New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-27
UNION PACIFIC SUCCESS.
MR.. SAGE FREELY CRITICISED.
Mr.. GOULD REPORTED TO HAvD SAID THAT THx
MISSOURI PACIFIC DIVIDEND


MISSOURI PACIFIC DIVIDEND
WOULD BE PASSED.
Several items of favorable news pleased Wal
Street yesterday The ones most talked about
related TO arrivals of gold by the days steamers
and advices Of further heavy shipments from
abroad. The news that the Union Pacific re-
funding plan the point OF being declared
operative too late to affect values at the
Stock Exchange materially, but it was discussed
after Exchange hours with much qualification.
crash in the price of Missouri Pacific stock
failed to demoralize the general market, and the
improvement in prices gave fresh assurance TO
holders that the efforts 10 depres the speculation
were likely to end in defeat.
At the office OF DrexeI, Morgan & Co. it was
officially stated that more than s4,5oO,oO had
been subscribed to the S5,5OO,OO0 three-year
collateral trust notes Of the Union Pacific Com
pany, which were opened for public subscription
yesterday. j. Pierpont Morgan said that this
result of one day-and that half-holiday-was
better than had been expected, and he expressed
the opinion that the of the refunding plan
WAS virtually assured. The subscription books
will be open until 3 p. m. on Tuesday, unless tho
subscriptions are completed tomorrow, as now
seems more than probable.
There are some indications that Russell Sage
may receive criticism in Wall Street almost as
severe as that which visited upon Jay Gould
last Thursday. The report that Mr. Sage had
subscribed for $500 900 of the Union Pacific notes
was Incorrect He had not subscribed dollar
TO the new notes, and he is practically the
last man interested in the protection of the COM
pany's debt who has not done what the creditors
committee considers should reasonably be ex-
pected from him. 1t is stated authoritatively
that there has been no friction between the
creditors committee and Jay Could as has been
supposed Mr.. Gould is credited with having
sustained only one attitude through the negotia-
tions-that of sympathy with the efforts to effect
a successful funding of the floating debt. His
i-health is said to have prevented him from de.
voting the attention that otherwise he might
have given to the work, but the leading creditors
say that there is no ground for accusing him Of
being an obstructonist That title appears to
have fallen upon Mr.. Sage; at any rate, he is
about the only prominent director who is open
to John A. Stewards charge of "supinenes.
A. r. Orr, Frederick L. AInes, Sidney Dillon and
others are subscribers to the $500, 900 fund.
Jay Gould yesterday handed in his check
for the first 10 per cent installment
of his subscription of $1,000,0O0. The neglect
of Mr. Sage to follow the example of his chief
ize him as delinquent His delinquency will
not prevent the success of the public subscriptions
but it may affect his future relations with those
who will have much to say in the future manage.
ment of the property.
Activity continued TO I've enjoyed by the stock
market yesterday. At the start, Missouri Pacific
was strong at 6s 1-2. but il was hammered down
TO 62 S-s although the closing price was at a re-
coyery of nearly three points. The sentiment was
universal that the malisn power o. this stock
was exhausted The sharp drop did no ,nore than
check the general list Temporarily. The Wander
bit stocks showed good support. with Lake Shore
rising defantiy more than per cent. Union
Pacific was hammered down below 43 but IL ended
l-2 per cent better at 43 1-2. The general list
closed at fair gains, and the talk was general
that the speculation was cutting loose from Mis-
souri, Pacific.
There was considerable comment Upon tho
publication in Wall Street newspaper organ of
JAY Gould of an interview in which Mr.. Gould
is credited with replying TO the question " Is
there any doubt as to what action may be taken
lin respect to the Missouri Pacific dividend ?" by
saying: No; think not; you may assume that
the dividend will not be declared or paid this
quarter If the returns for the year show that
a mistake has been made, we can easily remedy
it."
These alleged utterances of Mr.. Gould were
construed as evidence. olsetting the assertions OK
some well-inforned persons, that he was too much
interested in protecting his health TO venture
largely in stock manipulatons The opinion still
prevails in Wall Street that if he is not directly
concerned in the recent attempts 20 break values,
Mr. Gould has been lending influence TO relieve
his sons and Mr Sage from an unfortunate position
in the stock market. belief still exists In we'll
informed circles, that private settlements may he
used to relieve the Gould family from the suspicion
of opposing the force of the revived public con-
dence resting upon assured crops and great traffic
for the railroads. which has developed the late
activity and strength in Wall Street markets.