New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-05

4 June 81 Ne
The stock market has to-day experienced one Of
those sudden changes In the current Of speculation
for which TO the uninitiated there appeus tObe no
sufficient cause but which, nevertheless are Of fire.
quent occurrence especially in bear" market 1t
is here that the same which have materially
reduced the market values of many securities are
still in force and should be potent to-day as they
have been at any time in the past For instance,
the runous railroad is not ended and If it were,
the business of the country has not revived to such
extent to furnish the necessary traffic to enable
many of our railroads 20 earn dividends upon their
| fictitious capital and interest upon their
enormous debts, and the immediate pros
pect of such a change is not promising
Yet IN tO-day's market, and particularly
at the close there apparently much eagerness
To buy stocks if the country were in the most pros
porous condition, all which comes from the oversold
state of the stock market, condition of things
which frghtens those who are on that side whenever
any bold operator peases to take the risk of giving
strong appearance to the market by persistent buy
ing This step having been taken, the bears invari-
ably do the rest themselves by all rushing in to
cover at the same moment. Thus Lake Shore, whose
unpromisng affairs we have frequently discussed in
this column. closed last night at 5S7s opened this
morning at 80 andsteadiy advanced to COL reacted
to 59ls, and then began again to rise when the
bears rushed in to cover. and in few moments were
eager purchasers at 81 l2Q62l The price then set
tied off to 6O7s06l 80, but the renewed buy
ing by shorts sold up again to and closed at 81 %, or
23i per cent higher than last night. after busl-
ness amounting to over 100000 shares Union Pa
cifc to-day very quiet after the first half hours
business during which 10000 Of the 1890 shares
sold during the day were disposed Of The stock
opened at 71a4 and sold at 72G71l20120
% I ID, rain Of
cent from yesterdays closing quotation.
The feature Of the market for this stock
was the absence of shares for sale when any were
wanted and it is only fair to suppose that If the few
shorts in this stock had attempted to cover the effort
would have materially advanced the price. The
sales of Erie are again reduced in volume, having
been to-day only $500 shares; but the strength OF
the general list induced the closing up of about
5000 shares of that stock, advantage of which was
taken to push up the price from Is to 1873, which
finally closed at 15oa gain of l. per cent. Ii was
reported after the adjournment of the Board that the
jefferson Car Company had caused an attachment to
be placed upon the Erie COmpanys coal lands situ-
ated in Pennsylvania. There seems to be end to
the complications into which this Company is liable
to be drawn and possibly its best
would be to go directly in bankruptcy, pro-
ceedng to be avoided if possible but if its property
outside of the State of New-York cannot be pro-
tected by Mr.. Jewett, the receiver appointed by
the courts Of this State, it may be impossible to
avoid the bankruptcy courts Northwestern was
the weak spot in the market to-day. declining from
4Ol2. its opening price, to 3S7sG 40d 39ss9337 H.
loss of y per cent after sales of 1890 shares ST.
Paul also loses per cent sales of 900 shares at
33li 0327s 933la. Rock Island gains II per cent,
2,1OO shares selling at 02l20 1890 1929 61O3. OF
Ohio and Mississippi 200 shares sold at 23623120
27sQ 233s gain of 81 per cent. Central and Hud-
son was strong on sales of 1000 shares, at 103liG
1893, a 1O3l4, a gain of Il per cent Western Union
Telegraph continues TO exhibit strength which
to many is perhaps disappointment, and
gains on the days business LIZ per cent sales of
$1,000 shares at 7i3ia 75isG74A075 7sG IA 7sr0
753,Q 1854 while its competitor, Atlantic and
Pacific gains III per cent sales of only 300 shares
at 240244 Pacific Mail was strong and active at
the close, owing to the buying in of short stock by
noted trader, 80 300 shares selling at 325s033hG
327s033l4 1924 93i, gain of 13s per cent. The
dealings in the remainder of the list were unimpor-
tant and uninteresting, if except sales of $500
shares of Quicksilver at 160163s. The total sales
of the dav show considerable decline from those of
the past few days. the business amounting to only
251, 800 shares; but it has probably served
TO largely reduce the short interest III
the market and thus leave it open 10 attack.
The final transactions attended by SO much
excitement that it would be difficult to characterize
the market at the close The opening, highest, low
est and closing prices of active stocks sold to-day
will be found in the following table: