The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-09-23

accuracy to yesterdays trading In the
other Granger stocks, all Of which during the
two hours VI business to-day regained the greater
part OF the ground they lost on Friday.
In spite II persistent attempts TO lower the
price of Chicago Gas certificates. including
an action by n familiar ~litigant, the
holder of n single share, for the APP
pointment Of n receiver, the certificates
closed III u cent. higher than last Saturday.
other net advances of note are recorded for
Louisville and Nashville. and Toledo, Ann
Arbor and North Michigan. a complicated
controversy over the reorganization OF the com
pany last named is probably responsible for
the demand for its shares. The number OF
interests affected by the bankruptcy of the Ann
Arbor Company that have come to the front
would Indicate 20 any one with the
extent and value Of the system that 1t Is one of
the most important In the country. As a matter
Of fact its mileage Is not large, but 1t has
been 50 badly put together financially, and also
so seriously mismanaged that the holders of
various classes Of the company's securities are
all upon the defensive. The outcome will prob
ably be, though IL may be long delayed,
a better understanding than now exists
between opposing interests and their final as
sent to a compromise plan of reorganiza-
ticn. The first step to be taken in that direc-
ton would seem to I've a thorough and disinter-
ested investigation into the finances, operations,
and physical condition of the property. and then
an adjustment of its relations, present and
prospective, to connecting lines.
There have been interesting developments in
Northern Pacific affairs this week, consisting of
further disclosures, noted in this column
several days ago, Of tho loose methods
Of the first regime OF Willard and the
introduction Of important economies in
IA. - tla r,,,art a. Inv Nha r,natynro
week from to-day the receivers will pay Off the
last Of the 81, 900. 900 lent TO them by the Reor-
ganization Committee to meet the interest upon
the first mortgage bonds due July 1 and before
that time they will probably receive permission
from the court appointing them TO fund
for n period Of three years the s. ,OOO,0 900 of
certificates issued by them which mature for
the second time on Oct. /. The funding of these
certificates has, II Is understood, been effected
through the cooperation Of the Reorganization
Committee.
Still another incident In the affairs Of the
Northern Pacific Company is the publication
OF q call for proxies TO reflect substan-
TALLY the present Board Of Directors at
the annual meeting OF the STOCKHOLM
ers next month. The circular of the
President Of the company in behalf of this
movement consists chiefly Of criticism of the
Masters report adverse to the plaintiff In tho
suit brought in the name of the company for the
removal OF receivers, and n second request that
the stockholdcrs contribute to the expense of
that and other litigation that is contemplated.
The record Of corporation post-mortems shows
that very little profit has been derived
from them. The adage about locking the sta
BILE after the horse has been stolen
applies to the majority of them. This Northern
Pacific case is not an exception to the rule;
and the stockholders have only themselves
to thank for the unenviable position In which
they find themselves. as they had before them
Wizards record as n corporate manager
when they entrusted their interests to him q
second time. and also an exposure OF his methods
and apparent intentions when he was debauch-
ing their property.
ETo-day's brief market was strong, owing TO
the covering OF shorts in the Granger stocks.
There was next to nothing doing outside
of that group. The bank statement shows
a substantial increase in the loans AMI at
the same time "A small increase In the amount
of lawful money held. As these changes are not
fully reflected In the deposits. 1t Is a fair in
ference that a large part OF the
tions granted have been to out-of-town Gus
toners. This indicated a little improvement
In general business, as did also the
successful auction sale of silks that took place
this week, but IL appears from trade reports.
Oahk Exchanges anu railway earnings that the
return to normal activity Is likely to be slow.
As compared with the final prices OF last Sat
urday the list is irregular. The more important
net declines are in American Sugar Refining. q
v cent; Rock Island and Distilling and Cattle
Feeding, 2I each; Long Island Traction, Pas:
American Tobacco, liz; National Lead. "a;
Northwest, Pittsburgh, Cincinnati, Chicago.
and ST. Louis, United States Cordage. and West
ern Union, u b cent. each. The noteworthy adj
yances are In Toledo, Ann Arbor, and North
Michigan, 2s q cent. Louisville and Nashville,
les; Chicago Gas, IA; General, Electric, l;
Northern Pacific preferred, u; New England
and Reading. rs each, and Union Pacific, u
cent.