New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-26
WHAT WAS DONE IN STOCKS.

Friday, Sept. % p. m.
The plan for the extension of the floating debt
of the Union Pacific Railway will be carried out
on about the lines originally proposed. The OBJ
stacles in its way, of which the most formidable
was the supineness of the directors of the COM
pany, were swept away to-day and the complete
success of the plan is assured 1t is to be regretted
that probably there will be no immediate change
in the management but the underwriters of the
plan had no right to enforce this condition. The
moral effect of their rescue of the company will be
a restraining influence, and probably nothing more
will be heard at present about the danger of
receivership and the menace to the market held
out by the stock. The rapid progress in the ne
gotiations which was made in a few hours
undoubtedly due in large part to the scandalous
fall in Missouri Pacific stocks yesterday and for this
reason that speculative manOeuvre was blessing
in disguise. 1t is highly probable, if it had been
less successful and the Indignation aroused by it
less intense and widespread, that attempts to
defeat the debt-eXtension plan would have been
made. In other words, the apparent victory in
Missouri Pacific brought signal defeat in
Union Pacific to the authors OF the speculative
scheme i'll behalf Of reaction in the stock
market. The consequence of the defeat may not
readily be estimated, out it proves colclusively
that in the present temper of speculation Wall
Street cannot be ruled by any one interest no
matter how powerful and skilled it may be.
The course of prices in the stock market to-day
was singing rebuke TO those VINO had tried
desperately 10 bring about a serious reaction
Union Pacific was the centre Of interest and
opening "a per cent lower, il further declined
about l per cent before a large and confident
buying was able to turn the current, The sub
sequent advance was nearly continuous, and the
stock closed at about its highest price with
final gain of "a per cent The extreme advance
from its lowest point in the early dealings was
4 1-2 per cent. In the last few ninses OF bust
ness. the buying was so energetic n&to suggest
that it must have been for the short account. In
spite of the large transactions in the otocl. there
is a heavy short interest still outstanding in it
and probably considerable portion of it is for
the account Of some of the supina directors
Missouri Pacific was less active, and its move
ments were less certain and steadfast. 1t was
wavering and erratic, indeed. in consequence of
the contradictory reports about the dividend
given out by the directors of the company. A
Wednesday, but il really makes little difference
to Wall Street what action may be taken. The
declaration of a dividend will not restore con-
tidence in the stock and the formal passing OF il
will not excuse in any degree the action
of the executive officers Of the company 1t is
inconceivahle that Missouri Pacific will ever re-
sumo it's place factor in speculation Neglect
will pursue it until il sinks into stagnaton. The
last price of the stock was about midway in it's
extreme fluctuations but it showed an advance of
2 3-8 per cent, compared with the closing price
yesterday
The general market moved upward with com
mendsble steadineSs and courage. Many stocks,
including ST. Paul. Louisville and Nashville and
rs rule the Vanderbilt shares, fully recovered
| the losses suffered Yesterday while Erie Lake
Shore and Northern Pacific preferred were only
less buoyant. Among the specialties the Chesa-
| peake and Ohio stocks were unusually active at
material advances, while the upward movement
was resumed by OInaha common, Chicago and
Eastern Illinois. Hooking Valley and the Wheeling
| and Lake Erie stocks. The closing was active
and confident at generally the best prices for the
day. The final gains were nearly per cent on
| an average
THE DAY IN THE BOND MARKET.
| Government bonds continued TO be neglected
and there no change in the prices of the gold
| issues. Bids for the currency 6s were advanced
| 1-2a3-4 per cent without attracting sales The
| closing quotations as follows: