New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-10
OCAL MISCELLANY.
WALL-ST. FLUCTUATIONS. ~
DECLINE IN srOCKs-LARGE SALES or NEW-YoRk
CENTRAI-THE PACIFIC COMBINATIONS.

DECLINE IN sToCKs-LARGE SALES or NEw-YoRK
CENTRAIs-THE PACIFIC COMBINATIONS.
The buOyancy which has characterized the
stock market for considerable time past relaxed yester
day at the opening Of the Exchange and there was
general depression along the list With one or Two OK
ceptions stocks declined from TO u per cent, and
nervous feeling was apparent NewYOrt Central, which
has usually been regarded as one OF the maistays o
the market. dropped from 9ai to 99s with q stohR
pressure TO SELL Immediately score OF stories spranE
into existence and were freely circulated one story was
to the effect that Commodore Vanderbilt was unioadh
another that Jay Gould was short Of the stock and stu
another that number OF English capitalists had com
bned for the purpose OF obtaining control OF the stoeh
and that this break from the fact that the Cono
dore was giving them all they wanted whether lhefo
WAS any foundation for these rumOrs OF course canno
be ascoraned but certainly the sale OF 1000 shares VI
this stock was regarded extraordinary and needeu
some special explanation.
The greatest break of the day. however, was the ST.
Louis and iron Mountain Railroad the stock OF whch
corporation Is not usually regarded speculative anu
is held principally by thrifty investors who invested III
what they considered was " good thing' ihs STOCK
opened at As and shortly after broAe 10 81, deoio
OF eight per cent Various theories were advanced as "
the cause OF the decline, but the most plausible one
appeared TO be lack of funds by the principal hooeEs
and a necessary sacrifice OF the stock. IL
had been Hypothetical with certain money
endor and the margins having run out, the owners OF
tho stock were called upon 70 make them good, whch
they unable do, and the loans were cio'ed ou
by the sale OF the stock. Eric appeared 10 suer from
the depression selling down from S 10 'oi IN sympathy
with the London market and revival oil the reports o.
trouble ahead. .. ... ..
Pacific Mail for time was an exception 10 inc genera
decline opening at AZ, and advancing TO - on the
NJ coalition WIN the
and Union Pacific Railroads; but as the day wore on
and no reports OF the compact having becn onclahy
decided upon reached the street. there was reacuoh
again TO At. Before the close OF business however tue
market became steader. and there was general ad-
vance of from to cont, except IN inc case OF on
Mountain, (which advanced from 81 10 SS'
The representatives of the Panama Union Pacific ana
Pacific Mail corporations held meeting yesterday and
outlined their proposed agreement The Union Facino
directors wished the Of freight on tea to DC raised
to the former standard, VIZ 1--WE cents pound ihis
opposed by the Pacific and Panama directors VINO tnihk
that there more I'm carrying tea ut four cents
pound as by that rate traffic will be attracted fIhere are
10 be still further conferences before any agreement
signed.
The Pacific Mail and Panama officials report that tney
have received communication from the manager of the
English South Atlantic Line in winch he expresses MS
desire to pro rate with the Pacific Nail Company Oh
freight transported by both lines.
with respeot TO the decline In prices yesterday prom
inent nancer said that this natural after the panic
and the imitation agitation but he predicted tDat before
many days there would be an active and prosperous
trade which would extend to the END OF
summer giving employment and profit TO the
railr0ads and all who were engaged IN the revival
The directors OF tine Wisconsin railroads. affected b te
Railroad law engaged In Discussing the malteI'
while their attorneys scrutnzng the law ana Writ
Ing their opinions TO its consltnuonanty. another
memorial 20 the people or that state Will SOON 10 naue'
and action begun in the courts.
The Stock Exchange has suspended from membership
one of its members FOR making private settlement. win
bs creditors instead Of reporting himself TO the Board
as he rules OF the Exchange demand; ,oor .,octod
Eugene Finck and III. L. H0tChAlss nave Deeh electeu
members of the Stock Exchange.
The Governing Committee Of the Stock Exchange has
hD member Who .S. mts 6ccu or trHiug
shall Offer 70 buy or sell stock Of e:9n a. les Haa.oA Iaa.
or such other pelali, Governing COMMITTEES shall impose
committee OF investigation OF the affairs OF the Rock
ford. Rock Island and 81 Louis Railroad, reports the
The Company cannot be coalmining corporation,
and has coal lands. The road Is not 400 miles IN
miles are useless for earnings The capital stock
was ssOoOeO &c OOoo nor even - 10000 In cash at
bonds originally disposed o. and 10 secure %eh .n9
property is mortgaged amo,ntea 10 $1,000 o anu
contract of July, 1872, has been largely signed
but many bondhoders have not yet assented 70 H. The
disbursements for interest. The net earnings Tor the
whole perod from August 1869 to January. 1874 have
been about oneseventh OF the amount originally prom
I-ed to be paid interest during that period The
Company is engaged in several suits when,
if resulting in its favor, canuot but be OF great
pecuniary benefit TO the bOndhOlders. Bondhoders
cannot expect for several 10 come 10 receive reg
MAR interest upon bonds BOndholders must con
sent 10 funding OF their coupons maturing during the
next several years or foreclosure and reorganization
of the Company must take place under the direction OF
committee OF bondholders As the latter course cannot
should not be hastily entered INTO. In either bond
holders must be content receive only such returns for
their investments may be derived from the net earn
iugs of the urOperty.