The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-09-27

Gould furnished at that time almost IA soon
as he Ind delivered himself OF II. limo has
proved that 1t would have been worth while to
have remembered Mr.. Gould's remarks about
Missouri Pacific and to hnvo construed them
literally.
Mr. Gould md his associates hive developed
tho comparatively small railroad which no
bought from Commodore Garrison for few
million dollars ten or twelve years ngo. until
II Ia now one Of tho largest systems OF railway
In the country 1t Is now more than play
thing even to man who Ia as accustomed to
lnrge figures and transactions ms Mr.. Gould.
II the truth were known IL would probably be
found that Mr. Gould has experienced moro
anxiety than pleasure in managing and
extending the Missouri Pacific system. Ger.
tainly OF late years the management Of It's
finances has boon no snecure. while every one
Is familiar with the serious difficulties that
have been encountered during the last three
or four years In maintaining profitable rates
in tho Southwest rs we'll as in tho West
For long time after Mr. Gould took hold Of
the property the market for it's stock was very
limited. and after he had succeeded in broad
ening the demand for Il. he encountered dim
cultics In the bond market. In consequence
he and his immediate following have had to
take the great majority Of recent issues
OF the company's bonds. The public
has boon content with its original
holdings OF the earlier issues 1t Ia generally
understood that Mr. Gould himself now holds
about one-third OF tho bonded debt Of the
Missouri Pacific systom. On the other hand
his holdings os tho stock, which were at ono
time fully two-thirds OF the then outstanding
capital. have been reduced. until he now
appears TO hold less than ono quarter OF
largely increased capitalization. He was
successful in selling millions Of the new
stock. when issued from 40 or thereabouts
down to az. What he actually holds to-day Is
matter Of conjecture. but. Judging from the
fact TINT he is now formally on record as
favoring n suspension Of dividends. Just as
the entire country seems about to enter upon
An era Of extraordinary prosperity. It is doubt
full II his present ownership Of the stock is
much more than nominal.
The part that Mr.. Gould has taken during
the last two years in efforts to improve the rate
situation throughout the West has won him at
times cordial support In the market, and we
are constrained to believe that he has taken
advantage of 1t. Tho Inst half dozen years has
demonstrated to tho satisfaction Of every one
who has given any attention to the subject
that railroading in the vast and comparative
ly sparsely settled region west Of the Missis-
sippi is precarious business. Now Mr.. Gould
Is approaching n timo OF life and is In a
condition Of health that influence him to
reduce his responsibilities. His method Of re-
adjusting his affairs in consequence OF the cir
cumstances noted Is proper object for criti-
cism. As heretofore. his methods are now Sc
verely and Justly criticised. and If he feels the
force Of such criticism. as there is reason to
believe he does. he may possibly excuse his
offences to himself by considering that his Pc
culiar and devious ways are inherent or con-
stitutional.
STRAIGHTFORWARD and open methods Of trans
acting business are foreign to Mr.. Gould's
nature. yet It is his misfortune that such is the
case. Whether he has ever tried to restrain or
divert the natural bent OF his mind the world
will never know. for no amount OF reason
ing or evidence. were they brought to
bear on the question. would convince one man
in million Of the affirmative. The public
formed its estimate Of Mr.. Gould quarter OF
a century ago. and though portions OF it have
from time to time dissented from that view.
the conviction Of the majority has never wav-
cred. The events Of the past week have given
new force to the adage that the leopard cannot
change it's spots.
An authentic interview with Mr.. Gould pub
hshed this morning confirmed the street in it's
conviction that the time has come when the
Missouri Pacific Railroad Company will sus-
pend the payment OF dividends The payment
of one for the current quarter 10 no longer a
matter Of policy nor OF the pressure Of public
opinion upon Mr. Gould and his immediate as
sociates. but q question Of cash. Heretofore.
according to official statements recently made.
Mr.. Gould and Mr.. Sage have provided the nee
essary funds under circumstances similar to the
present. They will do 30 no longer. and there
can be but one Inference from that namely.
that 1t ia no longer to their interest to hold the
mask between the public and the actual flnan-
cial condition Of the company. 1t is well
enough to tall: of daferring the payment Of the
dividend. for that ignis fatuus and the dark
pirtur" sf the company's condition which will
unIuestionaply be presented to the full Board
Of Directors next Wednesday will awaken
hopes in some and arouse suspicious in others
that will help to prolong the market for the
stock until more light is let in upon the affairs
OF the company.
Mr.. Gould announces that he Is disappointed
in the present condition OF railway business
along the lines Of the Missouri Pacific system.
and says in substance that he is tired out and
willing to let the stockholders shift for them-
selves Now all this may be an adroit scheme
to recover stock that has been sold
and to cover shorts in other sections OF the
market That is II subject concerning which
there can be exhaustless speculation with
only the slightest Of circumstantal evidence
to proceed upon. By coming to the front in
tho manner that no has in tho matter Of fund
in. tho Union Pacific floating debt Mr.. Gould
has disposed Of muny suspicious and sinister
conjectures as to his attitude toward that
property. His course is also calculated to
modify notions that have prevailed as to
his position on tho market. Relative to Mr.
Goulds attitude toward the Union Pacific fund
ing scheme. the Chairman Of the creditors
committee. Mr. Morgan states that the differ
ences between tnat committee and Mr.. Gould
have boon exaggerated. that they were mover
serious. and that Mr.. Gould's action at the last
was gratifying to all concerned in the matter.
1t is proper to add that any misrepresentation
that may have existed resulted entirely from
difficulties encountered in obtaining official
information upon tile subject.
At meeting of the creditors committee OF
the Union Pacific Company held to-day all OF
the larger subscriptions to tho new issue OF
notes werc confirmed In writing with one cx-
ception namely that Of Mr. Russell Sage for