New-York tribune., 1891-09-25

Gouds have been short of the market ana Una. aI .
crash in Missouri Pacific was devised py ras
soncitude. The question when wac iSs'co i overed
terday took this form: Have the Goulds c9aeieSt
their shorts?" II was assumed In rePy a,on tnaI
they had not done so further unfayoraple devsiopf
ments might be expected from the direc'ion u
Union Pacific.
UNION PACIFIC AgFAIRs.
There are strong indications that new Crisis
is approaching in the affairs of the Union racine
Company. The directors of the company are con-
fronted with the necessity OF prompt acuoh'
IL is considered not improbable that another change
in management may be the outcome OF the delay
In completing the subscriptions TO the surplus
amount of the new collateral trust 3-year notes
The agreement to fund the floating debt for three
years involved the issue Of $24,O0o,OOO notes
secured by the deposit of all the treasury eSndy
securities Of the company, a surplus OF 30, ,O0o-
600 over the amount required to cover existing
claims to be provided by subscriptions. ms
surplus was intended TO provide against con,
committee while it was liquidating the foatinS
debt. 4 l.. y
It is now said that while the greater part
the new notes, Mr.. Gould and his friends have
not worked with sufficient promptness to MI up
the subscription 10 the S5,0O0,0OO surplus notes
The creditors committee consists Of j. P1erpont
Morgan, John A. Stewart, Edward King, Alexander
H. Orr and Oliver Ames, the two last named men
representing the Union Pacific The bankers VINO
are lending their aid to the scheme are under
stood TO have informed the Union Pacific manage
ment that they must by tomorrow furnish SUD
stantial evidence that they will make the SUB
scripton to the new notes which may reasonably
be expected from them. Although this notice Is
not 10 be construed as indicating an abandonment
of the scheme for rehabilitating Union Pacific, 1t
is intended to accomplish this result. TO force
Mr. Gould and his sfriends to show their true
purposes, and If they are willing TO
abandon the property to place it in hands
which will care for it's welfare under new arrange
ments il necessary. 1t is not believed that Mr..
Gould is willing to place himself in position
where he will lose control of Union Pacific The
successful reorganization of the Atchison Company
without his cooperation is reminder that the
powerful banking interests which have been con-
spicuous In favorng the improvement in values
that the Gould people are believed to ha& opposed
may without hesitation act for the defence of all
creditors and owners OF Union Pacific lnde-
pendently Of the present management
The Gould people yesterday were prompt TO dis
claim all idea OF an intentional delaying of the
refunding scheme. President Sidney Dillon said
There Is no hitch whatever in the plan The
transaction Is one which cannot be completed by
the turning of a hand. We have been delayed
somewhat by the hot weather which has prevented
Mr. Gould from giving the work the attention
necessary. But we are making progress, and to.
day we received an additional subscription OF
$500, 900 TO the notes-a subscription outside OF
the present creditors, There is no doubt that
we will complete the transaction in due time, and
cannot see any chance of failure"