New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-17
CLOSING PRICES OF SAN FRANCISCO STOCKS.
ON THE STOCK EXCHANGE.
Monday, March l6-p. m.

Stock trading opened the week without change
in the character Of the dealings Fluctuations
were narrow and transactions were small four
industrial stocks American Tobacco Sugar Re-
filming General Electric and United states
Leather furnishing the bulk Of the business
American Tobacco was under the influence OF
manipulation. and after an erratic movement
closed fractionally above Saturdays last price,
The industrial list was strong throughout, al
though General Electric closed fracriorally lower
but elsewhere prices sagged, and the majority OF
stocks closed at small net declines. PACING Mail
suffering the heaviest net loss The Northern
Pacific reorganization plan announcement con-
tnued decline In wheat and an easier foreign
exchange market were the only developments OK
the day, but Of them were factors OF im'
portance in stock trading. The effect Of the call
ing in to-day Of 20 per cent Of the deposits held oy
the Government depository banks which have
been lending In the call loan market and the
raising OF $4,000 900 for the Northern Pacific re-
organization plan upon the local money market
will be interesting to watch. Northern Pacific
bonds and stocks were active on reorganization
prospects. the stock losing fractionally and the
bonds advancing. All interests in Northern IA
cific have co-operated for the execution OF the
plan. and the fact that Mr.. Morgan has II IN
charge Is sufficient to insure Its success. The idea
is based upon the foreclosure OF the second thiro
fered to the holders Of the bonds must be con-
sidered fair. especially to the holders OF the
consols The plan has been carefully worked out
and there is little cause in any OF its features Tor
complaint. The stockholders have to pay
heavy penalty. but the requirements Of the new
company and the condition Of the old have made
drastic measures necessary. and the assessments
which are called for not as heavy as until!
recently had been expected Over SO. 600 Will
be realized from the assessments.
The present fixed interest and sinking fund
charges Of the property are SO. 905. $780, to meet
which the road has had in the last hve years
an average net income Of $7.S00.0O0. out
under the proposed plan the hxed annual
charges are to be reduced to less than the
minimum earnings under probable conditions.
The new fixed annual charges will be $6062ooo'
exclusive Of bonds reserved for new construc-
ton. and from the present rate OF increase Ia
the companys income account the new amount
OF charges ought &c be met without doupI
The plan creates. first $3.50. 100000 prior lien :
per cent gold bonds second $50 .000.0 900 genera
lien per cent gold bonds third. $75oooooo pre-
ferred per cent non-cumulative Stock anu.
fourth. $50 100000 common stock The prior ~"
bonds will be appropriated chiefly to retire tns
general first mortgage bonds, to provide LOT
the conversion for the sinking FUND OF tns
general frsts and the general lien per CENT
mortgage will be appropriated chiefly for !ns
conversion Of the sinking fund Of the genera
third mortgage bonds. for the conversion Of ~