The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-05-19
FINANCIAL AND CONN

THURSDAY, May 1S-P. M.-The excite
ment occssioned by sharp strife for the con-
troll OF the next annual election Of the Pacific
Mail Company, which ought to be held on the
3lst inst, oversbadowed all other erations
in the stock market, and specialtie. but recently
ngureheads OF the daily speculation were quite
forgotten. This stock started OF brisk at IN,
and with the purchase OF about 10000 shares for
the account Of the opposition, advanced to % at
the FIRST board. At this iuncture some Of the
larger shorts became alarmed, and commenced
covering their contracts, which further carried
up the stock to AZ on the second call. From
this point the price began to weaken and when
posed To represent Jaw Gould, threw upon the
market $500 to 30,001 shares, there was sudden
rallied to "a. out closed at 2Ox. The opposition
which has been recently formed for the
principally composed Of several OF the directors
OF the Panama Railroad Company, ald the large
purchases at the close we're accredited to their
account. There was, however, much mystery
attending the excited movements Of the stock,
and the bulg OF spectators lett the street
puzzled by the events Of the day. The tr nsfers
which were stopped yesterday. because the
necessary Official signatures in the absence OF
the President had beep exhausted, went on
regularly TO day; but the street was full of
rumUrs, many OF winch seem iinprobable-such
as that the hooks would close tonight instead
OF Saturday, as well as that the appointment OF
a receiver OF the company would render I'M
necessary any election whatever. The contest
will doubtless be waged more vigorously to-
morrow. but the result cannot, OF course, be
ascertained before the closing Of the books.
President Dillon in his circular soliciting proxies
states that the totsl liabilities OF the company
on Feb. ~. 1875. when he accepted his position,
were $4-5Jo.yo1-59. nnd that they mad been re-
duced March 81, $50, TO s2,lsl.O4S1S, showing
decrease OF $2iS21 .eS.S3.
The rensrder Of the list was generally frmer,
with rise In Lake Shore from $50 to "a. but II
afterwaru fell back to 533s during the break in
Pacific Mail, ana closed at 63h. Western Union
| consequence OF a further reduction In the tariff
| Of the Atlantic and Pacific telegraph Company,
but rallied TO 6os In the nnal dealings. There
was sharp attack made upon the coal roads,
ana New JERSEY Central broke from 10Y to II,
while Delaware. Lackawsnna and Western
at the same time . lower at 1864. The latter
recovered it's decline, but the former continued
fell OF to 49,. seller 8: and Union Pacinc
dropped from o'4 to 80, in consequence Of the
strength manifested ny tue parties seeking to
control paci6c Mail. The Western shares we're
! FIRM, but the dealings were trifng.
The total number OF snaTes dent IN was lbI 80
of which Pacific Mail represented 65,sO Lake
! Shore. $500; Western Union, sab Erie,
| U,sO Delaware, ISckawanna and " e,tern g. tyl !:
NJ .cbigan Central. 3.L.5 (; New jersey Central,
SSs5 Union Pacific. 2,lD Union Mining Co..
900 Wabash. Lib; New York Central, 1,73o ;
| New Jersey Southern, LOO Ohios LOO 81.
! Paul, l,SOO the preferred, 400; Rock Island,
lao; North~estern, - tue preferred, 4OO ;
| Consolidation Coal, 80 Producers COnsoiida-
! ted Land and Petroleum CO., 40; pacinc of
Missouri eW; American Express. 100 G.. C., G.
| and L., IA Cleveland and Pittsburgh, l20 ; chi
| GAO aud Alton, no C.. Is. and Quincy, l0l :
| Harlem, Ia; Hannibal and st. Joseph, l0O :
Morris and Essex. ISL and Fort Wayne, 30.
Inc gold market opened active ana strong at
| l2A. aud advanced to liz .. with good buying.
Ia the later Transactions, however, tue price re
acted 10 ll2a4, at which figures 1t closed. The
| spt cie shipments to-day amounted to about
The following were the principal transactions,
1872 l. MSis isiS LEA 1853 $50 + MMs s
In loans TIE rate: paid for having balances carried
The total cearinls At the Gold Exchange Rank were
saees ,ss6 The SSrasSS e 1s 5