New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-20

and investors seem to have lost all confidence in
their own Judgment and hence is seen the spectacle
of holders of real estate and other properties which
are subject to their own personal control leaving no
stone unturned to dispose of them at an immense
loss while the same persons cling with an ineXplca
BILE tenacty to stocks, of which they actually know
nothing beyond the fact that thus far they have paid
dividends. They comprehend the fact that Their
personal property must respond TO the new order OF
low rents and forced economies of the people, but
dream that by some magical power, resting in a
board of directors corporate properties are to be
exempt from the general law. 1t IL largely
due to this infatuation which possesses the
real holders of stocks that the leading opera
tors of Wall Street enabled to turn and
twist prices-witbin narrow range-to suit their
own speculative purposes Already many companies
have gone the way foretold in this column, and it
may be accepted certainty that others Will fol-
low with the exhaustion of existing powers to sell
bonds and endurance of the properties to Sis
tain "skinning" The fancy prices yet realized for
many of the securities dealt in at the Stock EX-
change are stumbling in the way OF the conn-
try's recuperation. 1t Is foreordalned that hard-
pan" must be reached hence speculation which Tor
a month or year sustans the price OF property
above its real value ms computed by its actual earn
ing capacity. delays the day for a commencement OF
genuine prosperity.
The foregoing remarks were suggested by the
principal features of to-day's stock market, which
were sharp advances in Central and Hudson, and
Central of New-Jersey. OF the former 1t Is ohiy
necessary TO say that in the absence of orders to SELL
If was subjected TO the tactics long employed to S's-
tain the price of North-Wcst and was bid up 10
1881 for 5O-share lots, later selling at l03ls Jer-
soy Central was made scarce, and its price advanced
from 3D. to 36ls cash. difference of L. per cent at
one tine ruling between the cash end regular piioe,
finally closing at 3jl2. In view OF the company
recent report and the developments which the next
10 hours seem likely to produce, the movement has
the appearance of last desperate effort OF the Pa-
delphia party to create market FOR them TO unload
Delaware Lackawanna and Western syinpathizeo
with tlc movement in a rise to 10 but later sold at
7421Q747s 1t may he OF interest 20 the stock holders
to know if they have any rights which the directors
are bound tn respect how the company comes to
hold an Indebtedness of $3037J So against the
Chicago and Pacific IailrOad-a road running
from Chicago so miles west and about 10 lie
foreclosod. And some further information as to
what proportion Of the s0-callcd surplus OF the com
pany is made up OF like securities mi tht possibly
entertaining reading Dela&are aud Hudson s"li
at 7II.aT1 Lake shore only hncuated between
i5isa - l., a ,,Jas aud Michigan Central steady
at IS ga 80. The clqueS III each OF these Stochs
undoubtedly improved TIE opportunity an"luru 10
sell what 'the market would take but the .to'ai
transactions in each ere light. 81. Paui preferred
opened at iSlla4S. aud then rose to ~, latrr u'-
cung to ISIS Al tho sales OF the common were at
Is. Rock Island after opening a. lOl"s was tiu up
10 1918, closing dull at the highest price. Efie
became active and rose from 9@ T." 1Ols, closing az
97g Western Union only tluTuated between IJ'i~
7GIsa7G and attracted but little interest. Pacific
Mail after It's flying trip OF yesterday lenahef aI
anchor at -. The general market closed Win Il
frvcISineSs SELDOM witnessed after 50 du!i a DAY.
The following table Shows the
aA,GE OF iilE MtRkGr Al TIE STOCK EXCHANGE;