The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-11-05
PAYMENT FOR THE PACIFIC.
MONEY MARKET TO BE DISTURBED
rs AS LITTLE AS POSSIBLE.

Several Prominent New York Banks
Make Application to the Govern
ment For Deposits of "A Portion of
the Money 1t Is to Receive From
the Reorganization Committee.
The Governments Share of the
Purchase Money SOS, AS, 223.
Washington, Nov. 4.-Assistant Secreta-
ry Vanderlip has returned from a brief
visit to New York, where he arranged for
the transfer by the reorganization COM
mittee, of the government share of the
purchase price of the Union Pacific rail
road Several prominent New York city
banks have made application for the de-
post with them of such amounts of the
purchase money as the treasury depart
ment may deem necessary in order that
there may be no disturbance of the money
market in consequence of the reorganza-
ton committees heavy Withdrawals. The
National City Bank will accept SIS 900, coo;
the Chase National $1,000, OO0; the Han
over National, 81, 900, 600; the National Bank
of the Republic, $S00,OOO and the Ameri-
can Exchange National and the Seaboard
National, 100000 each, making total of
$20,SO0,OO0 Other banks will also apply
for considerable amounts and furnish the
required indemnity bonds should it be
deemed necessary.
The fact, however that the re-organiza-
ton committee has decided to make it's
payments according to the dates fixed by
the court instead of paying the whole
amount at once will relieve the situation
very materially.
According to the treasury calculations,
the exact amount of the governments
share Of the purchase money is $5S, 44S, 223.
OF this amount $27, 296,512 is principal out
standing; $50, S3O,1S1 interest, due and UNI
paid, and 1881, $50 interest accrued but not
due. Against this gross sum there is
credit of $4,537, 921 representing the cash
in the sinking fund and 81, 466 being the
amount of the interest on the bonds in the
sinking fund due Nov. l. making a total
credit of A,549, $685. which being taken
from the gross amount of the purchase
price leaves a balance of $53, ,S55. or
this amount $8,OS4, 82S, less the amount of
cash in the sinking fund, will be due in
fifteen days after the confirmation of the
sale, which is expected to take place
within the next few days. The second
payment will be made fifteen days after
the first and will aggregate $12, $50, S48. The
three remaining payments will be made
within forty, fifty and sixty days, respec-
lively, from the date of the confirmation
of the sale and will be for $12, 590,S4S each.
The amount of government bonds issued
in aid of the Pacific roads which mature
on Jan. l, next, is s29, 9OA,952. as follows:
Central Pacific, $10,614, 120; Union Pacific,
SIS, ,512; Kansas Pacific, 81. 423, 600; Cen
trail branch, Union Pacific, $500 eco; Sioux
City and Pacific, 81 800.
New York, Nov A member of the
Union Pacific syndicate speaking to-day
of the arrangements for depositing in
banks the 600 which is to be paid
the government for its release of the lien
upon the Union Pacific main line purchas-
ed last week at Omaha, said: THE trans
action will be carried through without
ripple to disturb the financial situation
The money will be deposited in eight or
nine banks and more if they care to quail
ify as such repositories. One bank has
agreed to take $1,000 900 of the money and
1t can arrange to take $30000,000 If neces-
sarY."