The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-05

OF about . point, Sugar Refining sold 2A points
higher than at tho close on Saturday, and Chi
cago Gas, Missouri Pacific, and Northern Pacific
preferred were exceptionally strong. In Man
haitian Railway there was q sensational net adj
vance OF ba points at the opening. and q fur
thor advance Of 2k points, to 11oh. The do
msnd for the stock appeared to come chiefly
from q recently created short interest which
evidently became alarmed at the strength Of
the market for It, and also Of the list generally
at the close last week. The recent sharp
advances In Manhattan Railway indicate that
the floating supply Of stocks Is constantly
being reduced; and this circumstance compels
consideration of reports that have been current
for q long time of q shifting OF ownership that
may have an important bearing upon the future
of the property. Manhattan Railway reacted
almost as sharply as 1t advanced, yet closed at a
net advance of Ia . cent, which was the only
noteworthy net gain recorded.
The trading during the first half Of the day
was influenced by a higher market for American
securities In London and moderate yet exceed
ingly we'll distributed buying from that centre.
Other factors were the railway traffic returns,
printed further on In this column. and q grow
Ing belief that the change In tho Spanish Minis
try is likely to result In q termination Of the
Cuban revolution. In the afternoon all
OF these considerations were apparently
lost sight OF. Anyway, they were sup
planted. so far as the local speculative
community 10 concerned, by q number
Of exceedingly possimistic views which found
ready acceptance in many quarters. Tho most
rational theory Of the days market Is that
operators who bought stocks at the decline last
week thought It wise to take profits. to an ex-
tent at least, and also to hold aloof from tho
market at the reaction caused largely by their
III Thta h~.---. l. .~N 49, -tA chat liz
rank and ale were apparently induced to take.
for the course Of prices was beclouded BY
reports that tho Union Pacific plan Of re-
organization has encountered obstacles at
Washington or 10 likely to DO upset by
tho appearance at tho sale Of q prospective
purchaser prepared to bid moro than the reor-
ganizstion committee. Importance was also
attached to the meeting and probable nomina-
tions OF the Populist Convention tonight. Tho
sharp reaction In Manhattan Railway and In
Sugar Refining also had some effect upon spec.
ulative sentiment.
As to tho rumors regarding the Union Pacific
reorganization, which were perhaps the most
effective factor In the afternoon reaction, these
facts arc worth considering. The Union Pacific
Reorganization Committee, after delaying for
several weeks the publication Of the DEGREES of
foreclosure obtained by It, because Of differences
eAo sS
began to advertise those DEGREES last Thursday
simultaneously with an official announcement
that the differences between the two interests
had been adjusted. Tho details Of the modf.
ned arrangement or agreement with tho Gov
crnment have not yet been made public.
Out. according TO advices from washington.
win NO In Inc near Iuture. Inc report tnat the
reorganization committee may DC outo,d et the
sai On Nov would not DO worm serious CON
siaeration were IL not that IL seemed 70 appeal
70 tho creouilty OF many VINO must % Ignorant
OF the position OF the Reorganization ami
and who also do not realize the immense amount
OF actual cash that any other bidder for the
property would nave 70 nave IN mana 10 outoio
the committee. lhe committee mas arranged
Tor the payment into the treasury OF the United
states between now and jan. the $4,000.
ooo which the Government Will have to dis
purse on that date Tor the redemption OF it
faclnc railroad bonds. This will DO done In a
way that Will not disturb the money markets
either mere or ABROAD. VI this amount $1,000.
ooo must DO PAID nve DAYS prior 10 the sale. In
ADDITION. tho reorganization has
this advantage over any other oiooer, namely
hat 1t has arranged In It's plan or reorganiza'
ton Tor o settlement with tho holders OF variouf
liens prior to those OF tho Government aEgre-
eating considerably moro than $4,000. 900
and has the BONDS deposited undor ar
agreement ANY other bidder would have
to arrange to iquidate these obligations In cast
at once. Other obligations OF tho Union and
Kansas Pacific companies have also been deal
with upon terms satisfactory TO tho holders
thereof. Enough has been said to Indicate thai
the reorganization occupies . vir
tually impregnaole position so far as securing
control OF the property 10 concerned. And as Il
has secured the cooperation OF every important
financial interest both hero and abroad. 1t Is no
conceivable that another combination could b
formed winch couio raise WITHIN the next three
months approximately $'o,ooo,Ooo In cash Il
successfully outbid the Reorganization Com
mittee.
The dealings in stocks were fairly vol dis
tributed, and In spite of the afternoon reaction
n large percentage of tho list closed fully nm I,
saturday'a final prices or fractionaIlv higher
The only Noteworthy net decline was thar NJ IA
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- m,.l..I 49, - .na - 49,. Wv
=. 80 "nu '"'e notnih
ny LILO - oou Ioporto tudt