New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-05
encouraged by the failure Of the sui brought against

encouraged by the failure Of the sui brought against
| the Company by the Government, and helped and
boosted by the purchases of those who are ever
ready to buy whatever seems cheap. have again
brought the shares up to the anteDanic standard.
Those who contemplate buying as an invest
ment should first make an accurate estimate
Of the CompaDy's liabilities and assets and Of its
present and prospective earnings pay the cash for
what they buy and give no heed to those who praise
or those who condemn First-class SPECTATORS caro-
little what Others say who know no more than
themselves, and why should an investorf
To-day has not been remarkable for speculative
activity in any direction, though the future prom
ises fair financial sky on both sides Of the Atlantic.
1t was generally expected that the Bank Of England
minimum rate of discount would be reduced to-day,
and the lowering of point to per cent did not
excite surprise. The Bank gained f627O 900 bullion
during the week, and $4,000 went into the Bank on
balance to-day. In the open market discount ia
I per cent below the Bank figure, and consols
and United States securities have been strong
at a smart rise in some of the latter issues, over
yesterday, as reference TO foreign quotations, in
another column will show. The situation Of com
mercial affairs here is fast improving the banks
now holding S37 25 900 in legal tenders, gain since
yesterday Of $4,000, the Bank of Commerce sub
hitting no daily report. There was nothing new in
regard to imitation to-day but the ,beef that Gov
eminent will be forced to issue some legal tenders
in order protect its credit in its currency pay
ments this month added to the general bullish sen
timent of the stock market. One element
of weakness and hesitation in the stock
speculation is likely to be speedily removed in the
private settlements of the Grinnell estate and the
withdrawal of the matter from the Court OF Bank
rupcy as it Is generally believed that nearly all Of
the 1888 900 shares of stock tied up by this copca
ton have been sold. The removal of this cloud
which has hung like pail over the market for the
last few weeks win do much to complete the full
restoration of confidence in matters at the Stock
Exchange. At the opening of business to-day the
stock market was strong and higher, the purchases
for out-ofown buyers who had wired in Their orders
being abundant to absorb the offerings OF holders
who stood TO win handsome profit on the long side
of the market. So for the first hour or two Of bust
ness the market strong, the speculative buying
embracing the whole range of stocks both light and
heavy weights as well the almost forgotten
fancies such as Boston, Hartford and Erie, which
advanced to 81 though only little while ago neg
lected at six shillngs share. The business
was large and active in New-York Central Lake
Shore Pacific Mail, Western Union Telegraph, Union
Pacific, and Columbus Chicago and Indiana Cen
trail Toward midday the market began 70 show de
cided symptoms of weakness, as sellers predomi-
mated and the later market was rather unsettled
and heavy. In the investments good demand was
reported and considerable odd lots are being picked
up. Panama sold at 94s: Delaware and Hudson
Canal Co. 20 shares at 112; Harlem. lI9all9.
Michigan Central rs shares rs; Delaware,
Lackawanna and Western, Oh; Pittsburgh, 50, and
New-Y York and New-Hayen, 124sG12j Other Of the
Western roads were in spirited bidding demand,
like Chicago, Burlington and Quincy, Dubuque and
Sioux City, Alton and Terre Haute, and Chicago and
Alton. The earnings of these roads show large
increase, those of Alton and Terre Haute for the
nine months of 1878 being $4,000 in excess of the
same time in 1872. The promised completion of the
Cairo and Fulton Railroad this month has produced
within the last few days inquiry for the shares
of the st. Louis and Iron Mountain Railroad, OF
which the Cairo and Fulton is continuation TO tho
Texas line. There was more doing in coal stocks,
and in expresses American sold up TO co. The gen
eral market closed firm. The opening, highest, low
est, and closing prices Of stocks were as follows: