New-York tribune., 1875-03-08

branches of finance and trade the prevail
ing feeling to be that the worst Is now known that
the bottom Of the pit has been reached and that,
therefore there is encouragement to efforts to again
attempt the ascent 1t is sincerely to be hoped that
these brighter antcipations may not be dIsap-
pointed. That there is a renewal OF preparations
looking to the beginning of forward movement In
the direction of more active and, it IL to be hoped
prosperous times cannot be doubted; one of the
signs OF which may be found in the more hoerai
offerings of mercantile paper at our city banks for
discount 1t should not be expected that much has
as yet been actually accomplished toward restOra-
tion of odtime activity in trading circles Indeed
it is not perhaps desirable that the growth should
be too rapid lest it ght cause relapse; but that
during the past week there has been marked I'M
provement ia the volume of business transacted III
the great staples, and at generally improving prices
Is gratifying fact. Although the dry goods trade
has not been up to expectations vet there appears
to be among merchants perfect confidence. Judging
by their reports from the interior, that with the
coming OF seasOnable weather they are to do fair
Spring trade. 1t is therefore. quite evident that
business men breathe freely. and are inspired
with greater hope in the prosperity OF the near
future.
In financial circles the chief event OF local inter-
est has been the attempt ia lock up both gold and
Stock Exchange The bank statement of to-day
being the averages for the weekfails to reflect the
full extent to which the object has been attained, as
il was only commenced on Wednesday, and by many
it Is thought thas the combination has already ex-
hausted its strength. BE that az it may, the scheme
has thus far most signaly failed IN its main object
that OF tightening the money market-althOugh 1t
succeeded In demOralIZng tho Exchange market,
and thus to some extent checked business at the Cot
ton and Produce Exchanges At all times the use OF
artificial means to tighten the money market should
receive the stern condemnation of the cOmmu-
nifty, and never more than at the present
time. when its success would endan-
ger the promised revival of busi-
nes,. and might cause immense losses TO fall upon
our merchants at n critical moment. The rate tor
call loans has ruled from to per cent with excep-
tons high per cent, the effect of the manipu-
lation TO which we have referred; but the closing
rate was per cent The rates of discount for busi
paper have not been thus far affect ed, and rule
from to Ga per cent for frstclass nanlls. Govern
ment securities have been unusually quiet, and
prices are without material change. Stale bonds
have been neglected and do not present single
feature of interest. Railroad bonds as rule have
been steady and quiet, the principal exceptions
having been the issues of the Pacific roads, which
have been very active and show a handsome advance
in quotations. and the consolidated gold
bonds of the Chicago and North Western
road. which, early in the week, were
pressed upon the market, and with considerable
sales declined to 19, but recovered at the close to
81 bid The decline early in the week was very pos
sibly part of plan formed TO depress the price OF
the stock of this Company. The speculative shares
have been active to unusual degree, with huctu-
atoms wide and rapid combination of causes has
produced this result First was the buying of Union
Pacliic and Pacific Mail by the knowing ones. in
anticipation of the coup d6tat" in the Pacific Mail
direction, which gave the entire list strong send
/ of on Monday morning but the influence of which,
| when actually accomplished ceased upon the
| general market, and was followed by heavy
sales in anticipation OF successful squeeze
| in money, which caused heavy and de-
clning market only to be followed by rebound
upward beyond former points as soon as the pres
! SIRE of sales was taken off the market Although
the revolution in Pacific Mail was fOreshadOwed in
this column before it actually occurred its cOnsum-
nation was surprise 10 the street and was not
known until after the adjournment of the Board on
Wednesday, when the price of the stock had closed
at 81 50 that at the opening of business on Thurs
/ day morning there much confusion and the
stock sold at the same moment at 4Os and A.
from which price 1t has receded to tSs. which Is -
per cent hi CHER tnan the price at which the stock
/ sold one week ago. Union Pacific has been
less erratic than the steamship stock, and
advanced pretty steadily to Al. with no material
/ fluctuations, closing to-day at 49, an advance OF 4
per cent for the week. The combination of interests
IA these heretofore rival routes must prove TO be OF
great benefit to both Companies, AZ 1t enables them
to control prices Tor freight and passengers. Wes-
tern Union. which has been active and tuctuating,
ard one Of the chief bones OF contention between
the bulls and bears finally recorded an advance of
! per cent for the week. But the most stubborn and
desperate fight has been over Chicago and North
Western. Having closed one week ago apparently
weak at 39s, Oh Monday morning it declined to 49,,
from which point it steadily rose TO 43 by tuesday
noon. Here it was met by a most determined attack,
and by liberal sales of short stock 1t was ham,
mered down to II by Thursday afternoon
the total transactions from 43 down having
: been about 100000 shares. IL is now reasonably
evident that there had been quite N persistent buy
/ ing of the stock its downward movement as
there had been OF selling; for on Friday, when tine
pressure to sell the stock removed it rose to 43
on transactions of only about d0O0 shares. AT first
il was supposed that this sharp advance from Al to
4 had other basis than the large short interest
which had been accumnlating since the price was
4; ; but before the day had passed there were mys-
/ tarious rumors to the effect that there was some
more substantial reason for the heavy purchas-
ing of the past few days than contem-
plated squeeze Of the shorts and it is not
improbable that another sensation awaits the street
not unlike the revolution IN the Pacific Mail Direc-
tion in the reconstruction, before the annual eec-
ton of the Board of Directors of this road, which,
If accomplished will virtually remove the eastern
terminus of the road from Omaha to Chicago. That
/ such project is not only contemplated, but that
Negotiations are actually pending to that end. we