New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-04-12

per cent is American wheat These facts and lesson
should show our Western friends the folly Of again
"holding on for higher prices. On the Cotton Ex-
change the recent speculation for higher prices ap
pears to have received check: and tho market.
while active, shows a decline in the quotations. and
as o consequence, which we note with pleasure,
we have the export of 5000 bales from this port,
against 2. 300 bales last week.
In financial circles if we except the movements
upon the Stock Exchange, and the advancing ton
dency Of the gold premium, the week has presented
no feature of peculiar interest. Money has ruled
easier at declining rates; until to-day loans were
made on miscellaneous securities at zig per cent.
The demand for commercial paper still continues TO
be in excess Of the supply at sig to 7per cent for
first class, while a few prime names pass at per
cent. Gold, which opened on Monday morning at
114ss and steadily advanced during the week until
it sold ut 1853 closing tonight at 115is, has at
traced attention from the fact that it is believed
that the movement is obedent to natural causes
rather than to the manipuatons Of a clique; and In
this view 1t is both interesting and important. Ex-
change. which had become demoralized, and was
offered at very low prices (as if there was a great
abundance of i'll during the time Of the cliques con-
troll of the gold market, suddenly turns out to DO
actually scarce and in demand at rates that almost
permit the shipment of coin, which point 1t may
soon reach unless shipments OF produce
(which for the moment suspended) shall
be speedily resumed. Were we securely rid
Of "the best currency the world ever
saw and using the common and ordinary one OF
gold and convertible paper there could be no such
clasbine of interests, which at one moment create
deadlock through gold manipulations, and at
another through speculation in ourproducts; forhen
one would act directly upon the other, and ship
meut of coin would directly compel the Spectator IN
wheat to LET 20 his hold and meet the markets OF the
world The problem Of resumption which France has
practically solved in three years. We after ten years
of financial turmoil are promised by the wise men
at Washington shall be reached in four years more
Let us wait patiently and see if 1t comes then Gov
ernment bonds have been unusually active, and have
advanced beyond the proportienate increase OF the
| gold premium. Our quotations elsewhere VIII snow
! the movement and improvement which has oeeh
made In State bonds there has been no business OF
note, while the prices remain firm Rairoad DonuS
have been fairly active and strong for the good ones
and in some quito an advance has been estao-
Ished notably in the issues of the Pacific
roads and the consolidated gold bonds of
the Chicago and Northwestern road. The
speculation in railroad and miscellaneous shares
| has been very Irregular, developing more ana
more of the feature of the present market to which
attention has frequently been called in this column
viz that each stock has been forced to stand upon It's
ovvp merits or supposed merits and that the general
market has received but slight and temporary AID
and comfort from the strength of the favorites.
| The week opened with strong stock market, and
| prices geseTally advanced for the first half DAY,
| when a reaction set in which carried them down
from % to 394 per cent and for the next two days
the market continued in feverish condition. This
wos succeeded bv a more confident tone, which later
in the week found expression in higher prices so that
the market tonight generally exhibits a very fair
| iuprovenept from last Saturday. Union Paclhc
! continues to be the leader i'll every advance, re-
spending but slightly and momentarly to any decnhe
in the general market that tonight on reaction
of 81 per cent it closes 43s per cent higher than st
Saturday. The causes for this rapid and steady al
| vance in this stock are well known that they 90
not need to be repeated, but it may not De out OIL
place to quote from a despatch from Mt AlmDall'
| tha nasssncer agent at Omaha. dated April g. and
addressed 10 President Dillon, in which Mr. H. says:
Passenger receipts yesterday were $2f,6O0 being
a. 500 more than the total earnings Of the road for
the corresponding day Of last year." The comparative
earnings for the first week in April arc gwen
elsewhere and exhibit the extraordinary advance
from same period of last year of 10 per cent Pacific
Mail has boon subject to wide and frequent hgctua-
tons on account Of the rupture between it and the
! Panama Railroad Company. Opening at 45I2, 1t had
by Wednesday sold down TO Z; but under the gen.
eral belief that the negotiations pending between the
TIVE companies wOuld be brought TO satistac-
tory termination the price rallied to io5, selling back
again to 43 when tbscome known to-day thItthe con-
ference had broken up without having accomplished
ANYTHING. As the meeting to-day not only failed to
arrive at any adjustment, but was We are in
formed. quite inharmoniOus it appears proper to
state the cause, as understand it, viz: The new
managers of Pacific Mail upon coming into power
| took occasion TO hint to the Panama Company that
in their judsment the contract then existing between
the two companies was inequitable, and suggested
desire for its modification, the reply to which by the
Panama Company was notice to abrogate the
tract at the expiration of ninety days accompanied
with strike for 80 per cent of the gross receipts
between New-Yerk and San Francisco, instead
of % per cent per present contracts so that really
the two companies further apart III their views
than ever before, and are informed that at the
meeting to-day the Committee on behalf Of Pacific
Mail gave notice to the Panama Committee Of their
willingness to waive the 80 days notice on the exist
ing contract. Western Union Telegraph, after sell
ing from 77ls down to 1858 to 1888 closing at
777s. The movements in this stock have been of
nature which have puzzled the street, but perhaps
the following figures from tho London papers, and
purportins to be official may help to explain them,
TO wit: Net earnings Of the Company from July l,
1874, to March 81, 1875 mine months 81, 1872 800.
Deduct three quarterly dividends including
one due April Is, So, O26 1913; and nine months
interest on bonds 1921 ,30j, leaves q surplus
of 34. 575 which, added to previous surplus, S75s,
551 makes the surplus of income account S703 126
Lake Shore made an upward movement of about 2
per cent based upon the publication of partial re-
port Of the Company for 1874 but the movement
betrayed signs of fatigue. and the price fell back q
per cent 1t is TO be hoped that the Company will