New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-05-15
,ECOND BOARD, 1 J.. NJ.
l. B..I.l.H Ty.uI. Ran A. U.I HTt
SATURDAY, May 13-P. ".

To-day closes another week of comparative
dizziness in the stock market and its future il the sub
ject much discussion among veteran operators Tue
more conservative and careful who somtmes take the
trouble to examine the receipts and expenditures OF
great railroad enterprises means OF estimating he
value Of their securities stouy maintain that the lead
ing railway shares already reached, If otexceeded
their real value and that the continued Of the
money market alone prevents general decline in mar
ke prices They assert that we are Importing too large
ly Of foreign merchandise and generally living beyond
our means and call attention to the fact that imported
goods must he paid for after they consumed II not
before that our exports Of cotton and other products
will be insufficient to meet the obligations we
are mourning abroad; that as consequence we
shall soon become heavy exporters Of gold, which
will largely enhance the price OF the precious
metals when may look out for crisis If not crash
In Walst So far have been able 10 discover the
gentlemen who take this view OF the market have not
vet reached the point where they willing to take the
risk Of selling stocks short but perhaps this fact should
not weigh heavily against their argument since the
w-est esteem it extra hazardous rule to sell what
they do not possess Those who take an opposite ana
roseate view the future think they see in the
necessities Of the National Treasury, an easy money
market during entire Summer the tendency OF which
be activity in operations and buoyancy In prices;
and this is no doubt true to q certain extent and in a
general way but it has been demonstrated In the past
that an easy money market is not positive panacea
against a panic in stocks Gentlemen whose opinions
are entitled great respect In financial circles attach
and perhaps with good reason much Importance to the
substantial settlement Of our differences with England
They see in the reGstabsment of amcable and cordial
relations between these two great Powers added value to
our Government securities in Europe which will enable
Mr. Secretary boutwell, 10 place all his new bonds sue
cessny They further urge that the reputation OF our
bonds being firmly established in Europe they will be
taken for any balances against growing out Of tempo
rary overtradng and thus prevent the undue outflow
of gold and make everything rosy and pleasant. This
may do but If expect 10 keep up the national credit
we must go right heretofore reducing the principal
OF the debt; and it would bc well enough not to forget
that sending abroad promise to pay in the form of
bond does not pay anything IN fact When send car
goes Of cotton and TO pay debts WITH they stay
paid; and If We expect to establish and maintain a
healthy condition OF business surplus products must
pay for what we import.
The stock market to-day has been tame and devoid Of
interest has been Union Pacific though the
amount stock chan ng hands ha been less than that
Of yesterday, bur the stock advanced TO 3d.! Cleveland
and Pittsburgh was active between 1851 49, various
ports concerning the fifty per cent scrip dividend being
afoat in the street. Lake Shore rather heavy In
tone and fell back 1857; Erie sold TO 26 and closed
at g bid on the report which has been for several days
floating about the street the eecthat change in the
management be effected I'm such manner as to place
the control of the Company IN the hands Of Commodore
Vanderbilt and his friends. Purchasers must judge for
themselves much OF truth there is in the report and
what should be lis effect II true The rest Of the list Of
railway shares was moderately active. though rather
lower in price, the market closing dull but the whole
steady There activity In the stock OF the Con-
soIidated Coal Co. OF Maryland growing perhaps out Of
the rumor OF consolidation OF all the Maryland Compa
MES The stock sold up 70 4O The following table shows
the highest ond lowest prices paid for active stocks
to-day: