The Saint Paul globe., 1897-10-26
UNION PACIFIC HURT
ENORMOUS LIQUIDATION THE RE-
SUIT OF THE RUMORED DE-
LAY OF SALE.
PRICES ALL DEMORALIZED.
NET LOSSES FOR THE ACTIVE
LIST OF FROM ONE TO TWO
POINTS.
CUBAN WAR SCARE REVAMPED.
Sharp Advance in Actual Rates for
Demand Sterling a Feature
of the Day.

NEW YORK, Oct. 25.-The conviction that
a rupture in our relations with Spain will
ultimately result from the Cuban question,
the danger that the Union Pacific reorganiZa-
ton plan will be upset by the governments
desire to postpone the sale, and the weakness
in New York Central due to yesterdays
disaster On it's line, combined to break the
stock market today and demoralized prices
throughout the list. The lower prices for
American securities in London and the de-
cline in the price of Spanish As there of y
per cent to 59b, were accepted evi-
dence of the apprehension felt there as to
the harm that would be done to values by
the threatened rupture. The opening showed
sharp declines in the internatonals and the
specialties and by noon losses of a point
or over had spread 10 practically every ac-
tive stock in the list. There was a lull
in the activity of the liquidation and at
that time a steadying of prices based on
hope that the supreme court would hand
down a favorable decision in the Nebraska
maximum freight rate case, and that prices
of railway property would tend to improve
as result. A sharp rally in Chicago Gas
on the announcement of the declaration Of
the regular dividend also helped 10 steady
the list. But the afternoon was given to
alternate periods of active liquidation and
slight rallies.
The announcement of the governments de-
cision to apply for postponement of the fore
closure sale of the Union Pacific and Kan
sas Pacific properties brought out enormous
liquidation of Union Pacific stocks. There
was no check apparent in the liquidation or
IN the fall in price, as a result Of the an
nouncement of the reorganization committee
that it intended to bid in the Union Pa
cific main line if need be, for the full amount
of the governments claim. This would in
volve an increase Of S8,000,000 over the lat
est upset price which the syndicate agreed
to insure the government and Of over S12,-
100000 over the price fixed at the time the
present reorganization plan was agreed upon.
The purpose of the reorganization committee
to divide the reorganization of the Union
Pacific main line and the Kansas Pacific
into two operations failed to quiet the doubts
Of those who have speculated in Union Pa
cific on the basis of the Hunt reorganiza-
tion plan. The apparent intention of the
government to relegate the whole matter
to congress awakens fears amongst holders
of the shares that delay will attend COM
pletion of the reorganization. The govern
ment's second mortgage On the Kansas Pa
ciic for about $14,000,0G0 is unprovided for
and the reorganization committee take the
SLdDu IudI the government Will De allowed
to bid the property in if it is not willing
to take the bid of the committee. The fear
that this would endanger the plan of re-
organization evidently augmented the sell
ing. The sales of the stock consti ,uted one
eighth of the total transactions of the day.
The days net declines in all the active
stocks ran from 1 point 10 over 2 points, and
in Consolidated Gas reached 51a. The Van
derbilts were conspicuously weak. A sharp
advance of Is in the actual rates for demand
sterling exchange was feature Of the day,
and was a reflection of the rising rate of
discount in London and of the dscoun ing
of accumuating sterling bills here.
Railroad bonds were in sympathy with
stocks Total sales were $1,61O,00O. U. S.
new as ard the 5s registered were advanced
1s bid.
Total sales of stocks today were 1856, ,206
shares, including: Atchison pfd, 6,695; c.
& O., 5,S25. c.. c., C. & ST. L., $500; Man
haitian, $3.50; Missouri Pacific, TO- 100; New
York Central, 11279; Northern Pacific, 5,965;
Northern Pacific pfd. 12.451: Northwestern,
3295; Reading, 1920; Rock Island, $685. st.
Paul. 81, ,655; st. Paul & Omaha, 30,050; South
ern Railway pfd 40f0; Union Pacific 63 400;
Tobacco, 1902; Bay State Gas, 19,230 Chicago
Gas, 46,331; Sugar, II, 335; Tennessee Coal
& Iron, 3,1S5; Chicago Great Western, S140.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. H. F. Smith & Co.. members
New York stock exchange and Chicago board
of trade: