New-York tribune., 1874-12-21

United States bonds have been in active demand
both by financial institutions and private investors
and prices have advanced from to II, or an average
of 11-l6 since last Saturday. Southern State bonds
have been inactive as a rule though strong on
Georgia and Alabama, old issues, and there has been
some little activity at advancing prices III Tonnes
sees. An apparent disposition on the part of some
of the Southern States to deal fairly and
Justly with their creditors is a hopeful sign
of the times and will be likely to attract moro
attention and perhaps favor to Southern State Sc
curities, though in view of the experience of the
past few years judicous investors will be likely to
exercise much caution in the purchase of Southern
bonds The better class of old railroad bonds in
good demand at firm prices. though those of the
Toledo. Wabash, and Western have declined in the
face of ntimatiOns that 'there NAV be default in
the payment of the coupons falling due in February
The railway and miscellaneous share market, which
was extremely dull and stupid during the earlier
days of the week. became active and even excited
toward the close, that the aggregate transactions
of the week to a fair weekly average of sales
something over million shares. SO far as the non
dividend speculative stocks concerned prices are.
rs a rule. materially lower. About the middle of
the week it cautiously and confidentiay whs-
pered that the February interest on the Wabash
bonds would not be paid, which somewhat weak
story had got well bruited abroad, and the stock de-
clned per cent from % to 2j carrying tine rest of
the market. to greater or less extent along in the
same downward course. On Saturday morning to-
day the market opened about steady, and soon
thereafter q young aud comparatively unknown
broker named Wright began to bid vigorously for
Wabash and on the purchase of some 5000 or 10000
shares advanced the price from 25 to 2G soon after
which he announced his inability to meet his con-
tracts, whereupon the heavy sales under the
rule of this stock sent it rapidly down
to 21i. and so severely shook confidence in other
low priced fancy stocks that they were very indis-
crimiuately thrown overheard in large quantities.
hen came the story that the Pacific Mali steamship
Japan had been lost, an announcement not at all
calculated TO allay the excitement of the moment.
SO for Il while the street ran wild, and the heavy
purchases of the shorts as it is thought by many.
only saved us from first-claSs panic. These pur-
chaSes. or something else, produced re-
action in which Wabash returned to IA, but
subsequently declined to %. The other low
priced speculatlves were similarly affected,
but TO a less degree, while the undoubted
stocks scarcely affected at all,
which shows that confidence in good securities re-
mains firm. Comparing last Saturday s closing prices
with those of to-day we find that Panama Railroad
has declined per cent c., c. and l. &. and Western
Union Telegraph, each Erie ]; Hannibal and st.
Joseph, !; Rock Island ?; Ohio and Mississippi,
Lake Shore and st. Paul Preferred, each l.. Union
Pacific and Hannibal and st. Joseph Common, each
?; Michigan Central, q! Northwest Preferred
and st. Paul Common, each q; Pacific Mail, q.
Northwest Common 81, and Wabash. G., per cent
Cleveland and Pittsburgh aud Delaware, Lacka-
wanna, and Western each remains without change
while Harlem has advanced J; y. J. Central, 3 N
Y. Central, 3 and Adams Express. l per cent. The
subjoined table, which will be found interesting
this week shows the extreme fluctuations in United
States bonds, the leading railway and miscellaneous
shares and. gold, made during the past week, as
we'll as the closing quotations of each at the dates
and the total sales of each stock
during the week: