New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-22

been broken. The prices of the leading staples gen.
orally show an Improvement over those ruling one
week ago. LGost marked, however, IN wleatwGlch mas
established advance Of fully ceUts per busheiand
unlike the advance Of two months ago, seems to
have more suhrtantial basis than thai of specula-
ton, as is shown in the increasing quantity OK
ported, the shipments for the past three weeks
having been as follows: Week ended March ~,
10000 BUSH; March H. $4,000 BUSH, and March 4,
$4,000 bush. As we have before said. If this pro-
gressve Improvement il to continue, 1t will not be
long before every commercial and industrial inter-
est in the country will begin 10 feel its stimulating
effects and to reap its proper portion of the benefits
arising therefrOm.
In financial circles aside from thefacts already ne
ferred TO, the chief point Of interest has been the
gold market. The clique have held the control OF
this market, and beside extOYtiug high as 36i
per day for the use of gold, advanced the premium
to 11G.; and although there WIS later a decline to
llj3 succeeded by rally to 11Gs and also a relaxa
ton in the rates demanded for the use of gold it is
not supposed that the clique have yet thrown
up the SPONGE" and 1t would probably prove an I'M
profitable venture to tempt the rapacity Of the pool
by going short" Considerable sums Of gold are
said to have reached here from San Francisco and
Canada. and telegram from Montreal to-day says:
The banks are shipping large amounts of gold to
New-fork." Is there not in these facts n lesson
which our excellent paper money" friends may
study with profit Does il not teach us that the
best way to fetch gold here and keep it
here Is to again mOnetize it, so that
when here it may be earning
thngf DO not these facts suggest that in times of
commercial and financial distress it is better 20 have
a currency which may be replenished from the
Golfers OF the whole world than Il paper one, the
volume of which must necessarily be- for the time at
least, fixed by an iron-bound law The statement
of bank averages for the week, issued to-day was
Unexpectedly favorable in that instead of showing
loss in reserve it exhibited gain of S2,252,OO0,
through an increase in specie sof $4,000. in legal
tenders of S7sS9OO, and decrease deposits of
Sj,OSl,9OO but the most important as well grail
flying fact is the liquidation which is represented by
the decrease in loans of S5087 800 and which also
accounts for the decrease in deposits. The money
market for call loans has ruled higher having
ranged from to per cent, although nearly
every day there has been over-supply late in
the day at lower rates. For mercantile
paper rates are unchanged, with rather better
supply of paper. Government bonds feeling the
stimulating influence of the Treasury call for the
Sinking Fund have been somewhat higher but bust
has been checked by lack of faith in the stab
ity of the gold premium. If the banks and other
holders Of the called bonds would present them
promptly for payment they would perhaps best
their own interests through the relief they
would thus give to tho mercantile community by
forcing the gold clique to dsgorge. State bonds
have been quiet with quotations nearly nominal
while railroad mortgages have been active
and advancing for the issues of Central
aud Western Paciiic3 and some of the
issues of North Western and st. Paul, while IN the
issues of Union Pacific which have been most active
there has been decline from the recent large and
rapid advance, the Sinking Funds selling down
low as 854 but recovering at the close of the week
10 $50. The decline in these bonds may be attrb
ued in part TO realizing sales in part to short sales
and it is quite probable that the lowest prices were
forced as part of bear scheme TO break the price
of the stock which resulted very much as did
similar effort with the bonds of the Northwestern
a short time since
The movement Of the week in speculative shares
has been irregular Starting of strong, the specula
ton met with check at the middle Of the week.
caused mainly by the failures and rumors Of failures
before referred to- and of which the most was made
by the bears to demoralize the market, which in
turn induced some unloading on the part of timld
bulls and the extending of short lines by the bears
all of which resulted in decline of to per cent
from the highest points heretofore reached, fol-
lowed DN a recovery lnOTe Ttp!I lua4l
been the decline, and the close Of the week finds
many of the active stocks upon the list from TO 81
per cent higher than at the close one week
ago. The principal dealings, as will be seen
bv our weekly table of prices and quantities.
have been in Western Union. Pacific Mail Union
Pacific and North Western. Western Union during
the weeg transactions Of $4,000 shares declined
from s to 49,. but closes ut IS dividend, which is
q gain of per cent for the week. Pacific Mail and
Union Pacific. which. under the arrangements,
would seem 10 be identical in interest, appear to
have parted company at the Stock Exchange, since
while Union Pacific has improved 3. per cent for the
week. Pacific Mail closes exactly the same as last
Saturday. As both these stocks are understood
10 be under the same manipulation at the Stock Ex
change as virtually the two companies are under
one control. the fact that the steamship companys
stock has not kept up with that of the railroad has
excited interest aud surprise in quarters. and
naturally led TO the conclusion that either Pacific
Mail will advance or Union Pacific decline shortly.
As for the latter event the enthusiastic bulls in
Union Pacific scOut the idea and refer to the recent
history Of the stock and the present prospects OF the
road even admitting that the picture is just little
rose-coloredl Justification for the faith that
s in them. They say when Union Pacific first
reached 4O04l il was quite apparent TO the
average operator that the parties who had been
gagged in advancing the price of the stock were then
selling it; so much so, indeed, that after having
dropped below 40 it appeared almost impossible to
get it back there again This state of things lasted
for several days. during which several successful
turns were made by the bears, who did not hesitate
TO sell the stock at 5000 but finally it passed 10
again. and moved steadily up to IS. Next came the
report of the stockhoders resolution advising the
payment of quarterly dividends on and after
July /. and that tine price bounded to
4s. Now the boys had "sure thing This
was only ruse to enable the directors to unload
their stock and one handsome turn was made to