Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-10-27
MARKET REPORTS.
NEW Yoak MARKET.
The Features 81 the Days Dealings In All
the Leading Stocks.

/ tu0 I01VsUX 0yOCkS.
| New York. Oct. 26.-Trading in stocks
during the early part of the day was
restricted in volume and fluctuations
in prices were narrow and irregular
The latter part of the day saw quite an
increase in activity and a rise of prices
to the highest Of the day, the declines
before the close being small. Union
Pacific continued to be the center Of
| interest in the market and ruled above
yesterdays close. all day. and closed
this afternoon, at near the best and
"a above last nights close. The open
ing gain was due largely to sympathy
with London which sent higher quo.
tation for the stock. -.
The belief gained ground as the day
advanced, that the government and the
reorganization committee would come
to an agreement on the basis of the
committees expressed intention to bid
| the full amount Of the government
claim of over $4,000, 600 on the Kansas
Pacific unprovided for, and the rumOrs
that increased bids might be made by
other interests which would provide for
this indebtedness caused some fever
ishness in the speculation at times, as
the acceptance of such a bid by the
government would endanger the whole
plan of reorganization in spite of the
| assertion of the committee that they
| were prepared to carry it out even if
the government should bid in the Kan
| sas Pacific
But late in the day reports from
Washington assumed quite definite
form that the cabinet had resolved to
| accept the committees intended bid az
minimum guarantee and withdraw
their request for postponement of the
foreclosure sale of the main line.
fall of S1a points in the price of the
Kansas Pacific consol 6's trust re-
ceipts was the forecast of the news
received later from Washington that
the committees agreement with the
government included an assent to a
view to giving the government an OPP
portunity to secure a bid on this prop
erty that would provide for a part or
the whole of its claim. AS the chances
OF separate bid on the Kansas Pa
cific are considered remote, the price Of
the consols 6's rallied per cent AMI
closed at SO.
Trading in Union Pacific absorbed
over one-quarter of an hour of the to-
tai sales of all stocks. Outside of the
Changers, Sugar. Chicago Gas and Bay
State Gas. business was very small
proportions. The tone of the market
was strong, however. and material re-
coveries from yesterdays decline were
made averaging about point in the
Bay State Gas was weak. A decline
in rates for call money and some very
favorable statements of railroad earn
ings for the third week in October as
sisted the recovery.
There were purchases for London ac-
count of some of the favorite inter-
national stocks incidental to the settle.
ment day on the London Exchange
This served to keep up the price of
Louisville in spite of the continued
decrease in its earnings on account
of yellow fever quarantine. Pittsburg
c. c. and st. Louis was active and
strong and rose at one time two points
and reacted slightly. Michigan Central
was conspicuous for an advance of
2A The better tone for Americans IN
London was taken as rejecting a de-
cline of apprehension over the Spanish
relations with the United State.
Dealing in railway bonds were not
large but the tone was firm with the
exception of the Kansas Pacific bonds
above noted. Total sales, $l,15O0J9
United States new As were advanced
Is bid.
Washington Oct. 26.-Although the gov
eminent officials decline either to affirm
or deny the report of its acceptance of
the new proposition of the reorganization
committee of the Union Pacific Railroad
there is no reasonable doubt of its accu-
racy. This proposition is understood to
be an increase of the original guarantee
bid of $50C00,0OO, to a sum sufficient to
cover the full amount of the governments
claim against the Union Pacific proper.
which on Oct. !. aggregated S5S 067. 39S. |
This includes the principal of the debt |
which amounts to 27,236,512. and the in
terest paid by the United States. amount
ing to $780, $50, $50. This represents the full
amount of the Union Pacitic's obligation
to the government. The sale of this line |
Will be proceeded with originally in
tended. about Nov. l.
AS to the Kansas Pacific Road, the COM
mttee withdraws its guarantee and con-
sents to postponement of the sale to
any date to suit the convenience of the |
government This action. it is understood |
leaves the government in the same posi- |
tioI Win respect 10 the Kansas Pdclflc |
as before the negotiations were insti- |
tuted and in this situation the govern
ment may. if it SO DESIRES indefinitely |
postpone the sale.
The debt of the Kansas Pacific to the |
government aggregates nearly $4,000 900. |
OF which amount $6.303. coo is principal and |
the remainder unpaid interest. Whether |
the government will ask the court to or |
der sale of the Kansas Pacific. Dec. Is. |
cannot be stated. but should it, so decide. |
1t is; Understood that no objection will be |
raised by the reorganization committee. |
The net result of the new arrangements. |
so far as concerns the Union Pacific, is |
regarded by the officials as highly adj |
to the government as it Sc |
cures all that it has ever claimed to be |
due it. and renders it practically certain |
that a very large share of the debt Of the |
Kansas Pacific debt will be realized when
ever it may decide TO consent to it's sale. |
d. New York Money Market.
,., New York, Oct. 26.