The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-04
ooNFERENoE OF rTwANoIERs.
ArranEinE tho Details or the Deposits or Public
Money EntnIIed by thn U. r. anln.

~ NJ ny N As Es rute. /
A conference was held at tho Chase National
Bank yesterday between f. A. Vandorlip,
Assistant Secretary OF the Treasury; Assistant ,
United States Treasurer Conrad y. Jordan, A..
b. Hepburn, Vice. President OF tho National
City Bank, and Henry W. Cannon, President OF
the Chase National Bank, In regard to some OF
tho details connected with tho deposits OF pub
tic money resulting from tho sale OF the Union
Pacihc hallway. In order to minimize the or.
rect upon tho money market OF tho transfer OF
so largo a sum, the Secretary of tho Treasury
has arranged with tho court ordering tho salo
that Its certificate that the money has boon
paid either into the Treasury or deposited for
its account in certain national banks in this
post of the cash with the clerk Of the court.
Inc deposits In the banks arc to be secured by
ImopoS.t OF government bonds With tho IroasurS
Wide opportunity has boon given, by the
Civ 10 y 70 the larger nation al, p srn,n n IN
Malcations probably not more than eight OF
nine nh banks will forward bonds to Washingt1n
ior the purpose. The SeCretary's purpose IS
simply TO make such arrangements with tne
banks regarding the money to. be turned over
In the money market. Probably ope-halI to
two'thirds Of the proceeds of the sale Will S9
,s,S Sa the hanks stem, tSmPor SEE ;5 and %t the balance Tb wi,
Is a comparatively small amount OF Govern
ment bonds available at this time for deposit,
80 'HS billhS II W Ah@NS fNN
chases for the purposes of deposit.
It is supposed, that the, Union Pacific syndi;
cate Will call in its funds In the near future ana
make the payments to the government e. rap,
IDLY as possible. They will, all probably DO
paid during the current month. Assistant sec
rotary Vanderbilt expressed confidence alter tho
conference yesterday that the whole transac'
ton would be carried out smoothly.
WASHINGTON, Nov. 3.-Secretary Cage and
Attorney General McKcnna were In conference
at at t : 'h Treasury eHS DEPARTMENT to-day figuring up;
OF bookkeeping and Warrants, the amount OF
tho debt Of the Union Pacific Railroad Company
REORGANIZATION Committee, who purchased the
railroad property. The account, on Oct 81,
stood as follows:
Advances by the United statos:
Bonds outstanding Cprincipal) .......... e27. 236. 512
Interest accrued and unpaid ......."..... aSl.a3O
Interest paid 47.35t.5j5
Total. .e74,8 f2.577
Against this sum the railroad company had to
Its credit:
interest repaid by transportation ........ sl0, Os5, a44
By cash payments. b per cent. OF net
Bonds in sinking fund .......""........ 13.Bl5.250
Cash. a~.537,02l
Leaving the net amount due from the Reorgan-
ization Committee. $40 73. o52.
As the outstanding. bonds fall duo they must
he paid by the United States. They amount to
$27, 236, 5l2. so that the net increase of cash in
tho Treasury. as the result OF the sale of the
road and the closing up OF the account when thu
bonds are all taken up, will be $13,O36, $40. Vi
tho bonds about sixteen millions are due II
January next.
The money to be paid by the Reorganization
Committee, under the terms of the decree OF sale
is all due within ninety days. Secretary Gag
will arrange for the distribution of the funds IL
such Il way as to occasion the least possible dis
Secretary yanderlip is now in New York attend
Ing to the details.