The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-11-05
MILLIONS FOR THE BANKS.
ARRANGEMENTS TO RECEIVE z. p.
PURCHASE MONEY.
Sum Due the Government Is ass. 4ss.-
223-Transfer VIII BE Made with
cut Disturbing the Market-It


rotary Nanderllp has returned from 4 BRET
visit 20 New York. where ~ arranged for
TIE transfer ~ the organization co1E1.k
Tee OF the governments share o. the par-
chase price Of the Union Pacific railroad.
Several other prominent New YORK ely
hanks have made applications .or the de-
post Tlsh them OF such amounts OF the
purchase money the treasury depart
meat may deem necessary IN order that
there may De 20 disturbance o. the money
narzet IN consequence OF The reorganizz-
ton committees heavy Withdrawals Tho
National City bank viii accept So so. 90:
the Chase National s2.esooao. the Han
over National s. GO es0; the National Bank
OF the Republic, SO. es1. and tire American
Exchange bank. 500 90. making a total of
s-yss.aso. Other banks will apply for con-
siderable amounts and furnish the re-
CURED indemnity bonds should Il be
deemed necessary. The fact, however that
the reorganization committee will make its
payments according 10 the dates fixed by
the court instead OF paying the whole
amount al once. viii relieve the situation
very materially.
According 10 the treasury calculations
the exact amount OF the governments
share Of the purchase money is 81. AS 20
OF this amount s23 g36 .5f2 Is principal out
standing. 50. S35.ls1 interest due and an
paid, and sSsl. $50 interest accrued. but not
against THIS gross sum there Is
credit of 1881 92l, representing the cash
in the sinking fund. and sll 44s. being the
amount of interest on the bonds in the
sinking fund November l. making a total
credit of ASS. 3sS, which being taken
from the gross amount of the purchase
price. leaves a balance of So $50. SIS. OF
this amount ss.esis2s. less the amount Of
cash in the sinking fund. Will be due I'm
fifteen days after the confirmation of the
Ia L. ria sn-t+
in the next few days. The second pay
ments will be made fifteen days after the
first. and will aggregate 81, $50. sis. The
three remaining payments viii be made
within forty. fifty and sixty days respect
lively from the date OF the confirmation of
the sale, and VIII be for ST. Sc. s4s each.
The amount of government bonds issued
IN aid of the Pacific railroads. which ma
ture on January l next. is as follows:
Central Pacific .............. ......si0. si412o
Union Pacific ......................1 Is. 9l9, 5ls
Kansas Pacific -............-..... l,42S.UV0
Central branch. Union Pacific. 10000
Sioux City & Pacific ..........-.. 1.e2s,S20
Only "a Transfer ON the Books.
NEW YORK, Nov. A member of the
Union Pacific syndicate. speaking for the
arrangements for depositing in banks the
$500 600. which is to be paid the govern
ment for the release of its lien upon the
Union Pacific. saids
The transactions will be carried out
without a ripple In the financial condition
OF the market The money will be deposit
ed In eight or nine banks. and more II they
care 10 qualify as such depository. One
bank is ready with bonds 10 take SIS 00. 900
OF the money. and IL can manage SSVp,Wo
IL necessary. / do not think any OF the
money will be deposited in Chicago banks,
for the reason that the money is IN New
York, and Chicago does not want IL any
more than the New York banks. Some
little, Of course. may be deposited In Chi
cago and one or two other cities. perhaps.
If there are any payments TO be made on
that account in those cities. IL should not
be forgotten that eventually whatever
money Is to be deposited this month is al
ready here in banks and trust companies
on account of the reorganization commit
tee and the underwriting syndicate. and
the depositing OF 1t in banks for the gov
eminent simply means bookkeeping ar
fair for the most part OF 1t, and the trans
fer from one bank TO another Some of tho
money received has yet 70 be paid by Eu-
ropean interests. and for that the syndf-
cate viii draw exchange.
Call for the First InstaIIment.
The Union Pacific reorganization man.
ayers have called for the first installment
of the % per cent. from the syndicate
formed to secure the payment OF the gov
eminent debt. The $500. go syndicate re-
ceived leo per cent. in new per cent
bonds and 50 per cent in new preferred
A
100 per cent. In new per cent. bonds and
80 1-3 per cent. in preferred stock. The
first installment win necessitate the pay
ment of more than $1,000. 600
There has been no call as yet from the
regular reorganization syndicate formed to
underwrite the assessment and provide the
expenses of the reorganization.
Reorganization of the X. p.
The reorganization committee OF the
Union Pacific. Denver and Gulf. issued no.
tice today that a majority of the CONSOLE
dated mortgage bonds and stock OF the
company had been deposited under the
plan of reorganization and that certificates
of deposit on the Central Trust Company
have been listed on the New York stock
exchange. The executive committee has
extended the time for depositing securi-
ties until November Is.
The Oregon Improvement Company has
called the third installment OF the as
sessmert OF SIS on each consolidated bond.
$50 on each share OF stock and & on each
share OF common STICK. payable on or be-
fore November Is at the Manhattan Trust
Company or the old Colony Trust Com
pany. OF Boston.
Kansas Pacific Sale Postponed
TOPEKA, Kan, Nov. 4-The sale of thu
Kansas Pacific branch OF the Union Pa
cific under the government foreclosure, set
for today In this city, was postponed until
Thursday. December Is. Mr.. Cornish. "a
anticipated, announced that under author
iiy of the court he adjourned the sale
TO ALASKA and the Kloudike free. The
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