The herald., 1897-10-31
ON CHANGE
What Was Done Yesterday on Wall
Street

What Was Done Yesterday on Wall
Street
NEW YORK, Oct 30-There was little
activity and small variation in prices or
the Stock exchange today except in a few
special cases. Consolidated Gas was the
conspicuous feature, with a break of s
points to 1874. The stock fell several points
between sales on dealings in single lots oil
| a hundred shares. The last sale was at a
rally of points. Consolidated Gas at 19l
shows a fall of Az points from the price on
| September 10th. on which day it sold at
2411a. Today's slump was affected by the
bears, with the purpose of uncovering stop
loss orders They argued that the result
of Tuesdays municipal election might be
an organized agitation for "dollar Cas-
Union Pacific was heavy throughout on
rumors that the foreclosure sale of the
property might be enjoined. The stock
was over a point off at one time, but raj
lied as. Burlington alone of the list was
traded in to the extent of more than 10, ,0oC
shares. 1t was strong on good freight
prospects from along its lines. The
strength of the market generally was due
TO the closing up of contracts for the inter-
vening holidays which extend over to
next Wednesday, as Mondays transactions
are expected to be insignificant. pending
the results of the elections, and onaccount
of Monday being bank holiday in London.
The substantial increase in loans of So, ,Oc5,
1875 shown in the days bank statement is
the first increase shown since the state
ment of September 18th. The contraction
in loans from that date up to October 23rd
was SIT G3S. 3000 made necessary by the
sharp demand from the interior for money.
Although there has been active movement
of currency from this center to st. Louis
during the week, 10 move the cotton crop,
tn net movement has been this way, and
that interior banks have more money than
is needed is shown in the item of deposits,
which have increased $S,S7400O. represent
ing in part the surplus fund of interior
banks. The bidding for mercantile paper
has continued very active all week, interior
banks continuing to offer funds in this de-
partment of the local money market. The
increase in loans in the bank statement,
while partly due to purchase 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 Ovrshadowing in
flunce in the stock market, which has other
wise been exceedingly narrow and entirely
professional. Some confusion has seemed
to exist in the minds of holders of Union
Pacific securities as to the effect offered de-
velopments at Washington on their inter-
ests. But the week. net results show that
they consider themselves substantially
worse off than they were last Saturday.
The stock fell Az on Monday on the gov
ernments announced intention to postpone
the foreclosure of sale, it being feared that
the whole plan of reorganization was
threatened. The reorganization commit
tee announced that it would bid the full
amount of the governments claim in the
main line. that allotments made under the
plan to Kansas Pacific security holders
would remain reserved for the reorganiza-
ton was involved in them. This, coupled
with the announcement of the government
that it would accept this bid on the main
line, rallied the stock. Intimation was
that the reorganization syndicate would be
loser by the increased bid. which had
increased some $13,OO0,OOO over that contem-
plated for the whole system when the plan
was made. seemed to cause irritation. and
explanations were offered that the in
creased outlay by the syndicate was to be
compensated by allotment of first mortgage
bonds and preferred stock. The syndicate,
it is announced. receives par in the new