The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-31
u move the cotton cron. the NET move.

to move the cotton crop, the net move
ment has been this way, and that in
terror banks have more money than
is needed, is shown in the item Of de-
posts which have increased S7,S74O0O,
representing il part the surplus fund of
interior banks. The bidding for mer-
camille paper has continued very active
all week, interior banks continuing to
offer funds in this department. of the
local money market. The increase 10
loans in the bank statement while part
| ly due to purchases of mercantile paper
is probably due for the most part to
operations ON account of the pending
Union Pacific foreclosure sale. The I'm
| ion Pacific has also been the over
shadowing influence in the stock market,
which was otherwise exceedingly narrow
and entirely professional. Some con-
fusion has seemed to exist in the minds
of holders of Union Pacific securities at
times as to the effect of the develop
ments at Washington on their :ntec
lests.
But the weeks net result shows that
they consider themselves substantially
worse off than they were last Satu--
day. The stock fell Az on Monday on
| the governments duuOuHCGu lHtSutiou w
postpone the foreclosure sale, 1t being
feared that the whole plan Of re-organi-
cation was threatened. The re-organiza-
ton committee announced that it wou.1
pay the full amount Of the governments
claim on the main line, that aliot-
ments made under the plan to Kansas
Pacific securities holders would renIin
reserved for the reorganization OF the
Kansas line and that no change in the
plan Of re-organizatio was involved i'll
this.
| This coupled with the announcement
Of the government that it would accept
this bid on the main line rallied inc
stock. limitations that the re-organi-
cation syndicate would be loser by the
increased bid, which had increased some
$13 100000 over that contemplated for
the whole system when the plan was
made, seemed to cause irritation and en-
plantations were offered that the increas-
ed outlay by the syndicate was to be
compensated by allotment Of first mort
gage bonds and preferred stock. The
syndicate, it is announced, receives par
in the new four per cent bonis and
30 per cent in the preferred stock for
the money furnished by it. This. it
was explained, would not only uecessi.
tate the absorption of securities that
would otherwise accrue to the treasury
of the Few company, but the issue of
additional bonds to the par value Of at
least $S,O0O,OO0. 1t further developed
that the increased bid made no provi-
SION for the subsidized portion tf the
Kansas Pacific. the bid ON that portion
being considered as withdrawn and the
reorganization interests relying on their
control Of lines and connecting link
which can be built to parallel that por-
ton and complete the system, il they
were unable to secure the Kansas Pacific
on their own terms. The stocks net loss
on the week was AZ points. the price
being about what it was before the re-
cent So second assessment was paid.
Kansas Pacific consols have also suffer
| ed to the extent of 101s per cent, the
Union Pacific 6's of '96 trust receipts
I21a and the sinking fund SIS trust re-
ceipts 3 per cent. The activity and
weakness of Union Pacific and the sus-
ceptibility to attack of Sugar affected
the whole market early in the week.
but some recoveries have been made
yesterday and to-day, mostly on cover
ings Of contracts in anticipation of the
elections. The rise of cash wheat again
to the dollar mark also had a strong
10 the dollar mark also had
Strengthening influence. The extraor-
binary showings Of net earnings for
September Of the grain carrying roads
were a favorable influence as were the
hopes of early frosts and the end of
yellow fever in the South. Pacific Mail
has been affected by bad showing Of
September earnings and has lost 2A.
Consolidated Gas has fallen 16 points
since last Saturday, Sugar is over 2
points lower. The railroad list general
ly shows small net declines, and Bur-
lington and Northern Pacific preferred
show fractional gains. Losses in the
coalers were more conspicuous, ranging
lup to per cent in Delaware and Hud-
son and 31@ in Susquehanna and West
ern preferred.
| In the bond market the active issues
are lower. but only TO the extent Of a
| fraction except as above specified. To-
tai sales $S,000,000.
LONDON MARKET.
| New York. Oct. Bottle Evening
Posts London financial cablegram says:
| The stock markets were quiet. but
firm today. Americans were good and
closed over the parity on the belief that
New York will make things better on
Monday.
The monetary outlook here is most I'M
certain. The market is to repay the
Bank Of England over f2.000.000 ster-
ling next week. On the other hand.
money borrowed by the hank on con-
soils is due on Thursday and it remains
to discover the banks future policy to-
wards the market. The rumors OF some
millions Of pounds Of gold going to In
da are probably incorrect or much ex-
aggerated.
NEW YORK CLOSING sTOCKs-wEsT
atchSOn.. * ~ PAM o3<
do. pref. 2a% ST paul nfd 10Y