The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-26
FINANCE AND COMMERCE
Tns CLOSING oUOfATI0As or
NOM.
Offerings and sales at the Richmond To
bacco Exchange-internal Revenue
Collection Foreign Advances.

NEW YORK. oct 25.-Thc Evening
Posts London financial cahlegsGm says.
Tho stock markets were dull To nat
to-day. Americans were specially weak.
monetary considerations. the ncarncss OF
tho settlement and the Cuban question
being given as reasons FOR the weakness.
but there is no doubt that the fact that
a number OF options will fall due al the
end Of The month induces dealers to Keep
down prices. 10 rs nos likely that the
Bank of Engiand's discount rate VIII al
vance this week. but the German rae
may possibly so up. The average con-
Nngo on Americans az the settlement To-
porrow will probably bc 1ia per cent. ne
raris and Berlin markets were weak an
dAy. Paris being large seller OF kanirs
The conviction that a rupture in our
relations with Spain Will ultimately result
from the Cuban question. the danger lhat
the Union Pacific reorganization plan VIII
Doe upset hv the Government s. desire 70
postpOiV the sale and the weakness IN
New York Central. due 20 yesterday
disaster on its line combined 10 Hcak
tho stock market to-day. and demoraiized
prices throughout the isL me loWtI
prices for American securities m lsohuon
ana the decline in the price on spanish
~ there of ~ per cent 20 OBS were ac-
ccutcd as "a measure Of the apprehension
of the harm that would bc done by inc
threatened rupture. lnternationals snow
cd sharp declines as did the specaltlta,
ana MN INNlN NIlf lNHaN" 'A ct l"f't'N
had spread 10 practically every STOCK III
the list There was lull In the ACTIVITY
OF liquidation az that time. ana a. stcaug
iug Of prices, based ON the nope lhtl wy
Supreme Court would hand down a iaNor-
ablo decision iu the Nebraska maximum
frcight-rate case. and that the prices on
railway property would tend 10 improve
as "a result. ,..
announcement of the declaration OF the
regular dividend helped 20 steady the hst'
But the afternoon was gwen 10 ait,ii ti
periods of active liquidation ana lasl i1tl
ING price and OF stagnaticn ana sisn'
rallies. The announcement OF lhc o"a
crumeut's decision TO apply TOT poslIhnhl
of the foreclosure sale OF the Union 80
cinc and Kansas Paciuc propeIli,9
brought ont enormous liquidation OF Dhlvi
Pacific stocks. There was no cheek appaa-
rent in the liquidation or I'D the ran III
the prices as the result OF the ahnouice-
mcut OF the Reorganization comm tee
that A. intended 10 bid I'm the Union faclhc
main line IL need Doe for the tull amount
~ tho Governments claim. This would
involve an increase of $S,OoOWO over INC
latest upset price the syndlcalc asIvcu
10 insure the Government, and OF over
$40 600 QQO over the price fixed at the time
OF the reorganization plan was agreed
40 The purpose Of the Reorganization
f.outnoittaf 10 divide the reorganization
from the Union Pacific main line ana Ran
sas Pacific into two operations iailed 10
ouiet fhc doubt of those who have specu-
lated Ira Union Pacific on the basis or the
present reorganization plan. Inc apb"-
rent Intention Of the Government 10 rele-
cate the whole matter 10 Congress
awakous fears amongst the holders OF the
shares that delay Will atent coInplctOh
of the REORGANIZATION. The second mort
..,oo Of the Government on the Kansas
Pacific for about SlfOoo,OOo is unproVided
for. and the Reorganization committee
take the stand that the Government viii
be eflowed 10 bid the property IN n III
a take the hid of the come
nittco The fear that this would cndan-
ger the plan Of reorganization cVldenuy
augmented the selling Inc sales OF lhe
stock constituted Onc-eighth OF the totai
traneactfOns of the day. The days net
declines in all the actiVe stocks ranged
from I per cent TO over per cent ana
in Consolidated Gas reached 012 per cent
THE Naudorhilts were ConspicuOuslN weak.
a sharp advance OF & in the actual rates
for demand sterling exchange was a lea-
turc of the day. and was Iehecuoh OF
the rising rate OF discount I'm London ana
of the disc0unting of accommodating sterl-
railroad bonds were I'm sympathy with
stocks Total sales were 81 10000 United
states new As and the 5s. registered
were advanced X bid.
The total sales of stocks to-day were
200 2OG shares. including the following:
Atchison preferred. 6.69j; Chesapeake and
Ohio. g. S25. Louisville and Nashville, IL
100: Missouri Pacific. 1OEO; New YORK
Central. II 413. Northern Pacific pre-
ferrod. l2 451. Reading, 800, Rock Island,
a075. ST. Paul. 81 600 Union Pacific, Co.,
4Oa Bay State Gas. 1920; Chicago Gas,
as 331 Sugar, Al $50; Chicago Great West
crn, $40
MONEY AND EXCHANGE-Mon on
call easy at . per cent. last loan per
cent. and closed offered at per cent;
prime mercantile paper. 404la per cent.
Sterling exchange strong and active. with
actual business I'M bankers bills az 4NJ1sH
4S1Rt for demand and at 4S2@u4S2A for
sixty days: posted rates. 4S3u4S3l2 ana
4SGd4SGi5: commercial bills 4Sila. Silver
certificates. 512UJ9. bar silver 81 MeXi-
can dollars. 4J. Government bonds firm
ar: State bonds duh; railroad bonds weak.