The San Francisco call., 1897-10-31
THE COMMERCIAL WORLD

more money than is needed is shown in the item
of derosts, which have increased sS,s7I OOO re p
banks.
1he bidding for mercantile paper has continued
very active al week. interior banks contn uing To
oner FUNDS In this department OF the local money
market. The increase in loans in the bank state
meat while partly due 10 purchases of mercantile
paper, Is probably due for part 10 opera
tons on account of the pending Union Pacific fore
closure sale. The Onion Pacific has also been the
overshadowing influence in The stock market,
which has otherwise been exceedingly narrow and
Some confusion has seemed 10 exist in he
minds of holders OF Union Pacific securities at
times as To effect offered developments at Wash
lhgton on their interests But the weeks net re-
SUITS show that they consider themselves subsiau-
ta worse of than they were asst saturday.
| Ihe STOCK fell Ala Monday on the Govern
nents announced intention to postpone the fore
closure sale. It being feared that the who pan Of
reorsaniZAuon was threatened. he reorI anlza-
ton committee announced that 1t would bid the
tull amount of The Governments claim in the main
line. that aotments made under he plan 10 Kansas
| Pacific security holders would remain reserved
| Tor the reorganization OF the Kansas lines, and
| that 10 change in the plal of reorganization was
involved in them. his coupled with the an
nouncement by The Government that IL would
accept This bid ON the main line rallied the $ ock
] tInation was that the reorsan. ~ aton syndicate
would be loser by the increased bid-wnich had
| incr ased some $4,000 900 over that contem-
| plated for the who.e So stem when the plan was
| made--seemed 10 cause irritation, ana explana-
lions were offered that the increased outlay by ihe
syndl ate was 10 be compensa, ed b. allotment OF
| hrst mortgag- bonds and preferred S ocS. The
synd cate ii is announ d. receives par in the new
! stock for the money :uTnished BY II. his it was
explained Will not NJ tcesSiIate the alb sorpiion II
| 81 cnrlties that would othe wise have accrued 10
the treasury of their company, but the new issue
OF dd.tional bonds 10 tue par value OF at least
$6,Ou0,0U0. II further developed that incrs ased
| bid made no provision for IN subsidized portion
OF the Kansas ac fc, the bid on that pOrtIon be-
ing considered as Withdrawn and The Ieorgan "a
tion nteres lying IN The control of the line and
come ecng link winch can be built TO parall mat
portion OF the complete sN ST m 4 they were un-
ab 10 secure The kalSas Pacific OH their Gwl
terms.
he s. ocgs net loss on the week was 41a points.
| the price being about what IL was before the
rae nc consols have also suffered 20 the extent OF
IO HS per cent The ACTIVITY and weakness or
CllSn Pacific and the susceptibility TO attack OF
! sugar aggravated the whole market early IN the
Week, but some recoveries were made yesterday
and to-day. mostly on coverings Of contracts in
anticipation OF the elections The riss OF cash
wheat agan 10 the dollar marx also has strengt h.
eDed the market The extraordinary showings or
net earnings for September OF the grain carrying
roads were favorable Influence as were the hopes
or early frosts and the end OF yellow fever In the
south.
Pacific Mail has been affected by bad showing
| Ia eptember earnings and has lost 2A CONSOLE
dated Gas has fallen 10 points since last Saturday
sugar is over points lower The railroad list
generally shows small declines, ana Burlington
ana Northern Pacific preferred show fractional
gains Losses in the ccalers were more cons picu-
Gus. ranging up to per cent in Delaware and
Hudson and 3ja in -usquenanna and Western
preferred. In the bond market The active sues
were lower, but only to the exten. of fraction,
except as above specified. The total sales were
$S,OUO,OO0
Unred States new fours coupons sold at 2s14
The registered bonds of the same issue sold + r
TITS new high point, and tO-dHy's bid WAS
l2f14. The demand for these bonds Is attributed
part'y 10 the transfer of holulngs in general Sc
curltfes II an early maturing period.
The total sales OF stocAs to-day were 100, 800
2l42O, Northern Pacific 4S0J ST Paul 7OOU,
7 Mon Pacific 1900, Bay slA-e Gas 100 Chicago
Gas 1900, Cons, lidated Gas 460O, sugar S000.
Chicago Great Western l2OU