New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-04-26

all Countries SLIGO JAN i, WHICH nave Decu nearly
40 per cent less than in 1874 would seem TO settle
the point. One question Of Importance to us is,
Shall we hold our products at prices
above what other countries are willing
to accept until tho market has been
fully supplied when ours if wanted at all, only will
be required at extremely low pricesi The cotton
movement has continued to drag, and again the
exports show very large Decline as compared with
last year. having been from this port for the week
only 1860 bales against 1856 for the same week
in 1874, and from all other ports, 37.1OO bales
against 49715 for the same week of 1874. The
dry goods trade of the city has been depressed by
limited amount of business aud by declining ten
dency in prices The foregoing facts outside of the
Exchange and Gold markets have made no impress
sion upon the financial situation The market for
exchange has ruled firm, with the rates for sterling
advanced to 81 So and 81 81 for 60-day and short
sight bills respectively. Gold, except for a moment
when the premium dropped to 1l3l, has been strong,
and closes tonight at 1853 against 10 last Sat
urday. The shipments for the week amount to
81, $3.50 The bank statement issued to-day is
regarded as a favorable one, inasmuch as it shows
increase of above the legal requirements
of 81, $4,000. 1t is probably made up a rising
average for legal tenders and falling one for
specie, and reflects the continuation of the
return movement of currency from the in
terror, and we regret to add, the stagna-
ton of business throughout the country. There
has been an unusually active demand for
Government bonds, and the prices of all have made
further advances, notably the Currency Gs, which
have risen fully per cent within the week, selling
to-day at 1913. Aside from decline in the price
of New Tennessces of 2 per cent, and few specu-
lative transactions in the Special Taxes of North
Carolina, and the Non-fundabes of South Carolina,
the dealings in State bonds call for no remark.
Prices are generally nominal and unchanged. The
unusually active demand for good railroad bonds
which has prevailed during the week has undoubted-
Is been particularly due to speculation but it reflects
an investment demand, and indicates that capital is
now seeking rather stability and permanency than
speculative ventures, where the returns might or
might not be quick and large. The various issues of
the Pacific roads, as usual, have taken the lead in
amount of business done and in the advance of quo
tatiOns
The course Of the stock market for the past week
has more fully than ever before demonstrated the
correctness of the views frequently expressed in this
column as to the tendency Of the speculative list
toward reconstruction of values, irrespective of
past ideas to such relative values Thus while in
certain stocks there has been a marked advance of
from to 29l2 per cent because of some special
supposed to be- substantial reason therefor, other
stocks which in times past had been the favorites
have actually declined either because of a knowl-
edge that the property was not holding its own, or
from suspicion that such was the case engendered
by the efforts to suppress all information in regard
to the finances and business of the companies.
Thoughtful people inclined to ask the Governors
of the Stock Exchange if they do not owe duty to
the public which they are neglecting 10 perform.
Theyhave the mepowertO enforce from railroadand
a ne
business as they had to compel the companies to
register their stock Particularly do the Stock
Exchange owe this duty to the public in cases where
they have admitted to their list calls the issues of
bonds of a company which have not been issued to
the entire authorized amount thus furnishing 4
market where the company may secretly sell its
bonds and increase its debt without the knowledge
of the purchasers of its securities New-lork Cen
trail and TIudson's consolidated bonds, Lake Shore
and Michigan Southerns second consolidated bonds,
the consolidated gold bonds of the Chicago and
Northwestern, and many Others, have been placed
upon the list with authorized issues of from % 000,
900 to $40 600 600, very small proportion of which
had been issued and disposed of at the time when
admitted to the dealings at the Stock Exchange.
There probably is not broker VINO can now answer
intelligently the query of his customer when he
asks, How many of these bonds are now isSucdV'
public with any information rs to their finances or
business. continually invite this same public
to invest in their new securities through the
kindly Offices of the New-York Stock Exchange.
The business for the week at the stock Exchange,
though somewhat in excess Of last week, has not
been large aggregatng only ,237, 900 shares. The
principal features have been the sharp advance in
the Pacific stocks and their immediate connections.
Union Pacific in response TO the publicity given TO
its affairs has continued to attract alike the alten-
ton ofspecuator and investor, and closes with re-
action of per cent from its highest price, at an nd
vance for the week of 5l4 per cent. Panama which,
holding the key to the situation, has been enabled
TO command its own terms in the combination, has
advanced from 1872 the final price OF last Saturday,
to 1913, the closing price tonight, with only few
transactions. Pacific Mail, on the contrary. after
having sold as high 4j and as low az 43, finally
records advance for tho week of only g per cent
after having been bought and sold to the extent of
278, 800 shares, or $4,000 in excess OF its entire
share capital. The position in which the new
arrangement leaves the Steamship Company remains
in doubt, as no one has been found who is willing and
able TO give the exact details of the contract.
Kansas Pacific after the announcement of the final
arrangements betweenit and Union Pacific, advanced
to 81, reacted to 26 at the close, leaving it per
cent higher than on last Saturday. This movement,
as yet is purely speculative; for although II Is be-
lieved that the new arrangement will prove to be
highly beneficial to the property, still the Company
is not yet entirely free from its financial embarrass
ments of 1873. The Preferred stock of the ST. LOUIS
Kansas City and Northern Railroad, which some OF
our friends have called Kansas Pacific Preferred
there is no such stock, also made sharp advance
from 33 to 42ls. This road, which was known as
the North Missouri Railroad, and was sold under
foreclosure of second mortgage on the 26th August
1871 and came into possession of the present Com