New-York tribune., 1891-09-25
CLOSING PRICES OF BOSTON STOCKS.
WHAT WAS DONE IN STOCKS.


Like all popular clamors, the indignation eX-
cited by an abrupt fall of nearly 10 per cent In
Missouri Pacific stock to-day was somewhat un-
reasoning. On the contrary, holders of American
railway shares everywhere plainly owe debt
of gratitude TO Jay Gould for his decisive and
clear exposition Of his speculative schemes. There
can no longer be possible doubt about his posi-
ton in the market He has thrown down the
gauntlet and the contest promises 10 be sharp and
bitter, but the result will never be in doubt
Against him arrayed the revival of public conii-
dence the foreign trade balance which is bring
ing gold here in ever-increasing stream, and
The forces of nature exhibited in assured crops.
These influences he will find it impossible success
fully to resist. The thanks Of investors should
be rendered also to his Oldest son, who is quoted
as saving that it behOoves those intrusted WITH
corporate management TO be ultra-conservatve IN
these times. The passing, or the postponement'
of the Missouri Pacific dividend must be con-
sidered sufficiently conservative, although IL Will
hardly he contended that the company has never
before paid dividends which were not fully earned
1t is a delicate question, perhaps whether the
executive officers OF the company nave the "gai
right 10 adopt so radical measures, Dut
that NAV be lett TO the personal Iudg-
ment of Mr.. Gould's associates in the board.
Their places would seem to be superilQous
under the present management, for no meeting
of tbe directors, or even of the Executive Com
mittee. has been held. Whether or not a diyi-
dend has been earned, moreover, Is known only
to Mr. Gould, for the company does not puollsh
its earnings. Probably no statement would now
be received with favor, because 1t might lack some
of the elements Of credibility ,.,
The decline in Missouri Pacific was met WIN
stout and admirable resistance by the general
market Union Pacific moved in sympathy with
it, and Atchison was extraordinarily aclve. me
first fell nearly per cent from its early price, and
Atohison over 2 per cent, but, although they
closed at their lowest figures, their final losses
were 5-S and Is per cent The business IN
the three most active stocks was considerably
more than a third of unusual business. Inc
leading Granger shares lost from l-2 TO 2 per
cent decline which fairly represents the general
which were less active or less widely distributed
The effect of the decline in Union Paci1c was 70
arouse again the suspicion that Mr.: Oould mlght
attempt to defeat the plan for the extension OF
the floating debt of the company. The com
mittee which has the matter in charge might DO
well TO block at once any attempts IN that dlrec-
ton There is no doubt, however, that energetic
efforts in favor of further reaction VIII be pun
forth. II may be through the troubles OF tho
Union Pacific Company or by other means.
With his many affiliations Mr.. Gould might be
able 10 engineer temporary disturbance in rates
for money, and the close OF the business week
always affords an opportunity for manipulation
TightneSs in the money market could not be NAM
tanned for long time, for 1t would quicken
instantly the inflow of gold from Europe. The
shipments growing larger daily, and the 1or-
eign exchanges justify further increase IN the
movement. The Bank of Eng land raised the dis
count.rate to 3 per cent, moderate advance com
pared with what had been expected both here
and in London The action OF the bank was
surprise which Immediately stimulated buying for
both accounts. The opening Of this market was
affected by it, and the buying for foreign accounts
was extensive and confident The closing was
active and weak under fresh selling by timid
holders and vigorous bears.
THE DAY IN THE BOND MARKET.
There were again transactions in Govern
nent bonds and the market in the morning hours
was not strong There was, however, change
in the closing quotations, which remained as fol
lows