The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-10-31
In Wall Street.


New York, Oct 30.-There was little
activity and small variations in prhaas on
the stock exchange today except in few
specialties. Conaolida! ed Gas was the
conspicuous feature, with a break OF
eight points TO 1914. The stock fell seY-
eral points between sales on dealings In
single lots of a hundred shares. The last
sale was at a rally of hree points. Cen
solidated Gas at 1914 shows fall of ATS
points from the price on September IL,
on which day it sold for 2411s Union
Pacific was heavy throughout on rumors
that thu foreclosure of Line property
might be enjoined. The stock was over
a point off at one time. but rallied "a.
Burlington aione of the list was traded
in to the extent of mere than 10000
shares. 1t was strong on favorable crop
reports from along its lines.
The TOTAL sales of all stocks were lit
tie more than 100000 shares. The
strength of the market generally was
due to the closing up of contracts for the
intervening holidays. which vii ually ex-
tend over to next Wednesday.
The substantial increase in loans of
$5,025, 1875 shown in today's bank state
ment is the first increase shown since
ton in leans from that rate up to Oc..
90 was 1898, 800, made necessary by the
sharp demand from the interior for
money. Although there has been an ac-
tive movement of currency from This
center to st. Louis during the week to
move the cotton crop, the net movement
has been Ibis way. and that interior
banks have more money than Is needed,
is shown in the item of deposits, which
have incre ased $7,784, 900, representing in
part the surplus fund of interior banks.
The bidding for mercantile paper had
continued very active all week. interior
banks continuing to offer funds in this
department of the local money market.
In the increase in loans in the bank
statement while partly due 20 purchases
of mercantile paper is probably due for
the most part TO operations on account
of the pending Union Pacific foreclosure
sale.
The Union Pacific has also been the
overshadowing influence in The stock
market which was otherwise exceeding
ly narrow and entirely professional.
Some confusion has seemed to exist in
the minds of holders of Union Pacific Sc
curities at times as to the effect of he
developments at Washington on their
interests. But the weeks net results
show that they consider themselves SUBJ
stantially worse than they were lasa
Saturday. The stock fell Az on Monday
on the governments announced intention
to postpone ihe foreclosure sale, it being
feared that the whole plan of rsorganiza-
ton was threatened. The reorganization
committee announced mat it would bid
the full amount of the governments
claim on the main line, that allctments
made ON The part of Kansas Pacific Sc
curity holders would remain reserved
for the reorganization of the Kansas
lime and that no change in the plan of
reorganization was involved. Mary did
not believe this. This. coupled with me
announcement of the government that it
would accept this bid on me main line
rallied the stock. limitations that the
reorganization syndicate would be
loosers by The increased bid, which had
increased some s13,0oO,00O over that con-
templated for the whole system when
the plan was made seemed to cause irri-
tation and explanations were Offered hat
the increased outlay by the syndicate
was to be compensated for by allotments
of frs, mortgage bonds and preferred
stock. The syndicate, it is announced,
and so per cent. in the preferred stock
for the money furnished by it. This, II
was explained, would not only necessi-
sate the absorption of securities that
would otherwise accrue to the treasury
of the new company, but the issue of adj
ditional bonds to the par value of at
leas- sS,000.000. 1t further developed that
the increases bid made no provision for
the subsidized portion of the Kansas
Pacific the bid on that portion being
considered as withdrawn and the reor-
ganization in erests relying on their
control of lines and a connecting Mink
which can be built to parallel that por-
ton and complete the system, If they
were unable to secure the Kansas Pacific
ON their own terms
The stocks net loss on the week was
Al points. the price being about the
same 1t was before the recent Sc second
assessment was paid. Kansas Pacific
consols have also suffered to the extent
of LIS per cent. the Union Pacific 6's of
1895 trust receipts ~ and the sinking
fund 9s trust receipts 8 per cent The
activity and weakness of the Union Pa
: cific and the susceptibility to attack
of Sugar affected the whole market early