New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-05-01

States bonds were more active and higher, pa,t,..
larly for the new fves of 1881 Railway mortvass.
have been generally dull and somewhat lower -
actual business. Gold has been inactive but gepe,
ally firm. temporarily declining from 1925 to lI2.
when it became known that the Treasury ,ais
would average but little better than l12as.
The stock speculation that early in the weeL =;
brated in accordance with the wire-working Of Al.
large operators, later yielded to the inevitable and
became depressed for the want of a market In m.n~
cases stocks sold at prices lower than any befo,s
made this year. The causes leading to this ieprs.
sion and lack Of buyers deeper than those grow
ing out of the railroad war, and have heretofo,.
been portrayed in this column. The railroad war 4,
one of tie effects and not the cause. Corporation.
no longer find themselves strong in the public con.
fidence because Of their enormous cam,aI.
and debts but the contrary find tina
necessity to provide sufficient sum wherewth N
pay the interest on the latter an incentive to do bu.
mess at the rates that ignore the stock. Pai6e
Mail has been the steadlest stock upon the list clos.
ing the week at its opening price, after having fire.
auently fiuctuated between 1874 for the lowest and
213i for the highest price. Western Union after
opening at SO and subsequently selling at 65ls al
vanced to 660s, but afterward steadily declined up
til it sold to-day at 1884, though rallyins
at the close to CAS- The continued reduc
ton of rates by its rival, the Atlantic
and Pacific Company, begins to suggest in the
minds of Spectators and holders of the stock
doubts as to the payment of the quarterly Dor
cent dividend in July; and the stock doubtless
further depressed to-day by report, which finds be-
levers TO the effect that the Western Union has H.
Gently purchased majority OF the stock Of the
-. 4 L. a.
per cent of its par value. This, az understand
is company with share capital Of 81 900 900 and
a bonded debt of 100000. Accompanying this
statement is assertion that the Southern Atlantic
covers no territory not already covered by tie
Western Union and its connections, which, il
true, would indicate that the line had been
purchased to keep it from falling into the
hands of tho Atlantic and Pacific Company
Again. il the statements of telegraph experts can
be depended upon, this line the control Of which,
according to report, has cost the Western Union
about $3.50, O0O subject to a mortgage of 100000,
can be duplicated for less than 100000. Taking
all these stories for true, this would TO be
clear case of paying dear for the whistle" Lake
Shore and Michigan Central of the railway shares
were subject to the greatest depression declining
to 522t and 4s24 respectively. Hannibal and St
Preferred stock there has not been sale since Mon
day. which was at 81. Erie was quite steady be-
tween 1873 and 16is until the receipt of MessrS
Miller and Fleming's report TO the English bond
holders wherein it was shown that its floating debt
including past due coupons, amounted TO nearly
IS, 600, 900, and strongly recommending that fore
closure proceedings be pushed with ylgor, saying:
All that the stockholders can possibly do is to delay
its consunmation." On this depressing statement
the stock dropped to 1885, but subsequently 1t might
be quoted steady if not strong. The ST. Paul stocks
SYM a:hzed with the of the general list, par
ticulary the Preferred, which declined from 6f4to
627s In the North-Westerns there are again indica
tons of what Mr. Drew would call "consDyrscy7
Mysterious dispatches reach the city from Chicago
limiting at a closer connection with, if not moaOp
oily of, the trade of the Union Pacific;
but it seems little singular that the supposed az
rangement should only affect favorably the Common
stock o. Northwest, which closed the week y per
cent hi CHER than at the opening while the Preferred
declined from 80 to 56l2 Central and Hudson has
been so persistently sustained at 10, vhllo lf 1t
plays fair with its connecting lnes the railroad war
is as damaging to it as to the Others to suggest the
idea that the Commodore is not very sick after all
Delaware, Lackawanna aud Western and New-Jet-
sey Central, which early in the week sustaDeds
heavy bIeak in price, the former 20 1o4l2 ana the
latter to 95l2 subsequently recovered 10 llo4 and
99la causing the shorts" who had rushed tAs
price down too rapidly, TO cover The latest ndlca
tons are that this interest has been pretty well
closed up having been sup lied by long stock, which
is slowly finding its way into the street. The ne
nainder of the list is sufficiently explained By the
suboined table which gives tine
WEEKLY RANGE OF THE MARKET