New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-28
Total IS co.'s. 80 40o,e14 s7,oo2,59o Inc. sG01o7e
THE WEEK AT THE STOCK EXCHANGE.

The occurrences in speculation last week were
startling In the rapldity with which they followed
each other and lnOmcntous In their consequences.
Ihey exposed more clearly probably than ever
before the evil designs OF those interests which
have struggled for long time TO bring about a
serious reaction. The failure OF 5. a. White d
Co., which occurred on Tuesday, was probably
oaIy an incident In the plan Of campaign. IT
was stated officially that the rm did not seek aid
from any Of Its many friends, but 1t has since
been ascertained that only comparatively small
amount Of money was needed TO carry il through.
The question naturally recurs whether the down.
fall would have been permitted if Jay Gould had
not seen In II a support to the plans which he
must then have had under consideration. The
sacrifice of Messrs. White d. Co. was OF. secondary
importance to the passing of the Missouri Pacific
dividend and the defeat of the plan for the eX
tension of the floating debt Of the Union Pacific
Railway.
The abrupt fall in Missouri Pacific stock
Thursday and the lack OF support since that day
can lead only TO one conclusion that MIR. Gould
has taken advantage OF the recent advance to mar
ket his holdings of that stock. II may be as
sumed that he has no interest in the property eX-
cept as holder of its bonds either taken directly
or held as security for advances Of money. 1t Is
not denied that the company has paid unearned
dividends In the past few years, and the refusal of
insiders to make further advances clearly demon
strates that their interests would be helped most
by ceasing TO pay dividends, 1t is In every way
improbable that Mr.. Gould will repeat the mistake
which he once made in buying back Wabash stock,
and in that event it is not at all unlikely that the
Missouri Pacific may suffer the same fate which
befel that unfortunate company. 1t is certainly
OIL no consequence WneUner u UlNluenu on MISSOURI
Pacific shall be declared or formally passed at the
approaching meeting of the directors. Mr.. Gould
has stated explicitly that it would be passed, and
from this it may naturally be inferred that he has
prepared statement Of the condition of the CON-
pany which the directors will be reluctant TO over
ride 1t would seem that there was nothing left
for some of the directors TO do but resign their
seats on the board, and 1t is the plain duty and
interest of the stockholders to take their property
under their own management.
Developments of still greater interest occurred
In the affairs Of the Union Pacific. Railway. The
decline in the stock coincldent with that In Mis-
souri, Pacific was circumstantial evidence that the
for extending the floating debt. AltfNugh there
is proof accessible, every indication points to
the active opposition Of Mr.. Gould TO this plan:
How far his position was changed by the general
indignation aroused by the passing of the Missouri
Pacific dividend can never be known. IL Is enough
TO know that all Obstacles in the way OF the sue
cess of the plan have been removed. That its
success defeats his efforts in behalf Of serious
reaction in stocks must be admitted One re-
source is left to him, and that is the power which
he undoubtedly has to produce disturbance IN
the money market With his many affiliations
and under the present conditions IL would not DC
gency. The period in which it could be accom-
plished is brief, for within week bank reserves
will be strengthened by heavy receipts OF gold
from Europe. Manipulation of the money market
must be immediate, therefore, and 1t must be
disguised completely if he would avoid recur-
renee of the personal animosity which his action
in Missouri Pacific so lately excited
The resistance and strength shown by the
general market were remarkable and encouraging.
II has been claimed by those who favored a de-
cline in stocks that the recent advance had ben
too rapid, and that the market needed a Temporary
setback Whether they are satisfied not, the
tests which the market has endured in the past
week have proved its stability. Confidence at
home and abroad was disturbed in only the slight
est degree by the unexpected event of the week
The buying for European account was specially
confident, and at every recession in prices both
the domestic and foreign buying increased in
volume There is certain 10 be, however, sharp
in further
Of the stocks under Gould control would prob
ably have little influence on the rest of the mar
ket. There is still outstanding large short
interest in the leading shares, and without know
ing what persons are affected by it ordinary at
tempts in behalf of lower prices will not enable
it to be covered without loss. All the known
conditions surrounding speculation must be ad-
mitted to be favorable to further important i'm
prOvcments
Following is our usual table, giving the number
of shares sold of all stocks, the highest. lowest
and final prices of the week. together with the
final prices of a week ago, pre1xed by the average
prices of September ~, 500: