New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-21

abroad except in small quantities, and even that
sparingly; and with the current of our securities
generally turned toward instead OF the other way,
has been the for years past that we can no
longer pay Our interest account from the proceeds OF
the sale of new bonds the situation seems to point to
continuous stream of gold from our shores, only to
DO interrupted when the article, through heavy
speculative operations, becomes scarce as to COM
mand high rate Of interest thus for time demon
alizng the exchanges and causing cessation, or
rathera postponemcnt, of remittances, to DO again
renewed with increased vgor, when the specu-
lative movement shall have ceased In this view of
existing circumstances Il seems Idle to belittle
or ignore the gold question. And il appears plain
that unless some means DO found to force our pro-
ducts upon the market, so that they shall perform
the duty ofliqudaton, that the exports OF gold must
steadily increase and if 80, there must come real,
and not artificial scarcity of gold. Already we have
heard OF banks exchanging their unloanable cur
rency into gold coin instead OF Government bonds,
since they the god in purchasing good mcr-
camille gold" paper at remunerative rates OF In
tcIeSt Ii is believed that to the Withdrawal from
the market of about 100000 gold which had
been bought for this purpose was largely due the
scarcity of cash gold toward the close Of the
week, when it lent high as Is per cent for use,
causing decline in sterling exchange for long bills,
although sight remained strong at 81 90 and cable
transfers were in active demand ut 81 81 y. OF
course if the scarcity Of cash gold continues we may
expect TO again see the foreign exchange market
totally demOraliBed and commercial bills unstable,
SO that the export trade viii for time nearly cease.
Thus every few weeks or months treated to
demonstration of the value and bessedness of the
best currency the world ever saw"
The principal items of interest from abroad have
been the numerous AMI heavy failures which have
taken place in England, and which to have Lad
but little influence in London, and none here, unless
it he to induce capitalists to tighten their grip upon
their available means. These failures seem generally
to have had their in the dry 70" of business
which has existed for the past few years and as the
disease 10 be still very generally prevalent it
quite likely that fatalities may be announced.
In financial circles undisturbeI quietness contin-
ues. Loanablc capital has continued in super
abundance, as is clearly exhibited in the
return of the Bank averages. Gold has
been strong but quiet, closing ut 1l7l the highest
price of the week, and l. per cent higher than on
Saturday last. The rates were easy until near the
close Of the week, when premiums were paid for Its
use reaching to-day ls per cent until Monday. The
total shipments of gold for the week aggre-
gate about $GOo),00O. Governments have been
in fair request and show advance
i'm prices for the week. The only noticeable feature
in the market for State bonds has been decline in
Temnessees, owing to an increasing prospect or a de-
fault in the Jaly nteTest. Railroad b)ntS present
scarcely feature for comment further than de-
cline in Northwestern. followed by n subsequent
paral recovery aud continued irnness in the issues
OF the Pacific Road.
The share of speculation has been variable, and
spccl:ors have been much disturbed by the settle
Inent of the railroad war a.. Lake Shore which
upon the prospect of settlement had advanced
from about 90 to 60, rapidly declined upon
the announcement that the baltimore *
Ohio and the Pennsylvania Companies
had ratified the arrangement entered into by their
officers lnd did not stop until it had touched %,
since Which it has huctuated between that price and
G07s closing the week at 1888 or 43s per cent lower
than Oh last Saturday. THIS stock has absorbed
large portion If the speculative interest during the
entire week, and the transactions in 1t
have amounted to over 100000 shares
Tor more than the entire capta out
of total business of all shares traded in of lO93,
800 shares. Eric has made further net decline OF
81 per cent, and is only sustained even at Ia by
the purchases of prominent operator. who 1t Is
said is gradually buying in stock which was sold
from 20 down to so Wabash continues the race for
its goal having sold at G2 but reacted to Us at the
close net los, for the week of 2ll per cent, Tho
ST. Paul stocks have made an advance OF per cent
for the Common and Dig for the Preferred. Tho
final changes from week ago in the remainder OF
the railroad list were unimportant, and are suiii-
GENTLY shown in tables following Quick
silver ut 16 remains unchanged, while
the Preferred, at 2ll2, shows decline
of 2l4 per cent. Western Union, on fair amount
of business has been firm, and has gained l per
cent Pacific Mail after selling as low as 3los. by
pure manipulation is made strong at 1914, gain OF
o. per cent. The present managers OF this prop
erty seem to be rs rcticent as its former
directors were prolific Of reports. 1t was on
the 4th of December, 1874, that the stockholders
and public were promised "a full and complete
statement within few days" and during more
than SIX months which have since elapsed there has
been change in the direction and the fiscal year OF
the Company has terminated, and yet no
report la, been made or seems likely to
be made That there are in circulation among
n select circle rumors of large deficiency upon
the business of the year ending May is true, and
in the absence of an official report stating the exact
facts these rtimors are likely to be enlarged as they
gain currency, and may seriously impede the nego-
tiaions for the funds which it is admitted the Com
pany will soon require. But aside from considera-
tons of this nature the stockholders are entitled to
know Just how mich money, If any, was
lost or made by the years operations. The
subioined table shows the extreme fluctuations
in United States bonds the leading railway and mis-
cellaneous shares. as well as gold, and the closing
quotations of each at the dates aforementioned, also
tbe number of shares of each leading stock sold:
For the Week --Closing.-- No. shares
Highest Lowest. June 10 June II. sold.
g. s 6 Cos ,s! S"Sp !iss !iis Ifs !I