The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-31

Yorl viii mako things better on MONDAY
The MONETARY outlook here Is most uncei-
tain. The market, IS e, 20 ood ,, 5et v,cck on
the othcr hand money borrowed os 'nS
hank on Consols IS due on IhlIaday, an
~ remains then 20 discover the oan -
future policy towards tne inaIi''s .oid
runsors OF some millions OF POUNDS OF bo.u
going soon 20 India arc probably moor
rect or much exaggerated.
There was Mtuo activity and small va
Ration i'm prices on the Stock Exchange
to-day except in a few special cases tou-
. eoiidatcd Gas was the conspicuous - 49,,
ruro with "a break Of points 10 Nv
The stock fen several points w ~"
sales on dealings in single lots OF "a nun
drcd shares The last sale was az raily
90 2 points Consolidated Gas at lyi
shows fall Of 49,. points from the price
on September 10Th, ON when Gay II aoia
Tor 2f1i5. Union Pacific was heaVy
throughout on rumors that the foreclo-
sure sales Of the property might pc en-
Joined The stocks was over "a point OH
at one time. but rallied - buiiihs!gn ION
alone Of the list was traded I'm 10 the
extent OF moro than 10000 shares. IL
was strong on favorable crop reports from
along Cos lines. Tho total sales or all
stocks were little more than 10000
shares. The strength Of the market gem
orally was due 20 the closing up OF con-
tracts for the intervening holidays. which
virtually extend over 20 next wednesday.
Tho EnNELN-ildl increase III lvAHa 'A
s. o. 12J. shown I'm tO-day's bank state
.mcnt. is Tho first increase shown since
the statement Of September 18th. The
contraction in loans from that date up TO
October 23d was SlT63S 900, made neces-
fnry hy the sharp demand from the lntc
riOr for money Although there has been
an uotivo movement of currency from
this centre 20 ST. Louis during the week
70 move the cotton crop, the net move
fnont has been this way. and that interior
banks have more money than is needed
IS shown in tho column OF deposits which
have increased SSN4f 900, representing In
apart the surplus fund Of interior banks.
The bidding for mercantile paper has con-
tinucd very active an the week. interior
banks continuing TO offer funds in this
department OF the local money market.
The increase in loans in the hank state
fncnt. while partly due 60 purchases of
mercantile paper, SIS probably due for
the most part 20 operations on account Of
the pending Union Pacific foreclosure
sale. Tho Union Pacific has also been
tho oVcrshadOWlng influence In tho stock
Emarket, which has otherwise been ox-
Cecdingly narrow and entirely profess
lslonal Some confusion has seemed TO
scXist in the minds Of holders Of Union
Pacific securities at times as 10 the eff
feet Of the developments az Washington
Ton their intcrC SITS but the weeks net re-
ifults shows that they consider them
ffelves substantially worse of than they
were last Saturday The stock fell AZ
ION Monday on the Governments an
inOunccd intention 70 postpone the fore
..closure SALE 10 being feared that the
whole plan Of reorganization was threat
"cnod. The REORGANIZATION Committee an
Hnounccd that 10 would bid the fun amount
tot tho Governments claim on the main
dine That allotments be made under the
fulan 10 Kansas Pacific security holders
would remain reserved for the reorcani-
cation Of the Kansas line. and that no
change In the plan Of reorganization was
involved i'm this. This. coupled with the
it would accept this bid on the main,
rallied the stock. limitations that the
generalization syndicate would be loser
by the increased bid, which had increased
isome Sl3W0O0O over the contemplated
bid for the whole system when the plan
was made. seemed 20 cause irritation. and
explanations were offered that the in
lcreased outlay by the syndicate was 10
be compensated by allotment Of first
MORTGAGE bonds and preferred stock The
syndicate, II is announced. receives par
ln the new per cent bonds and per
cent in the preferred stock for the money
FURNISHED by a. This. 10 was explained.
would not only nccossitato the absorb
lion OF securities that would otherwise
accrue 10 tho treasury Of the new com
pP"", but the issue Of additional bonds
~ the par value Of at least 5000. 900. II
further developed that the increased bid
made no provision for the subsidized nor
ton OF tho Kansas Pacific, the bid on that
portion being considered as withdrawn.
on their control Of lines and connecting
Ink. which can De built 10 parallel that
portion and complete the system IF they
were unable 20 secure the Kansas Pacific
ON their own terms. The stocks net loss
on the week was ~ points. the price be-
ing about what 10 was before the recent
50 second assessment was paid Kansas
Pacific consols have also suffered 10 the
extent OF lO's per cent. the Union' Pa
emo bs or W. trust receipts % and
the sinking fund SIS trust receipts 3 per
cent Tho activity and weakness Of
Union Pacific and the susceptibility to
attack of the whole list caused n general
loss, but subsequent rcc0vcrics have boon
made Yesterday and tO-dav The rise of
cash wheat again 90 the dollar mark also
had "a STRENGTHENING influence The extra
ordinary showiues of net earnings for
september or tho eraln-Carryiug roads
were q favorable influence. as were the
hopes of early lrosis and the end of vel
low fever Boo the South. Pacific Mail has
been affected by "a bad showing of Sen
tcmhcr earnings. and has lost 2N Con
solidated Gas has fallen 6 points since
last Saturday. Sugar Is over . points
lower. The railroad list generally shows
small net declines. Burlington and North
Nrn Pacific preferred showing fractional
gains. losses I'm the C0alcrs were more
conspicuous, ranging no to per cent
On Delaware and Hudson and 3ih per cent
1n SusQuehanna and Western preferred.
IN the bond market the active issues
"a
Traction. except ass above sneeifed Total
sales, 100000. United States new as
sold at l2si( 20 new higher record. and
to-days bid was 12SN The registered
bonds Of tho Same issue sold for 1851
q new high point and to-days bid was
1914. The demand for these bonds IS
attributed partly 10 transfer OF holdings
I'm Government securities Of an early
period.
Total sales OF stocks to-day were 100
500 shares, including Chicago. burlington
and Quincy. on 30, 81. Paul. $50 North
crn Pacific 76iO. Bay State Gas. 1920:
Sugar, 1885.
MONEY AND EXCTTANGE.-M Money on
call nominally at per cent; prime mer-
camille paper. S4Ufia per cent. Sterling
exchange steady with actual business i'm
bankers bills az 4S5ii Q4S59s for demand
tand az fS2i4 0fS2& for sixty days. posted
BATES 4s3n4S3n and 4s6OfSGia: CONNER
fetal bills. zSiih Silver certificates. $3.50
80. bar silver. $50; Mexican dollars. As
state bonds duh. railroad bonds firm.
Government bonds firm.
BANK STATEMENT The weekly
bank statement shows the following
changes:
Surplus reserve increase ...,.. 81 367. 100
Loans Increase ................ 5O25. 100
Specie. increase ............. $4,000
legal tenders. Increase ....... 24sO 600
Deposits. increase ............ 7S74OO0
Circulation. increase ... 1OO, 400
N..IFH Il. ID - a..