New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-28
THURSDAY, May ZIP. N.

I,
The stock market has been generally heavy ana
depressed to-day upon an unusually largo business
Erie, in response to the quotations OF l6%0l7 rom
London this morning, which was an advance OF
about Der cent from the closing quotations of last
night, mainly if not entirely due to the oyer-sod
condition of the market the approach of the fort
nightly settling day. opened here at 1Si2 and slowly
declined to II but it having been extensively re-
ported that prominent operator on tfp short side
was buying in his stock, together with the report
that there was probability that tho German ec-
ment would again attempt to squeeze tho cash
stock on the morrow. caused demand from all
tho small traders which advanced the price to 1884
01S3s at the close The full extent Of the failure
of corporation representing $14O,OOOOOO. includ-
ing capital and bonded and other indebtedness,
seems to be but slightly comprehended by the aver
age operator, whose judgment Of values iuctuates
with what happens to be the market price OF his
favorite at the moment; and it may require
little time to impress upon the minds OF investors
and spectators the fact that tho stock Of rail-
road which hardly pay its running expenses, 10
say nothing of interest upon its bonds or DIVIDENDS
upon its stock, has no intrinsic value whatever. Of
the ass, 300 shares of stock sold to-day $1,000
shares were Erie, which shows gain Of l L per cent
from last nights closing price. Lake Shore, with
very heavy sales, 900 shares, has been partcu-
lary weak, selling from 647s to G0l2d62, decline
of 2os per cent. Pacific Mail also makes decline
of 2os on sales of 123,200 shares at 364G329l@
33l,. Western Union, with sales of 1900 shares,
shows q net loss Of 1si per cent This stock was
heavily raded for purpose not apparent; Tor IL
is scarcely reasonable to suppose that the holders OF
stock which (if may credit the statement OF Its
managers) gives o fair assurance OF paying
o dividend of 2 per cent regularly every three
months should be in any haste to part with 1t at
present prices The sales Of Western Union up to l
o'clock were all made at 75as975lo ard it was not
until after this hour that the price dropped suddenly
down to 1873 from which it subsequently, reacted to
743 closing at 49, Panama exhibited great
weakness in a decline to 1872 recovering at the close
to 1877, which after an unusual amount of business
for this stock, 1000 shares, is decline of 10 per
cent Union Pacific, with sales Of 300 shares at
7J07Ili07J, shows as n gain of % per cent.
Rock Island, OH sales Of 1900 shares, declines
to 1921 closing at 1925 loss of Is per cent Cen
trail and Hudson shows increased activity in the
sales of 5000 shares at 10il4 0102l, decline Of
2ll per cent which is not surprising since it is be-
licved that the road is receiving and carrying freigs
at considerably less than the actual cost of trans
portation North Western, st. Paul, and Ohio and
Mississippi had fair support in the face Of gem
orally very weak market and their declines from last
night were respectively Il, y, and 81 per cent Tho
market closed weak at the partial recovery from the
lowest prices. The opening, highest, lowest, and
closing prices of active stocks sold to-day will be
found in the following table,