New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-11
DEATH ON THE EXCHANGE
A SUDDEN INTERRUPTION IN TIE EXCITE-
MENT OVER THE DECLINE IN STOCKS.

MENr OVER THE DECLINE IN STOCKS.
THE UNSETTLED FEELING IN THE MARKET
AGAIN APPBARs-wIDE AND VIOLENT FLUCr-
UATIoNs-vARIoUs THEORIES ABOUT
UNION PACIFIC-THE CONTROL
OF THAT ROAD THE DIS
TURBING ELEMENT.
Tho downward movement of stocks was inter-
rupted for n half-hour about noon yesterday py
the sudden death of an old member on the hoor
of the Exchange. When he fell in what appeared
10 nc faint his associates gathered around him in
aiectionate efforts to help hin. 1t required only
one look at his face to convince even the most
thoughtess that more serious calamity had fallen
upon them. A deep silence by some unknown
signal, at once calmed the noisy groups. BuSl-
ness was suspended without official announce
mcnt and within few minutes a dead body was
removed from the floor.
An intcrmission until . 80 p. m. was ordered
by the president of the Exchange, who officially
announced the death at the expiration of the
time. When his brief eulogium had been pro
nounccd, brokers sought their places on the floor
and resumed their trafNcking in stocks For
hestation and before the end of the delivery
hour there was considerable rally in prices
Before the close Of business, sentiment had been
abandoned and In many instances the last prices
were practically the lowest for the day. The
hnnl weakness was n good deal of a surprise be-
caisc no failure had been announced and in fact,
no rumors of embarrassment had been started.
The character of the trading rot changed. and
prices fell apparently undisturbcd by death or
human emotions
The volume Of business was large. and the
fluctuations during the day wide and at times
violent. The early fall in Western Union Tee-
graph which has been for long time one Of the
most impassve stocks. followed by rapid
recovery, but the last price was below the opening
figures. The opening price of Missouri Pacific
was the highest for the day. but this stock also had
tie grace 10 rally fraction, although it suffered
n material decline. The stocks that were con-
spcuous by their resistance 10 the general move
mcnt were Union Pacific Lake Shore and North
western. The very association of these stocks is
full of suggestions, because the alliance between
the Union Pacific and Northwest companies has
been the cause of serious troubles among West
crn railroad lines. The strength Of Lake Shore,
which undoubtedly is due to buying in the
Vanderbilt interest. might naturally suggest the
same buying Of Northwest and Union Pacific.
The question that agtatcs Wall Street is Who
is buying Union Pacific ?' The answer Is as
varied as the operations and opinions of profess
sional Spectators To cement the traffic alliance
with the Northwest. which has broken the Gen
tlcmcns Agreement" The Vondcrblls want 1t,
and the obstnacy Of thc connecting lines in the
same interest is supposed to support the theory
Mr. Gould must have it, according to other
theories because he cannot otherwise complete the
railroad combination Of which the Southwestern
Association is merely a coming shadow Mt
Gouli must have it. also. because he wants Ia
nay debt Of some kind 10 Charles trancis
Adams. president # the company II is fairly
understood in Wall Street that Mr.. Adams was
! ,.,ecd 4 IN, pre.ent Office in the hope that his
! name and Influence would carry funding bill
through Congress His efforts in this direction
/ have hccu frnitlcss. and IL is asserted in some
ousrters that Mr. Gould is trying hard to undo hI'
! nrcvious work Rumors that Mr. Adams had re
stoned his place were circulated last week. ana
! tha, Mr. Gould had secured control of the com
pouy Yesterday. The rumor, were not confirmed
! of course. and rnmors about change IN the man
agcmcnt were denied by President Adams. IL Is
| understood that the decline in tho stock has beer
so heavy thnt Mr. Adams considers his rc>lgnation
! I'm the circumstanccs would bc under fire one
! Of his lieutcnanIs 10 whom "A better place and q
higher salary were recently offered is said To nave
refused them on the ground that II would o'
sheer cowardicc 20 leave the componys employ
mcnt.
The contest In the stock market seems 10 b'
simply n question of Union Pacific control. othe
Influences are ar work. but they are wholly sun
ordinate, and by some persons their connection
with the main problem is considered not pam
| The disturbance III the London market may b'
partly due 10 the same causes, nut the Situa'lo'
there is admitted to lr more critical Inc ratc
of money in London and on the 'ontiIcht are uh
comfortably high. and the recent advance at :
special meeting, Of the Bank of England rate %
discount NAV he followed by another. Dispat'
from London state that Russia. Spain and ltall
are IN need Of gold and that the Bank of Eng
land insists that the supply shall bc drawn IRON
| Paris and Berlin. The Sonth American venture
| i'm which England has 50 large an interest sliI
want money but unfortunately they have ltt'
to offer in the way of security. While the sellnt
| of American railway shares ai the London >'oct
| Exchange was without failures, or the ioTiihl
| announcements the fortnighty settlement heelh
| to-day and the result is feared both In l;ohdoI
and New-York There is little doubt that Inc uh
! haDpy bank statement of Saturday mas hau lu
| natural effect on the London money market, io
,bc reason that no relief could be had from thl
country. France seems 10 he the only source o
supply at the moment but higher rates Vi ln''I'
must prevail in London before the fIehch VII
| consent to reduce their boards.
The ratio of coll loans at the Stock f'Achang'
Yesterday advanced 20 Ii per cent premium ana
| although loans were made as low rs ~ per cent
year. after the delivery hour had been passed, th'
| last loans were az the highest figure ana MANY
| brokers had not made up their balances uhtll Soh'
time after the close Of business.
VIEWS on TIE SITUATION
pf,>tr rrLr> at