New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-03
WHAT WAS DONE IN STOCKS.

Wednesday, Sept. 2-p. m.
The affairs of the Union Pacific Railway assumed
an unmerited Importance IN the stock market TO-
day. The sharp decline yesterday in the bonds
of some Of its auxiliary lines explained for
mally by the announcement that Wall street bank
which held a loan of 100000 had become i'm
patient and sold the collateral securities in the
open market. The only comfort the bear faction
could extract from this unimportant proceeding
the possibility that other and larger creditors
of the company might be equally impoTtunate
| and uneasy. 1t was reported also that the delay
in the proposed extension Of the floating debt had
caused little irritation in certain quarters which
was indicated with sufficient plainness. 1t was
assert | stOuty that large trust company and
one of the great life insurance companies, which
together are the largest holders of the floating
debt, have no representation in the syndi-
cate committee and intend to have it..
Toward the close Of business the rumor was re-
ceived from Chicago that Western creditors Of
the company may apply at Omaha for the appoint
ment Of a receiver. Even If all these reports
were true, they would hardly be adequate to eX
plain the activity and weakness of the stock
They melted selling for both accounts here and
in London, for, of course, special pains were taken
that European holders oil American securities
should not be kept in ignorance of the reports
Under the pressure Union Pacific fell nearly
per cent, ana IN SplUe OF maj rally IL CiOSeu
with net loss of over per cent.
The influence of the decline was less than might
have been expected and although the general
market sagged, the final losses rarely reached l
per cent, and average were not more than
half Of that figure. Strangely enough the largest
of these declines were not suffered by stocks
that enjoy an international market Losses Of
l-4al-2 per cent in the most active Granger
shares were in sharp contrast with
declines of l per cent in Northwest and
nearly as much in Missouri Pacific. Atchison
Erie Lake Shore and Reading were comparatively
firm, while Louisville and Nashville actually
scored small advance. III view OF the fact that
the late rally yesterday was designed for effect
on the London market, the course Of prices TO-
terest The decline in Union Pacific, with the
conspicuous weakness in Missouri Pacific, sug-
gests the means by which IL was hoped TO pro-
duce o reaction, and the strength Of the leading
Granger shares clearly points to the desired end.
III must be admitted, In any event, that the move
sympathy with the recent advance on the part
OF large interests which by their supposed hold
lngs should he largely benefited by 1t.
WIhIe the market was subject 10 adrolt manpu-
lati0n an agreeable feature was the dulnesS which
followed the depression. ii was q satisfaction,
moreover, to see two energetic forces In the
speculation, and il would not he surprising If
az any time the general market broke apart from
Union Pacific and other stocks affected by myS-
ferrous manipulation. All the conditions sur
rounding speculation justify such separation
THE DAY IN THE BOND MARKET.
Government bonds remained neglected, but there
were no important changes in prices. The eX-
tended Us were quoted at 80 ~ bid, and
Of the Pacific Railroad bonds issue was l.?
per cent higher, and another as much lower.
The closing quotations Us follows: