The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-03-09
TWO PIECES OF NEWS.
Union Pacific Reorganization and Erie As
seSsment Matters.

New York. March S.-Two announce
n,ents were made today of serious i'm
port to the street The first OF these
came from the reorganization clmfnlt-
tee of the Union Pacific Railway COM
many and was to the effect that the com
mittee had disbanded and that all Sc
ctrities deposited with ii would be re-
turned to their owners. This action IS
taken in accordance with the agree
ment entered into for the deposit OF. Sc
curities which provided that IN case
a permanent plan of reorganization
bad not been agreed upon by the com
mittee by March !, the committee
should cease TO exist. The date was
fixed as that of the adjournment OF
congress for the reason that the failure
of that body to act on the matter OF the
company's debt to the government
would be a positive bar 10 the lorna
ton Of a reorganization plan. Congress
failed to pass any measure OF rellet ana
hence il only remained TO carry out the
agreement between the committee and
the depositing security holders. The
denomination committee will not for
mally disband until it has returned all
the securities il held, but its chief
functions are dissolved. There was no
movement in Union Pacific stock to-
day, the only sale being of 100 shares
at a decline Of Il per cent from the pre-
ceding price.
The second notable announcement
was in the shape Of a joint circular
issued by p. Nj. Morgan < Co. here and
J. s. Morgan < Co. of London, declar-
ing that over 90 per cent of the bonds
OF the Erie Railway company deposit
ed with them had assented to the
changes set forth in the circular OF De
cember 10. 1894, and that they would
act on the authorization thus given.
The circular does not give any hint as
TO the proposed action. but il is gen.
orally accepted to mean that fore
closure proceedings will be begun at
once and that a stock assessment var
iously estimated at from $50 10 800 a
share will he levied. The money TO pay
the June. 1898. coupons has not been
earned. and il is rumored that the re-
ceivers of the company have decided to
apply for authority TO issue receivers
certificates in the amount Of 100000.
The shares fell OF on the stock ex-
change > per cent for the common and
= Der cent for the preferred
Sugar was again the star performer
Of the stock market, although the
transactions were about One-thiTd less
than yesterday. The stock opened at
s524 per cent, a gain OF = per cent on
last nights figures. rose 70 ~ per
cent. reacted 10 S6i3 per cent, returned
TO 97L. per cent. fen back To $50 per
cent. moved up 10 9S1. per cent, clos
ing = per cent below the top price but
= per cent higher than the final sale OF
yesterday The buying vas attributed
largely TO insiders. who X Is claimed,
are determined 10 squeeze the short
interest Canada Pacific on sales Of
700 shares. broke TO 5iz per cent. the
last sale being al the lowest or the day.
The Changers We're also sold down and
recorded declines OF @sG~s per cent.
The general market was in the main
heavy. and al the close showed de-
probation Of -kd12 per cent The mar
keJ closed generally heavy
The dealings II bonds was rather
light and the tendency OF prices vas as
q rule downward but the recessiGns
were generally slight The aggregated
sales were $500 Ds-l