New-York tribune., 1895-07-04

ON THE STOCK EXCHANGE.

The stock market was dull and transactions
amounted principally to the settlement OF out
standing contracts Of small professional traders
on account of the holiday. London bought a few
stocks in this market. and this. with good crop re-
ports. helped the Granger shares. and they closed
strong fractional net advances. The bears
tried 20 depress the Industrials. but only sue
oeeded in making them irregular. and with the
exception Of American Tobacco and Chicago Gas
the entire group closed higher. Chicago Gas was
weak on the belief that the directors Of the COM
pany will pass the next dividend. Colorado Fuel
and Iron was again a strong feature. and the pre-
ferred stock was sold at an advance of 20 points
from the last previous sale on May Is. Arrange
ments have been completed for funding the float
ing debt Of the company, and reports OF the COM
panys earnings are most favorable. Southern
Railway issues continue strong and attractive.
and to-day il announced that the company
had completed negotiations for placing another
large block of its per cent first mortgage bonds
in Europe. The anthracite group was inactive,
and there were no developments in the coal situa-
ton, although il said that an important
meeting had been held to discuss the reorganza-
ton Of the Reading Anthracite affairs are NOV
ing slowly. but II Is understood that proposition
for a settlement is now being considered and that
its chief feature involves the reorganization ana
control Of the Reading and some changes in some
Of the other companies as regards their manage
ment.
The Adams Reorganization Committee Of the
Northern Pacific Railroad Company announced
to-day that hitch had occurred in the progress
OF the reorganization plan on account OF the
Minnesota state laws which would prevent the
proposed bond guarantee by a rival corporation
such as the Great Northern. II was not an
nounced that Mr.. Morgan had refused TO approve
a plan which would practically turn over the
Northern Pacific TO the Great Northern. but II
is understood that certain features OF the plan
did not meet the approval OF Mr.. Morgan, and II
is very well known that great deal OF pressure
was brought to bear upoh him by the interests
who are opposed to turning the company over TO
the Great Northern and that they were In a
measure successful Mr.. Morgan and the
Deutsche Bank Will supply the capital 10 carry
plan into effect but IL Will not be the same plan
proposed by the Adams Committee. There were
various reports to-day concerning the anairs or
the company. and Mr.. Hill OF the Great Northern
announced that Mr.. Adams had no authority 10
say that the plan was impracticatle. and that he
stood ready to carry out his part OF the plan.
which he said had been approved ny the foreign
security holders. Despite this. statement was
made BY an excellent authority that Mr.. Hi had
Informed counsel Of the Great Northern that IL
was useless to come to NewYOrk. as the plan
could not be carried through. Those who do not
believe in the plan which provides for bond
guarantee by the Great Northern. for which the
Great Northern is 10 get half q the stock OF the
new COMPANY. have received legal advice from
Minnesota that such plan could not be carried
into effect and moreover they state that Mr..
Morgan has refused 10 assist in the carrying out
of the IDEAS proposed by the Adams Committee.
The present earnings Of the Northern Pacnc
Company show a vast improvement and the oper-
atiOns Of the road In the last three months
demonstrate that the interests OF the security
holders would be amply cared for by rcorgan-
ization which would continue the system under
its present management
BONDS-THE FEDERAL TREASURY.
Government bonds sold. 1000 registered IS
at l167s Quotations were as follows: