The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-10-28
Absorbing Interest In the Plan Of Rsorganl-
latlun Under Foreclosure,
STOCK BECOMES WEAK AND LOWER
Eondon WINS Also n Solder of the IT. och,
in Confirms, 60 Hts Attitude OF Tues.
day-Tho Statements or sc. PauI
and Burlington Roads stiGened
she Market Somewhat.

rev York, oct. 2.-The stock mar
2et looked strong for time to-day,
and the level of prices soon after noon
rose to a point or over above last nights
close in many stocks. But a renewal
OF reports that the Spanish reply to
enc representatives Of this government
WAS or q tenor that threatened trou-
ole. caused the market to sell off to a
point as much below last nights level
as at had been above in the morning.
This represented p very wide range in
rhs fluctuations, extending to four
points IN Consolidated Gas and about
V~o points or over in Union Pacific
Sugar, Pacific Mail and several other
stocsss and over point for nearly all
Stocks. Union Pacific continued to alb
1ore q large share Of speculative in
terebt and fell during the day to within
OF the low point of Monday, when
the governments announced intention
TO postpone the foreclosure sale was re-
EuFeed as threatening a collapse Of
me whole reorganization plan. The
WeaRness or the stock was due to a re.
port from sources not to the reorgani-
ration interests that the Increased bid
Eor enc property would involve their
naRlns up q corresponding amount of
me proposed new securities which
would have otherwise accrued In the
treasury OF the reorganized company
rms would. OF course, place CORES
pondlnS proportion of fixed charges
ahead of the stock of the reorraniaed
company. The suggestion also found
currency that the committee might de-
cue TO increase the issue of first mort
gage bonds above the $4,000 600 pro.
posed. notwithstanding the assertion of
the, reorganization committees an
nounccment OF Monday that no change
an pne plan on reorganization Is involved
by their determination to bid In the
Union Pacific main line for the full
amount of the governments claim
Whatever the foundation for the ru-
NOR. 1t helped to depress the price of
the stock to about what 1t was before
Inc second Us assessment was recently
paid London was also q seller of the
stock to-day in contrast to its attitude
yesterday. Arbitrage brokers, In fact
sold most of the International stocks
whiie prices remained above the Lon
don parity. Sterling exchange yielded
Is in the actual demand bills and u in
posted rates. Increased amounts which
WEN have to be paid by for
eign interests on account of the
larger bid for the Union Pacific
was this cause OF the weaker
tone. There was also said to be some
liquidation OF exchange which has been
recently purchased for use as collateral
don at the higher rate of interest pre-
TaNing there. The statement of ST
Paul net earnings for September show
Ing an Increase OF over $141 900 and ru-
rnors of the heavy increase to be shown
by the Forthcoming Burlington state
fnent were factors in stiffening the mar
ket a:bout noon. The speculation In
Burlington was the more active, rumor
being free to expand the earnings in
the absence OF accurate Information
The stock rose n. one time 1Is, and
there were over 1000 shares dealt in.
against $4,000 in Union Pacific These
two stocks absorhnd one-third OF the
total transactions.
Prices OF railroad bonds were firm in
the early deallnsa but eased off In
sympathy with si''ks at the close To-
tai sales. $1,000 40
United States b5nds were quiet and
unchanged.
The total sales of stock to-day were
f6S, 900