New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-05-08

it that their present main dependence for the ctys
trade in the products of the great West be no. COM
pletely blotted out of existence. Relieve the Central
and Hudson Railroad and its connections west ~
Buffalo and Suspension Bridge of the necessity Of
striving to earn interest and dividends on mora
than double the actual cost of tho properties and
with their light grades and other superior advan-
tages they might proftaby defy tine competition Of
PHILADELPHIA and Baltimores shorter distances and
at the same time refrain from any attempts at the
ruin of our lake and canal commerce. Stagnation
is the prevailing feature IN financial circles outside
of the Stock Exchange. The money market has
ruled easy on call loans at to per cent with ex.
ceptons as high as and as low per cent As was
anticipated the bank statement for the week proves
to be unfayorabe. in the reduction of $1,98f,30O
in reserve, but as was pointed out last
week. this was due to the Treasury opera
tons in bonds and gold, the whole effect
of which is reflected in this weeks statement The
foreign exchanges were firm, with only light bust
ness But few commercial bills are making. SO that
bankers drawing forced to ship specie to cover.
The gold market has been steady between l12l2and
113. The total shipments for the week aggregate
80 $40. 1873 in gold coin and bars, and $125s0O Of
silver. Government bonds have been less active,
and generally show fractional decline on lighter
demand. State bonds are mostly nominal as TO
quotations. with no transactions of moment. IL
stated that the State of Georgia will issue no
tice for TIE funding of the pastdue coupons of tho
recognized bonds ndorsed by the State Of the Macon
and Brunswick and North and South Railroads into
State 7s dated July, 1876. Railroad bonds were
slightly more active but irregular prices of the
rious kinds synpathizing or less with the fuc
tuations in the prices Of the respective stocks.
The stock market developed considerable weak
ness for the greater part Of the week, depressing
prices from 1 to ZIG per cent. Michigan Central
suffered the heaviest decline, selling down TO 49,
lower price than it has touched at any other time
since early in the late civil war. This heavy decline
was perhaps partly due to the fact that large guam
titles of long stock were put upon market where
there was no general trading interest in the stock
offered. For instance, Lake Shore, in which there
has been a lively trade for months past, would not
have been very materially affected by the Offering
an amount of long stock, which seems to have
distancedD Michigan Central. Lake Shore
has been active during the week, and has
monopolzed large proportion of the entire busl-
ness declining to 53 within ls cent OF It's low
est price in 1875 Northwest common stock, that
closed last week in "blaze of glory" by sudden
advance from 1854 to 407s, seemed to have burned
all out by the reOpening of the Board on Monday
morning and after few sales at II, it returned to
its normal condition of inactivity and quietly dried
back to 39l to be only partially enllyened by the
buoyancy that marked the general market at the
close. The Preferred stock iuctuated between 5S2s
0jj3t and 578i. st. Paul common declined from
3sl4 to $3.50, recovering to 81, while the Preferred
went from 81 to 81 with closing reaction to $50
627s Erie remained comparatively steady
and was left free from the attacks Of
the "bears," as some of them say, because
the remaining . per cent in its price is not worth
going afterv Ohio and Mississippi another Of the
fances attracted but little attention in sales be-
tween 1918 and II. Central and Hudson performed
some strange gyTatons, suddenly dropping from
49, the supposed scheme price, to los, and as
quickly rallying again to 112l4Sl12, where 10 was
held until the actual sale of about $500 shares OF
Investment stock with more behind seemed TO
frghten off the sustainer when it dropped again to
no. The coal raroads-Delaware, Lackawanna
and Western and New Jersey Central-as well as the
Delaware and Hudson Canal, after an exhibition OF
strength early in the week, became heavy and de-
clned from to 4l2 per cent, improving slightly
at the close Aside from the fact that under the
combination" the year 1875 not profitable
one to these corporations the threatened and prob
able rupture of that combination is undoubtedly
having n depressing effect upon these stocks, which
il partially offset for the moment by the existence
of A sufficient short interest 20 keep the stocks In
demand for delivery. Western Union was active,
declining on Monday TO 633s, but since then has
steadily advanced against the general market, TO
66Il Pacific Mail has been only moderately active,
between 1888 and POS range OF only ll2 per cent
a steadncss that should put TO shame some oil
the '.sound investment" stocks. The depres-
sion in the speculative stocks offered
tempting opportunity TO few OF TIE
larger bears" TO realize handsome profit, which
was no sooner done than they set to work 10 make
an upward turn upon the "cubs" that were waiting
for lower prices Accordingly, since Friday morning
there has been less talk of the railroad war" with
an outgiying of intmations that it was not so
much of a shower after ALL" accompanied by
whisper that prices had got pretty low. This
together with considerable buying turned the scale,
causing recovery of from l TO per cent, and
making a close so buoyant as to look like better
market next week; but, appearances on the Stock
Exchange are frequently deceptive, THE TRIBUNE
will venture no predictions The following table
will show the
RANGE PRICES FOR THE WEEK
FOR the week ---C10sing.-- No shhes
Highest. Lowest. MAY g. ADTii %. sold
g. 6. %. 1891, coup l223 l221s 1928 l22S