The sun., 1890-01-05

| elect few days ago there was practically no
time money In sight Yesterday afternoon and
| this morning frst-class borrowers we're fairly
overrun with brokers Offering time money on
| pledge Of good mixed collateral for any period
from thirty days to slx or eight months. In q
| few oasea We hear Of offors Of four months
money at 8 y cent, Another favorable develop
| ment may be noted In the bond market, which
to-day promptly responded to Yesterdays
break in the rates for money. First mortgage
issues bearing 8 to y cent interest were In
demand this morning at advances Of \ to / p
cont The investment element has been nt
work in the market for the last week or ten
days In q manner that may have been noticed,
but which has not, We believe, been entirely
appreciated. There has been q constant abb
sorption OF the bond rights on the Northern
Pacific stocks, on Missouri Kansas, and Texas
securities and on Union Pacific The pur-
chasers OF the rights acquire privilege that
the speculative holders Of those stocks have no
use for.
For instance, the investor who pays y Of l
y cent for the rights" on Northern Pacific
stock secures the new general o v cent bonds
OF the company at 80. they being offered to the
stockholders at So. Consequently. 90 may be
regarded as the present quotation Of the new
bonds. The chances are. however, that those
bonds will soil at higher figure than that
when they are issued, as the stockholders' sub
scription to them 10 underwrltten by syndi-
cate, whose aggregate subscriptions exceeded
the amount Of bonds offered by moro than 100
y cent And II is understood that the syndi-
cate has already received applications for the
bonds largely In excess OF the total amount
offered to the stockholders. The purchaser OF
the rights on Missouri. Kansas and Texas
seourities at current quotations will
honda NJ fha
company at 80. the price at which they are
offered to the security holders. as the other
securities awarded to subscribers as q bonus
are conservatively figured TO be worth fully a.
much. and in some Gases moro, than the price
paid for the rights This subscription will also
be underwitten 40 strongly az that Of the
Northern Pacific Company. The formation Of
the syndicate and details Of the guarantee vii
doubtless be made public early this week.
The development Of operations Of the char
scter mentioned above seem likely to engage
the first attention Of the financial community,
Following those that have been mentioned
plans for fnanciering the Missouri Pacific
Company may bo expected. The statement
was made In this column two weeks ago that
the management Of the Missouri Pacific Com
pany had arranged for the liquidation Of its
large floating Indebtedness. which Is described
as 8n unfunded balance Of construction ae-
count by suFrenderinR the collateral held by
Measrs. Gould Sage, and their associates to-
gether with other assets in the treasury Of the
company, all Of which consist Of securities OF
other corporations than the Missouri Pacific
COMPANY. At the time that statement was made
the arrangement had been completed with the
exception OF the formal transfer OF the securi-
tieG Since then the matter has been in statu quo
owing TO the oppositon OF Mr., Sage. and It is
understood that new plan may be devised for
cleaning up the fnances of the company One
thing seems very clear namely. that Mr.. Gould
proposes to have this matter adjusted and dis
posed Of as soon as possible, and to that end
he has offered to take at par three quarters OF
O new issue Of Missouri Pacific stock. suffi-
oiently large to pay off this debt providing Mr..
Sage and other large stockholders will tako
learned no further progress has been made
toward carrying out this proposition.
tho regular s MGua ao HFT xSs Ss'Ss Ss o IN
tpre at 2 further noteworthy advance, and IN
hS ga'fs ssaa sosDSsPS S a6ss5 e
lieineries stock. which was pressed for sale
stocks wei main taiasd advance Sa In Rock ROCK
Island may be 1SSsed aS The M weekly statepsnt s
neaFly 900 IN the Deposits was e disDrS- o.
Ssh fa an9
neaxig fa6o0, 686I In iAWful money. . IConsoS'
Quently last weeks surplus reserve was drawn
make make g good tho fosa rsapirements against the
larger dsposits; The ineon9istenSy Of the
nished BY two Of the largest banks, and Which.
II is understood, may be revised. The indioa-
really S much better than shown By By the st State
81 the general situation there is little that ia
Pssseneer I ger rates That 6sSe besn mads between
iatons of The T railroads. TO each osRer ana the
condition Of their business seems to be as satis-
L s q Rs ae RsSn & Is
%o9sn tr9de seems 70 be gradually
dIti9n as the anthracite coal trade. In
Wall street attention atI. T. being diverted to an
Of the investment and monetary. markets
abroad. especially in London, at which centre
capital into Industrial concerns is freely pre-
dicted: In ~ view OF recent mt, eNDeneaees With
that a serious reaction IN England Of the ohare
upon this market than has already been am
- AZ Compared with the final pricss OF last
SsSfs SS:sES "a E.sstS Sos mn
ferred, /; Missouri Pacific. 81; Canadian Pa
eide and DelsWSre END 1nd a5adsop 5 81 each;
Gas, AZ; Denver. Texas and Fort Worth and
Rock Island 2H EACH Reading Q; Norfolk and
ferred and Western Union. II each Chicago
Gas. Chicago. Burlington and Quincy. and Wa
England. RIa Paeiao Nah. Rich@@cn%d % and Ter@Ei-
nal; and St Payl, X each; cAnada Southern
Lake Erie preferred, Ix each; chesapeate and
Ohio common and New, York Central. l each;
Texas. Lake Shore, Michigan Central, and On;
tario and Western, each: Oregon and
Transcontinentnl and Manhattan. u " cent
Final sales compare with those OF yesterday
as follows: