The herald., 1897-11-05
Are Not to Be Made All in
a Bunch
SUCH HEAVY WITHDRAWALS
THREATEN DISTURBANCE OF
MONEY MARKET
Arrangements Made for the Transfer
Of the Governments Share of
the Vast Sum

oiated Press Leased Wire to Herald.)
Assistant Secretary Vanderlip has re-
turned from a brief visit to New York,
where he arranged for the transfer by
the reorganization committee of the
governments share Of the purchase
price Of the Union Pacific railroad. Sew
eral of the prominent New York City
banks have made applications for the
deposit with them of such amounts of
the purchase money as the treasury de-
partment may deem necessary, in order
that there may be no disturbance Of the
money market in consequence of the
reorganization committees heavy with
drawals. The National City bank will
accept $4,000, 900; the Chase National,
81, 900 900; the Hanover National, 81 ,000,-
1000; the National Bank Of the Republic,
q, 100000 and the American Exchange
National and the Seaboard National,
$4,000 each, making a total of $780, $780,
600.
Other banks will also apply for con-
siderable amounts and furnish the re-
quired indemnity bonds, should it be
deemed necessary. The fact, however,
that the reorganization committee has
decided to make it's payments according
to the dates fixed by the court, instead
of paying the whole amount at once,
will relieve the situation materially.
According to the treasury calculations
the exact amount Of the government
share of the purchase money is S,44S,-
223. OF this amount $23, ,236,512 is princi-
pal outstanding; $30S30,1S1 interest un-
paid, and $751; interest accrued but
not due. Against this gross sum there
is a credit of $4,537, ,921, representing the
cash in the sinking fund, and $11, ,446
being the amount of the interest on the
bonds in the sinking fund due November
1, making a total credidt of $4,549,36S,
which being taken from the gross
amount Of the purchase price, leaves
balance of 53,S9SS55. OF this amount
$S,0S4,S2S, less the amount of the cash
in the sinking fund, will be due in fif-
teen days after the confirmation of the
sale, which is expected to take place
within the next few days. The second
payment will be made fifteen days after
the first and will aggregate $12590,S4S.
The three remaining payments will be
made within forty fifty and sixty days
respectively from the day of the con-
flrmation of the sale and will be for s12,-
59S,S4S each.
The amount of government bonds is
sued in aid of the Pacific railroads,
which mature on January l next, is
500, ,904,952, as follows: Central Pacific,
S10,614,12O; Union Pacific, s15,919,5 ,512;
Kansas Pacific, s1,423, 900; central
branch Union Pacific, $320,OO0; Sioux
City and Pacific, $1.62S,920.
STOCK DEPOSITED
NEW YORK, Nov. 4.-The COM
mittee of the Union Pacific, Denver, Rio
Grande and Gulf Railroad inssued no.
tice today that a majority of the consoli-
dated mortgage bonds and stock of the
company had been deposited under the
plan of reorganization, and that certifi-
Gates of deposit on the Central Trust
Company have been listed on the New
York Stock Exchange. The executive
committee has extended the time for de-
posting securities until November 18th,
after which time none will be received
except at the discretion of the commit
tee and upon payment of penalty of $50
for each consolidated mortgage bond
and 81 for each share of stock.
ACALL FOR MONEY
NEW YORK, Nov. 4.-The Union Pa
cific reorganization managers have
called for the first installment of 25 per
cent from the syndicate formed to Sc
cure the payment of the government
debt.
The $45, 5,OOOO 900 syndicate received 100
per cent in new per cent bonds and so
percent in new preferred stock.
The syndicate of SS,000000 received 100
per cent bonds and 33 1-3 per cent in
preferred stock. The first installment
will necessitate the payment Of more
than $13000,000 There has been no call
as yet from the regular reorganization
syndicate formed to underWrite the as
sessment and provide the expenses of
the reorganization.
SALE POSTPONED
TOPEKA, Nov. 4.-Sale of the Kansas
Pacific branch of the Union Pacific Rail-
road under the government foreclosure,
set for today in this city, was postponed
until Thursday, December 10th. VIM.
D. Cornish of st. Paul, special master,
was present, and at II o'clock appeared
at the depot of the Union Pacific
Mr.. Cornish, as anticipated, simply
formally announced that under the au-
thority of the court, he adjourned the
sale.