The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-31

SATURDAY. oct- 80.
The dealings In stocks have been restricted
and prices depressed this week by tho i'm
pending election, the developments in the
Cuban situation. and temporary complica-
tons in Union Pacific affairs. Fortunately
suspense regarding two Of these matters
will continue through only one moro business
day. On Wednesday morning the result Of the
voting, not only in the Greater New York.
but in Q number of States, notably Ohio.
will DO known, and by that time the
principal part Of tho Union Pacific system
will practically have passed into the hands Of
the Reorganization Committee. Rumors were
current to-day that an attempt would be made
to enjoin tho sale of the Union Pacific
properties next Tuesday. A careful IN
quiry, particularly In the quarter from which
1t was reported the attack would be made. fails
to discover any basis for the rumor. Besides.
tho authorities at Washington. as we'll as
the public. are now so thoroughly informed
Of the specious. meretricious and unsubstan-
tial character of the recent attack upon
the Reorganization Committee and the Govern
mont that 1t 10 exceedingly improbable that any
court can be found that would be willing to take
the responsibility Of interfering in the case. So
far as the Government 10 concerned. 1t has reason
to DO ashamed of it's latest negotiation
with the Union Pacific Reorganization
SOntnlLIct, OEoH lnOuBu i E0BulUou In e1-
acting $1,000 900 from tho junior security
holders OF the company. Tho methods and
Influences that brought about an increase
in the minimum bid of tho Reorganization Com.
mittee for the Government lion were thoroughly
disreputable. and the reputation Of every one
engaged in the scheme and Of evory one who
was Influenced by 1t has suffered in consequence.
Rumors were also current to-day that prepare
tions have been made within tho last two or
three days for q bid for the Union Pacific prop
erty In opposition to that of the Reorganization
Committee. These appear to DO based upon
knowledge Of the fact tina several million dollars
In excess Of the amount popularity supposed
to DO required in advance of the sale have boon
deposited In connection wi h that transaction.
These rumors may be explained and dis.
posed of by the statement that tho
Reorganization Committee has now do
posted to tho credit of tho Government
$l1. 900, 600 on account of the properties to DO
sold next Tuesday. It was also reported to-
day that arrangements are making to finance
the payment of about $40. OOO.O 900 to the
Government during tho next sixty days, 80 as
to minimize tho effect upon the money
market of the transfer of that large amount
of money into tho Treasury Department
and back into tho hands of the people.
AS a matter OF fact, those arrangements
have been under consideration for some
time, and are now virtually completed.
Tho Treasury Department has arranged with
| the Court ordering tho sale that its certificate
that tho money has been paid either into tho
Treasury or deposited for its account In
certain national BANKS In this city shall
DO accepted by the Court in place OF an
actual deposit OF tho cash with tho Clerk
of the Court. The department has further
arranged that a large part of the money
to be paid BY the Reorganization Committee
shall DO deposited in a number of the larger
national banks In this oity that arc members
of the Clearing House. those deposits to DO
secured. as 10 usual In such cases. by q de-
posit Of Government bonds with tho Treasury
Department 1t 10 understood that tho
money will first DO deposited in ono or two
banks, the National City or the Chase National
or both, and distributed from those institutions
among other banks, in accordance with arrange
ments between those banks and the &c.,
rotary Of the Treasury. All the details Of
this plan have been carefully worked out
by the Secretary OF tho Treasury with
tho Reorganization COMMITTEES and . repre-
sentative OF the Clearing House banks. 1t APP
pears from the foregoing that adequate pre-
caution has been taken to prevent any dis
turbance OF the money market incidental to the
desirable severance of tho relations between
the Government and the Union Pacific Railroad
Company.
The weekly statement OF averages OF tho As
ISOLATED Banks shows that money 10 still return
Ing TO this centre from the interior. the increase
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