The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-10-28
Financial.
There Was Another Sharp Decline in
Stocks Yesterday.

There Was Another Sharp Decline in
Stocks Yesterday.
New York, Oct. 27.--The stock market
looked strong for a time to-day and the
level Of prices soon after rose a point
or more above last nights close in
many stocks. But a renewal OF re-
ports that the Spanish reply to the rep
reservations of this government was of
q tenor that threatened trouble caused
the market to sell off to point as
much below last nights level as it had
been above it in the morning.
This represented a very wide range
in the fluctuations extending to points
in Consolidated Gas and about points
or over in Union Pacific, Sugar, Paci-
fic Mail and several other stocks, a
point or more for nearly all stocks.
Union Pacific continued to absorb a
large share of speculative interest and
fell during the day to within "A Of the
low point of Monday, when the govern
ment's announced intention to post
pone the foreclosure sale was regarded
as threatening a collapse of the whole
reorganization plan.
The weakness of the stock was due to
a report from sources near to the reor-
ganization interests that the increase
in their bid for the property would in
volve their taking UP a corresponding
amount of the proposed new securities,
which would have otherwise accrued in
the treasury of the reorganization COM
g
corresponding proportion OF fixed
charges ahead of the stock of the re-
organized company.
The suggestion also found currency
that the committee might decide to in
crease the issue of first mortgage bonds
above the 100000 proposed, notwith-
standing the assertion in the Teorgani-
cation committee announcement on
Monday that no change in the plan of
reorganization is involved by their de-
termination to bid in the Union Pacific
| main line for the full amount of the
! governments claim
Whatever foundation for the rumor
| it helped to depress the price of the
stock to about what it was before the
| second SIS assessment was recently paid
London was also a seller of the stock
| to-day in this market in contrast to its
attitude of yesterday. Arbitrage brok-
| ers in fact sold most or the interna-
| tional stocks while prices remained
| above the London parity.
| Sterling exchange yielded q in the
actual rate for demand bills and p in
| posted rates. Increased amounts which
/ will have to be paid by foreign inter-
| ests on account of the larger bid fol
| the Union Pacific was the cause of the
weaker tone There was also said to be
some liquidation of exchange which has
| been recently purchased for use as col
! lateral with view to leaving funds in
London at the higher rate of interest
prevailing there.
| ings for September showing an increase
of over Sal 900 and rumors of the heavy
| increase to be shown by the forthcom-
| ing Burlington statement were factors
in stiffening the marke. about noon
| The speculation in Burlington was the
| more active, rumor being free to ex.
| pend the earnings in the absence of &C.
| curate information. The stock rose al
| one time IL and there We're over 40 ,OOt
shares dealt in against $4,000 in Unior
| Pacific These two stocks absorbed
| one third of the total transactions.
Prices of railroad bonds were firm ir