New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-19
CLOSING PRICES OF BOSTON STOCKS.
UNION PACIFICS PLAN OF RELIEF.

luCSuay, aug. Tsp. IN.
Official announcement made to-day of the
preliminary plan approved by the directors of
the Union Pacific for the relief of the company
from its pressing unfIinded obligations. Sacri-
fees were required TO avert acknowledgment of
insolvency, and it is not yet certain that the
creditors will accept the terms offered. But the
committee which has undertaken the present prof
ect is representative of such financial strength
and influence that the success of the scheme may
be said TO be assured. We understand that the
holders of about half of the floating debt have
pledged themselves to acceptance. The Union Pa
cifc offers its creditors threeyear notes, bearing
per cent interest at 02 12 back of the notes
being placed In trust with DreXel, Morgan 81
Co. all the treasury securities. These are esti-
mated at current market values at about $37. 000,
0O0 but even at O. conservative estimate their
selling value should he about 1872, OO0, 900. The
floating obligations arc calculated at from 81 000,
900 to $2O,OO0,000. 1t might be figured out
that this plan requires Union Pacific TO add some
thing like 81 100000 to its debt in order TO avert
bankruptcy, but that amount is distributed over
three years. and within that time financial con.
ditions NAV favor a more advantageous funding
Of the company's notes Whatever may be the
ultimate course Of the stock, it must be conceded
that holders benefited temporarily by the pros
pect Of respite from the opportunities OF cred
ltors. The idea Of a formal underwriting OF the
noating Indebtedness is abandoned but the names
OF the committee on relief afford ground for con.
noenoe in the success OF this latest instance or
the banking worlds determination to stand to-
lapses.
An appreciation Of tho importance of the crops
In the financial results of operations OF the western
railroads can best be attained by studying par
uouiar Instances. The general development OF
mss expanding c t %nc1 mas not tb an
tne products Of the soil constitute an enormous
proportion Of the entire tonnage earned Inc
otdte OF Kansas furnishes a heavy percentage OF
the mileage of four great systems, and it may be
worm Wnlle TO glance at the figures The returns
TO tne Kansas Railroad Commissioners do not
anora eSact comparison with other available
STATISTICS, but our argument may BIZ illustrated by
Ghen; According To the last report OF the state
Board, the Atchisop, Rock Island, Missouri Pacific,
ana onion racine systems returned mileage
operaeu IN loYo OF 1880 miles, OF when nearly
one-half lay in the State Of Kansas. OF the
total tonnage reported by the four companies.
Atchiso s had nearly "a per cent, contributed by
grain, flour, and other agricultural products, and
Union Pacifc's percentage was nearly 81 per cent;
the percentage OF the four systems was $3.50 per
cent of the whole tonnage. The annexed table
mileage, the total tonnage carried, and the ton
mage furnished by products of agriculture TO
the systems named, IN $50, according 70 reports
10 the Kansas Railroad Commissioners
mia GI, s SSi Total ton. Aercusl q fG ag =
A,hson 9p7Ss aSSS 5i i.EEs i2s SS Dsssi
r,; s$; }fs $s4gsss 3:?s sss sssi
Total .....14e3o 72o4 22,S7o,Cs9 1926 SEQ $3.50
The significance OF the foregoing will be APP
preciated in the light Of the official statements
recently made promising for Kansas the most pro-
ductive Yield Of cereals In its history. And Kan
sas is only one OF many Western States enjoying
similar bright outlook.
WHAT WAS DONE IN STOCKS.
The stock market to-day experienced check
IN us enthusiasm. Further advances were re-
corded in the early trading, but the movement in
tho late afternoon reactionary, and final net
changes were pretty evenly divided between gains
and losses The foreign houses were disposed 10
realize profits or to press for sale the stocks that
need TO be exchanged for food. The trading Gle
mcnt is anxious for reaction, and commission
bonEss in many cases are restraining too enger
buvcrs Considering these conditions surprise
sbon1 be felt not at the declines, but at their
ing 1nifcance Union Pacific fiuctuated per cent
nandin0 the announcement OF the deliberations oil
tbe directors upon the floating debt: the announce
men, % the plan adopted stimulated sales The
HESITATION of the speculation at the moment Is
natural. il might readily lead TO reverse move
mant 81 values. But the market lost little &C
tvitv and the animation in bonds increased wnlie
naturalization has aroused a more sangulne spirit
which II SHOULD have no object In stiiilng.
THE DAY IN THE BOND MARKET.
There were no dealings In Government bonds at