New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-02


to be redeemed at par, took place at Boston this
week. Foreign Exchange was moderately active at
the beginning of the week, but became somewhat
"mxed" on the failure Of Duncan, Sherman q
Co., and later was steady and quiet. Gold
has been somewhat eccentric in its course.
Opening on Monday at H. it had advanced on Tues
day morning before the announcement Of the fail
ure under purchases to short contracts to III
Under the excitement of the failure it moved rapidly
I'D to l. 6os and almost as rapidly back to 1872
Aferward, with frequent fluctuations, 1t sold as low
as 1928 and up to 114ls, closing to-day at ll2's
On Tuesday as high ls per day was paid by borrow
ers but the rates returned to l. 2 l64, and hat for
borrowing. The money market though temporarily
affected on Tuesday to the extent of advancing call
loans to 45 per cent has returned to its old rut OF
IL to 2 per cent.
While the stock market. comparing last Saturdays
prices with those of to-day, shows no very wide
changes, yet during the week there were fiuctua-
tions ranging from to II per cent. Indeed, Tor a
few moments on Tuesday, the market was in a state
of wild panic which would very likely have proved
disastrous 20 "the street." but for the timely Aid,
at the critical moment of strong men who could not
afford to have an Old-fashioned genuine panic just
now. Before the announcement Of the failure OF
Duncan, Sherman & Co. on Tuesday morning, some
genius started the story of the sudden death of
Commodore Vanderbilt but that grim joke had
been attempted so many times before, that the
street took it with an uncommonly large
pinch of salt, and prices were not materially
affected by it, But very thereafter came the as
founding announcement of the failure and everybody
began to throw stocks overheard in the most reck-
less manner. Western Union, taking the lead, sold
from S23s down to 70 and back to 70, probably
within less than 10 minutes simple fact will IL
ustrate the excited condition of the market better
perhaps than labored description. broker whose
Office is nearly opposite the Stock Exchange in
Broad-st., seeing the price upon the telegraph tape
at TO- ran to the Exchange to make sac at
that figure, and making his transaction as
quickly as possible, purchased his stock at 73 the
only sale at that price,, and when he returned
Western Union was again selling at 1919. Other
stocks declined sharply. but not to the extent OF
Western Union, except Panama, in which the tran
sactions were very light. Western Union has been
up to sila since the panic, and closes tonight at
s314, and its supporters seem to believe in
still higher prices for it. Northwestern,
which went off to 3Gia on Tuesday, has since
been up to 42as and closed strong to-day
at 49, Its strength is attributed to a reported
heavy increase in its traffic receipts for the current
month. There has for some time past existed very
large short interest in Lake Shore that has given TO
the stock sustaining power which to those familiar
with the business of the road has been a mystery.
The effect of the advance in this stock since the
failure of Duncan, Sherman Il Co. has been such a.
to largely reduce this short interest as is evidenced
by the free delivery of the stock, and the compare
tive ease with which it can now be borrowed. Still
there seems to be so strong party back OF 1t
that it is not likely to be favorite
sale with the professional bear for some
time to come: but for the benefit OF the general
reader with whom facts arc probably of more value
than theory, we publish figures which show OF how
little advantage to the railroads east of Chicago the
grain movement has been or is likely to be during
the season of navigation, to wit: the receipts of
wheat and corn at Buffalo since our last report, viz
BY Lake. BY Rail
July 90 July 80, bush of Wheat re; ooo 20 400
July 10 to July &c. bush Corn received $4,000 lo95oO
Total bushels 29l3,OoO 33s,5Oo
As we have before observed, the railroads are for
tunate TO be doing so little business in gran-carry
ing at the current rates. In regard to the reported
subsidy from the Australian Government TO the Pa
cifc Mail Steamship Company, if we are correctly
informed the facts as follows If the contract
has been made at ALL the Australian Government
are to pay fS9,95O per annum for mail service
which will require the use of five steamers. The
Pacific Mail Company are to furnish three steamers
and private firm (wlo obtain the control are TO
furnish two steamers. The earnings and expenses
of the whole line five steamers) to be "pooled,"
and the profits and losses are to he divided,
81 to the Pacific Mail Company and 25 to the private
firm. so that the Pacific Mail proportion of the sub
sidy is only about $2SO,OOO instead of 100000 as
heretofore reported. The stock sold as high as 1913
to-day but closed at 393i. The sales of stocks dur
ing the week have been 1910 600 shares, or about
equal to the business of the two preceding weeks !;
and. as will be seen by our table of weekly
sales. over 100000 shares of the whole number
sold were confined to only five stocks, viz. ::
Western Union, Lake Shore, Pacific Mail,
North West and Ohio and Mississippi. In
n few of the shares there has been an improvement
since last Saturday from Il to per cent, viz: Har
lem and North West each advanced Il per cent 4;
Quicksilver 10: Lake Shore and Pacific Mail, each,
g.: Del. Lack. and Western, and Adams Express,
each. 81: Western Union and Mariposa each, 17s.
and Panama 2 per cent. The losses have ranged
from /. to 37s viz: Central and Hudson, Northwest
Preferred Rock Island Pittsburgh st. Joe, and T. 5.
EXPRESS EACH Il per cent; Erie and st. Paul, each,
81: Wabash, Mich. Central, and Am. Express, each,
10: c.. c. and l. c. So; Consolidation Coal, %; NJ j.
Central and Illinois Central, each, !; Atlantic and
Pacific Preferred 49, Union Pacific and Mo- Pacific.
each l3.: Hannibal and st. Joe Preferred. and At
lantc and Pacific Telegraph each, 2, and ONO and
Mississippi, 37s per cent The subjoincd table
shows the extreme fluctuations in United States
bonds the leading railway and miscellaneous shares
as well as gold, and the closing quotations of each
at the dates aforementioned, also the number of
shares of each leading stock sold:
FSI the I%ss. JuT 81 v No. : .aa
Ga