The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-29

average for several weeks prior TO tho close OF
business last Saturday. The opening this morn
ing was strong. in response TO n fractionally
higher market for American securities
In London. Besides. foreign arbitrage
houses bought upward Of 10000 shares
OF various stocks. According to cable
advices, the fortnight!y settlement on the Lon
don Stock Exchange did not disclose n very OK.
tcnsivo long account, and int est rates for car
rying stocks to the next settlement were somo.
what easier than two weeks ago. being 3g3i2 Y
cent. Contrary to confident predictions, both
here and abroad, the money market Mt London
does not show distinct signs Of hardening, al
though efforts have been made, particularly
by the Bank OF England, to establish higher
rates OF discount. The comparative casincss of
the London money market, together with larger
offerings here Of bills drawn against exports of
various commodities, particularly cotton, re.
suited in a condition OF tho foreign exchange
market that indicates imports Of specie In tho
near future on account OF a foreign trade bal.
anco adverse to Great Britain and other Eu-
ropuan countries.
The imports OF gold now under way and
which arc consigned by the Deutsche Bank Of
Berlin to its correspondents here, arc, it is un-
dorstood, incidental to the participation of tho
Deutsche Bank and its clients in tho syndicate
formed to underwrito the Union Pacific Rail.
road reorganization. That syndicate, as is
well known, has undertaken to liquidate
the Indebtedness of the Union and Kan
sas Pacific companies to tho Government.
A part OF the largo amount required for that
purpose Is to be furnished by foreign capitalists.
and as 1t is desirable that the money markets
uerc and abroad should not be di turbcd by the
operation, the European underwriters are grad
uaiIy transferring to their correspondents
here their proportion of the funds re-
ouircd for the purpose mentioned. As fore.
shadowed in this column several days
ago. this is an ample explanation OF tho recent
shipments Of gold from Europe and also of the
statement made by one Of the consignees that
1t still has several millions Of dollars TO its
credit abroad. Tho Government will of course
pay out at tho end OF the year tho money
II will receive in liquidation of its claim
against the Pacific railroad companies in pro.
cess of reorganization. II Is TO be noted that
the or eration, which involves the collection
and redistribution of an extraordinarily largo
amount of money, is being ~sk!lfully conducted
with the view of minimizing its effect upon the
money markets OF the world.
The most important news to-day was the an
nouncement that the Administration and the
Union Pacific Reorganization Committee have
reached an agreement that will expedite the re.
organization of the Union Pacific Railroad Com
pany. Tho details of this compromise as far as
they have been made public are printed in
another column. The event is a most import.
ant one, not only to the holders OF Union Pa
ci!ic securities and to those who have under
taken tho reorganization OF the Union Pacific
Company, but also to the Government. which,
had it appealed from the decree OF foreclosure or
delayed its execution. would have been COM
p"llcQ to draw upon its present resources to pay
off its obligations of nearly $50, GOO, 600 matur-
ing Jan. l. The heaviest dealings on the Stock
Exchange to-day were naturally in Union Pacific,
and in spite of the reactionary tendency of the
entire list after the first hour. it was tho only
active stock that did hot close lower than yes.
tcrday. The reactionary movement was most
pronounced in Sugar Refining. Chicago Gas.
Rock Island, Chicago. Burlington and Quincy,
Omaha, Northern Pacific preferred. New York
Central. Western Union, Louisville and Nash
vile. and Manhattan Railway. OF news
affecting these stocks adversely, there was
none. Speculative conditions were entirely re-
sponsible for the fluctuations recorded.
The ncws consisted Of II lower market for ster-
ling exchange, larger exports of merchandise
for tho week as compared with the previous
week, and satisfactory traffic returns, including
the excellent statement of the Atchison system.
printed further on in this column. There was
further LIQUIDATION by speculative holders of
stocks who failed to take advantage OF the re-
cen. rise, and by others who were alarmed by
the extent of the reaction in prices and the
apparent control OF the speculation by operators
for short account. The professional element is
more bearish than at any time OF late. being en-.
Outraged by its successes. On he other hand, it
is to be noted that he bearish sentiment is OK.
tending, and that it is now fashionable 20 argue
that the stock market has discounted all pos
ihl ,A 49,, rt -, rus-.a - 1900
to come. Importance was attached to-day to
the fact that the case OF the Inter-Commerce
Commissioners against the Central Traffic Asso.
citation will be argued before the Supreme Court
of the United States when that tribunal recon.
vencs next month; and the possibility OF II
decision adverse to the transportation indus
try was discussed and traded upon. Capital
was also made of the fact that Congress
reasscmbles about two months hence. Bear
ish sentiment vas further fortified by a
revival of absolutely unwarranted rumors OF
impending friction between the United States
and Spain. In spite OF these various circum.
tt9. ces and efforts to make much of them in the
m,rknt. Yesterdays improvement in prices was
not wirct out except in a comparatively few
oesos. Tho closing was steady at a rally from
the lowest prices.
Final sales compare with those of yesterday
as follows:
Sept. 81. Sept. 2s.l Sept. 81. Sept. IS.
A.T&SFe. l5ia 81 North Am. 6 q
A,T&SFep 80 32S} Norf s. W p 43 12
Am Cot OIL. 2l9 2l+I y W com..l26H 1851
Am S Ref ..ld7H ld5 Pao com. 2OHs 2O4
Am Ref p.ll7l4 ll6i4, y Pac pr. 53S 52s.
Am Toh.... 50 81" NY C'nt..lllNs llo9
Am sp M. 1873 l3 M Cent. 90 90
Am sp p. 80 SO Omaha "om s3ia SlNs
Brook II t. 3lh 33's ont & W.. 1917 Is
Canada So 5SL 57LlPHc Mall. 35L 3da
c.C.c&stL 3SA< 367s Pull , car..l7Sh 1854
C.B&o" 90 o7Ts Rock Island 02h COS
Con Gas ....226 q lReading.... 27's 26L
ch"s& o.. "a 237s Read LIST pr 55t 9
Chic Gas. lO2 iStrr"n... g9bs y9L.
Oh G W.. 1871 l7as st p Mill 1917
Della Hud.. 10 ll7A so Itway.. llos III
d r. pr. 4Sis AVS SO Kway p 34s 33Is
Erie...,... l7's l6t, StLsWp H. llSs
G,u Elec... 81. 37h stand st Ga e.
Illinois Cen i lo4A Texas rac.. l2I l2L
Kan 4 Tex. 1873 1874 e.. & Re- 3D. 3Ol
Kan L 7 pr. 3oH 80 Tn Pac.... "a 24
Lou 4 Nash o 5OA u s Rubber l74 l7ia
LEA pr 77@ 767eI U s Rub pr. SO 65L
Lall-de Gas 43H 40 U S Lrath.. 81 81
Nanh Con. O6 lO1 Us Leath p 67a 66S4
Mich Cent. NJ 1OE5 Wabash Df. o1L OH.