New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-05
Total II co'ss7 637 1883 IS. .O34 Incs7o2476 90
THE WEEK AT THE STOCK EXCHANGE.

Although speculation was less active ana eN-
citing it was not destitute of interesting features
The most important and significant was the evident
elimination of the reaction which has been going
on for the last two weeks IL has been admtleu
all along that the efforts in favor of lower prices
were entirely speculative and not based upon any
change in financial or commercial conditions Ger
tain large interests which had mistaken the force
and causes of the previous advance endeavored to
correct their error. After the successful issue OF
the negotiations for the extension OF the floating
debt Of the Union Pacific Railway an opportunity
was given them TO secure the line of stocks which
was greatly desired, The result was q continued
depression which lasted until the close oil business
Oh Thursday.
fessional and sentimental but so far as weak
holders of stocks were concerned, they were real
and, to an extent, cruel The means by which
they were 81 @ Efse aq
ing of it's quarterly dividend by the Missouri
Pacific Railway. The statement which was sub
mitted to the directors showed that the company
had previously paid dividends that were not
earned and although it had moderate floating
debt 1t held In its treasury available securities
more than sufficient to discharge il.
The publication of the statement was followed
by an abrupt fall in the price of the stock and BY
suspicious weakness in Union Pacific The
influence of these declines did not extend to the
general market and In fact, the exceptional
strength Of the IS"1h stocks suggested
efforts of the bear faction reached climax on
Thursday when the lowest prices were recorded.
The selling of Missouri Pacific was evidently
liquidation caused by the removal OF the stock
from the dividend paying list Another sharp
decline in It was supported by a vicious assault
on Rock Island, and only less vigorous on all the
leading stocks. The transition from extreme
weakness to renewed confidence was so rapid and
abrupt that the only reasonable inference was that
the purposes Of the bear faction had been accom-
plished The advance in prices on the last two
days in the week was spirited and continuous,
ard in many cases the early losses were fully re-
covered. The closing was active and almost
buoyant.
The meeting of the Missouri Pacific directors
on Wednesday was distinguished by sensational
incident, the import Of which may not be meas
ured Those who were present are not likely
readily TO forget the physical and perhaps other
collapse suffered by Mr.. Gould. 1t must be adj
mitted that as an influence on speculation he
probably will never resume the position he has
so long occupied There have been indications for
long time that he was arranging his affairs pre-
paratOry 10 permanent retirement from business.
And it is altogether unlikely that he will again
enter upon new and important ventures Al,
though the personal relations between him and
Russell Sage have not been disturbed il is improb-
able that they will work together again in the
same earnest unity of purpose which has character
lied their long intercourse. II it should be
necessary for Mr.. Gould 10 leave the practical
management of his business to his natural sue
cess0rs the harmonious relations of the two men
would be maintained with the utmost difficulty
The effect Of this change on the future course
of prices at the Stock Exchange may not safely
be predicted.
The reaction in stocks which has come and
gone strengthened and solidined the market.
Stocks have passed from weak to strong hands
while the conditions attending speculation have
improved rather than deterorated in the interval
Public confidence at home and abroad has
rot been shaken in the smallest degree, and re-
newed buying for the long account will promptly
follow the beginning of new movement
Following is our usual table, giving the number
of shnres sold of all stocks the HIGHEST lowest
md final prices Of the week; together with the
final prices Of week ago. prelXed by the average
prices of October 4, 1900:
WEEKLY RANGE