New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-04-17

.b;ro, vas DONE and the rates that were more
'-,;nal than real remained unchanged. The gold
a-lo. was only moderately active with
- Of o. per cent as the extreme
- fluctuations, viz, 1874 and 1lz's~
S,o1.0t1slA. The tendency OF the money
.l-ot for call loans has been toward q hardening
- The bank statement for the week SHOWS
son,roction in loans to the extent OIL @o'1ooo0o,
- Tho deposits are reduced but SZ'4oo'ooo, Vi
'Liob so36 900 is represented By withdrawal Oh
LII and the legal tenders are up but @Ioo7oo'
tn sppareht discrepancy OF Sl,eOo'oVV Oo'%
nH0 lr1oiro items NAV probably be accounted Tor
Inv tbe influx OF National bank notes 1o'ellineh'
- have been in less request and at lower prices
- scct 70 some extent to the depressing intiu-
arces If foreign advices but probably more paricu
III, oT eted bv the anticipated sale of $5,5OOOOo
80 Eve per cents by the Treasury Department on ac
oorrt of the Geneva award. The business III otite
aud railroad bonds has been restricted. ana lor INC
latter the smaller demand has caused silgh' eoii-
eessiou in prices. ...,,o.
The stock market has been weak and active uhuer
continued pressure to sell real stock, resl'ins -
n decline Of from to Ga per cent III 'uo go
stocks the market closing, however, VIII " P ''"
rocovcrv Had not the experience OF the past TWO
sveors already demonstrated that speculation Is
creature of impulse and void Of reasoning powers,
,b rsplt Of flis weeks business might be accepted
- i,,icotion Of an awakening to the truth THAI
many of our great public works, including raifoauS,
te,egraphs. and coal companies, have been loaded
with debt to such extent as to rem
der the proprietorship lstocs comparatively worth
Isa For instance, it Is not reasonable
~ eypect railroad nOrtgaged for $4,000 per mile
IN addition to the interest supposed to be repre-
sented by its shares, a road which may now he du-
ocated for $50 600 to be able TO more than is
sfeient to pay the interest upon its bonds, nor to
expect telegraph companies whose stock represents,
In addition to bonded indebtedness, two or three
times the cost Of its lines to pay large dividends.
The securities Of the railroad companies connected
with the coal combination have heretofore with
food the general depression because the public have
believed that through the coordination" they had
been saved from the effects of the dull times, not
outstanding 1t was known that each year added
large sums to their Indebtedness. The main
tenance of this combination and through
1t of the price of coal during the past two
vears has been an anomaly but now reports that
show that it has been as ruinOus to the companies
snpaced as it has been oppressive to the people.
First we have from the Reading the announcement
that the payment of it's January dividend used up
the Conpanys surplus, aud no sign is made OF the
usual Aulil dividend. Then comes the annual report
Of The NewJersey Central showing that nearly one
half OF its 10 per cent dividend for 1875 was taken
from "a surplus, and so go on from bad to worse
The business of the week at the Stock Exchange
comprised the purchase and sale of about 96s,OO0
shares Of which more than One-third was done III
Lake shore, and nearly oEe-haf III the
three other leading speculatiyes, viz: Western
Union, Erie, and Pacific Mail. The declines, COM
pairing the closing prices to-day with those of Thurs
day. ranged from Il 10 az per cent, viz. American
Express and Fort Wayne. each declined 4 per cent
Atlantic and Pacific Telegraph, S5 Delaware and
Hudson Canal, Western Union Pittsburgh, and
United States Express, each 2 st. Paul Preferred,
IS Alton and Terre Haute and Harlem, each 3
c. c.. c. and l., Chicago and Alton, st. Paul and
Ohio and Mississippi, each ; Central and Hudson
and Rhode Island, each IL; Delaware, Lackawanua
and Western and Northwestern, each liz;
Ohio and Mississippi Preferred and Iron
Mountain, each 10; St. Louis Kansas City
and Northern Preferred, 2 Erie ana North
Western Preferred, each 2as; New-jersey Cen
trail 21o; Missouri, Kansas and Texas 3; Con-
solidatod Coal 33s Lake Shore, 3, and Michigan
Central, 4l2 per cent. The few stocks which show
an Improvement for the week are st. Joseph and
WeIls-Fargc, each Il. Chicago Burlington and
Oaincy. St. Joseph Preferred, Panama, and Quick
silver, each y Adams Express. Quicksilver Pre-
fcrred. aud Union Pacific each 81 Illinois Central,
l : Pacific Nail, 81, and Petroleum. 80 per cent
The following table shows the weekly range Of TIE
market:
-For tie week ----CloVug.---- No shares