New-York tribune., 1876-09-05

Rock Island

The stock market to-day opened active and weak
for the whole list, excepting Lake Shore and Rock
Island, which at first were dali and steady. New
Jersey Central led the line a rapid decline from
34sl to 80, and then, after rally of per cent. TO
31l2 finally closed at 323s The transactions In the
stock were large, aggregating 24235 shares, which
reflected the speculation that has been diverted from
other heretofore active stocks. Delaware, Lacka-
wanna and Western, with less excitement, dropped
to 1913 and rallied to 81, closing at S07s This last
named stock continues to come but slowly tgmarket.
as did Jersey Central when selling at about the
price, because investors who in possession of the
"best of points" yet fail to realize the extent
of the load the company is carrying in its
leases, or the effect its finances of the
reduction of over 100000 coal tonnage for
the past seven months, which, it is safe to
estimate, reduced the surplus earnings for the
PERIOD after payment of interest and leases to less
than nothing. Yet the company has declared and
paid two quarterly dividends of 2l2 per cent each,
for the business from Jan. to june 30. Delaware
and Hudson was but lightly traded in at from s0l2
to 81QS0sa. st. Paul was weak at 29s4029, and
the preferred at 652G64ai, but subsequently, upon
unofficial report that the earnings of the road for
the last week in September showed gain, the prices
were rallied to 29si029la and 65a4065i2 respect
lively. The North-Westens naturally attracted but
little attention amid the excitement prevailing in
other stocks the interest i'll them being so concen-
trated. The common sold at 36ll0357 7sG36, and
the preferred at 59llO59. There earnest
attempt at the opening to again set Lake Shore up
as bulwark against the inevitable downward tide,
but to-day even steel rails" and the consequent
reduction of expenses" failed to satisfy holders
that the company could now make money in doing
business at less than onehah tho rates at which it
lost money in the Spring Of 1875 So the price, after
~. g
520s, suddenly broke to 81 rallied to 512i, and then
dropped to 50ls recovered to 503 and then sold at
49sl, with final transactions at 90. II is now over
three months since tine power of capital was applied
to force water up HILL !" which so far successful
as TO carry the price of Lake Shore to 69l4 from
about So 5ut like all experiments of the kind, the
greater the quantity accumulated the greater the
final dcluGe. Michigan Central sold from 80 to 80,
and after frequent fluctuations closed at 35ls, or
l47s per cent below the price OF Lake Shore. Illinois
Central pressed for sale short sellers options
807s, with sales of regular stock at SO. Ii
was generally supposed that most of the
stock was sold to arrive from Europe where
it is principally held. But Rock Island bravely
held the fort" The first sale at l04i2 and the
next 103Ss at which point the supports appeared and
brought it up TO 104l4, closing at lO4 and offered
at that. Not few investors regret that they did
not heed the early hints given by TIE TRIBUNE
upon the coal shares, and il is not improbable that
another class of holders long may regret the ne
glect of recent hints Erie active at 9Ssa
9Is80l200ss Ohio and Mississippi neglected at
about 10l2 and C. c. C. and l. mproyedto 3Jl2G35
The quotation for Panama varied by the advance
ment of the bid TO 127 while the asking price re-
mains at 136. Pacific Mail declined from 224G
22sa021is; Western Union, Oh fair amount
of business sold from 6oA0G9aG0is.
The total sales OF stocks were ISL
600 shares, and the final changes in prices from
Saturdays close were as follows: DccEncs-ilrie
and Ohio and Mississippi each a; Morris and ESsex
81 Hannibal and ST. Joseph preferred end Rock
Island, each l.; Northwestern and Western Union
%: Northwestern preferred and ST. Paul. 81 each;
Hannibal and st. Joseph, Delaware and Hudson,
Pacific Mail ana United States Express, Delaware,
Lackawanna and Western, l Il; New-Jersey Central,
2os; Lake Shore, 2si Michigan Central, 3as, and
Illinois Central, 4l2. Advances-AmoTican Express,
81 and c., c., &c. and L. 90. The following table
shows the
Market