fra"-
ton The Official abandonment of the plan OF
reorganization had relatively little influence Oh
the market, because it was expected everywhere
outside of Philadelphia default in the pay
ment Of the July interest seems to be inevitable,
but question Of greater importance is whether
the company will lose control OF valuable
branches through sales of securities pledged 10
holders Of the floating debt In other words. is
the system to he disintcgrated? II has been
clearly demonstrated that the earning capacity OF
the company is not sufficient to meet ITS iiAed
charges and, i'll this respect, the proposed scheme
was impracicable because it merely added 10 the
burden. A foreclosure and a businc>s-liic re-
organization might deprcss the stock and income
bonds, but they might he also benefit to the
property Holders of the junior securities must
but but they sS'' will save notIing by taking
a fresh promise 10 pay. Opposition 10 Il real
reorganization Of the company must be merely
speculative, and innocent holders of the stock
and income bonds ought not 10 bc deceived by il.
To them il makes no difference whether tho
present condition Of the company is due to pre-
mature purchases of coal lands by the sanguinc
tiowen. or 30 rash extensions by the ambitious
Mcleod II is a condition that conirOnts them.
The general market was exceedingly dull. and.
rule. first prices were the best for the day.
Money was easy for call loans. but the Western
demand for currency was not relaxed, and bank
and mercantile failures III different sections nf
the country grew in Importance If not i'll number.
Further issue of Clearing House certificates was
made, and, together with the formal notice that
the Treasury would begin Monday to prepay
July interest, it tended t. keep money easy, but
lower rates for money caused a further advance
in foreign exchange, and the importation Of
$500. 900 gold, reported yesterday, was recognized
as special transaction which may have had
speculative purposc At the prcs"ntpriiSee of en-
The closing was dull and heavy. although not
at the lowest points.
THE DAY IN THE BOND MARKET
Government bonds remained wholly neglected.
Bids for extended l-2s were lowered l per
cent but asked prices for As were a small
fraction higher The closing quotations were
follows
U. 8. us. 1891, TseurSs 1922 1922 .1 iCs
;; 81; IL? i
There were no transactions in State Issues,
nor sales of city bank stocks.
ing. If it possessed any, striking feature. the
complete stagnation in Philadelphia and Read
ing issues furnished it. These bonds
rally inferred that no large sales could have
| been made at current quotations. General As
declined per cent to IS l-2, and second incomes
instances the transactions were exceedingly light.
| Atchson a. declined 10 20 and, closing at the
opening price at 20 "a, were IA per cont lower
than they were yesterday, while seconds class
A. closed l-2 per cent lower at 4j 3-4a4G.
| Northern Pacific consol IS lost l-2 per cent at
go l-2, and number of other issues sustained
| fractional declines. Reference Is made to
full report of bond sales
Money call ruled at 7a8 per cent through
the day. d and sar Loans were
| lions were at per cent In the last hour
the rate was advanced to IS per cent, but the
offerings surpassed the demand, and the last loans
We're at & and per cent.
The Clearing House statement was as follows:
Exchanges, $9jl 63G; balances, S4.O?G.l52.
House sGsO,oal. Its net gain on balance
81 ,O04,5 0, made up by gains Of $4,4oj in coin
and 81 ,ooO,ls6 in currency The days opera
tons covered: Receipts, $5,2727GO; payments,
S4.i7s.IGo resulting in a general balance Of
Ss;,60o,s6!, consisting OF S6s,044,44S coin and
Sls.656,424 currency.
received to-day Sl3s,203 National banknotes for
| redemption.
The customs receipts were s7o2,5 the in
| ternal revenue receipts S530,162, and the mis-
ccaneous receipts S37,ss2.
| To-days Washington Treasury statement OF
cash on hand and deposits in banks compares
with the figures of the last previous statement as
follows:
Ne. gold on hand q 5qG: Dt s
sss 1sI Oh hand s s51 s ssss5 D &c.,
/ Actual cash IN the
| Treasury vaults
| outstanding
certificates s12G 300 $40 sloG 1Io1 73 Dec s1el oI7
Deposits in bank. 12.130.13o n.92l.2S Dec "09O02
NJ. cash bal siss 4si i2o s3s Ool Dec $500 eI9
Rates for foreign exchange advanced again in
| consequence Of continued easing in the price of
money. Cable transfers London sold a. high
as 81 Sc IL. The market remained strong until
near the close of business. when slight concessions
were allowed Appended are revised quotations
| for actual business: Bankers bills. 81 s3a
"a SO IA and 81 SIS 12 for long and short sterling
respectively: French francs 52l l-4a5 90 SIS and
| 5.ls 3-4aj.ls Is; reichmarks, "a 5-SaO4 ga and
| % Ii.
FOREIGN MARKETS.
| The governors Of the Bank Of England ut their
| weekly meeting made no change in its minimum
rate of discount which remains at lie per cent
| In the Ueek tho hank oained H0An 000 hnllion