New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-09

TUESDAY.
Concerning the Western railway situation,
which just AT this moment Is made n iac''r III
,be stock speculation it. is necessary TO Use
some plain ENGLISH. The traffic agreement be-
tween the Union Pacific and the Chicago and
Northwestern companies IS not an exclusive
agreement. but it has come 10 stay, exactly as
the traffic agreements hctsecn the Ncw-iork
Central and Hudson River and Lake Shore and
the Michigan Central system have come 10 stay.
All the other railroads that are or can be affected
hy the nliscallcd alliance between the Union
Pacific and the CHICAGO and Northwestern ac-
ccpt the situation and are not kckcrs.' But
the Missouri Pacific whose business is not af-
fcctcd 20 the extent Of per cent by the agree
ncnt is SET forth as a striker against a rcor-
ganizaiion Of the Interstate Railway Association
until that agreement is abrogaied. We know
not what interest Mr.. Gould has 10 serve by
such a course. but certain II is that his alleged
friends anxious 10 present him before the
public in his original role of general wrckcr.
There Is little authority 10 believe that the cur
rent reports of the situation and Of Mr. GOuld's
iathcrng them arr correct. Yet the common
reports are factors in dull market and not
without effect In restricting business and post
poning an advance in prices.
Since Mr.. Gould was able TO exert a powerful
influence on the stock market thcrShavc been
some radical changes. with which. perhaps, he
~.
could De temporarily powerful factor in "A bull
speculation. His special organ for weeks as We
before have noticed, has Indicated that bull .
market was not his personal desire. And vet the
result OF the well -wrlttcn "polnts' calculated
10 create dSirust has only served, If il did that
10 restrict speculation and impovcriSh the brok-
The country has OutgrOWu the control of
any two speculative railway managers
Great men have become atoms in the general
progress; they may rctard speculation. but u
healthy public sentiment backed by the late
United States courts decision as 10 the power
OF State Commissioners TO make rates for rail
ways, has shorn them Of their old power over
the real holders of securities. According To the
statements of his friends i?i. Mr. Could seems
to be little norc slow 10 learn the new lesson
than the average railway manager
TIE STOCK MARKET.
To-days stock market was dull, and at the
opening the small decline in prices was general
Later the movements were irregular and without
significance Manhattan stock was specially
strong and rose TO 10 "a no 1 from los IS.
Chicago Gas also, with a small business, picked
I'D IS per cent, and closed unchanged. The
reasons for the general dulncss are given in the
comments above. II was dulncSs. and not final
Declines that was the feature of the market.
The final changes were unimportant, with more
Gains than losses. There is significance in these
facts when it, is remembered that. with cr with
out authority Mr. GouId's full influence cX-
crtcd for depression. The market closed dull and
strong.
TIE BOND MARKETS.
The Treasury purchased only $3.50 bonds
per cents, 81 $50 at l22. and II per cents.
5000 al 03 -. At the Stock Exchange 81 900
per cents SOLD at l22. Annexed are the clos