New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-28
81 JOseph Lead
Best & Belcher
TUESDAY, Feb. 27-P. ~.


The stock market to-day has exhibited one
OF those evolutiOns almost always certani to follow
o few days decline three days advance. on
orators In either case tempted by growing prohts-on
paperare 10 Oversell or overbuy; sharp reac-
ton any attempt TO realize. This, and this
only the feature Of tOdays trading or course the
old bull element which Ia believed TO be still heavily
"in fails to watch for such opportunity TO make
their remaining power felt so to-day, when the poor
deliveries Of Stocks which they themselves had aided
by holding back until the last moment their own con-
tracts developed uncomfortable short inter
est they naturally took advantage OF the
occasion give prices a send up" and not with
considerable The opening and succeeding
hours OF business up TO the expiration OF the hour-2l5
for delivery were characterized by uncertain fever
sh feeling Of operators, but this hour had
passed the entire market became buOyant in appearance
and prices rapidly advanced closing with reaction
from best prices. Central and Hudson continued
feature and after selling at 92l2G93l2d 1t sud
denly became in demand and advanced TO 80, closing at
o. Lake Shore was fevprsh between 4s5s and 4S for
the best part the day. but later sold to 1914 with
la sales at 40. Michigan Central was less responsive
to the general good feeling only rallying TO 421
dI25s, after having sold at 424Gl1as AS affecting
these trunk line stocks, a rumOr was circulated
that freight agents meeting held to-day was perfectly
harmonious whereas the fact that neither the Bati-
more and ohio nor the Pennsylvania Railroad
was represented. Chicago and Rock Island was qlte
a feature OF the day. rising from 097s to l02Ie Inc
street or its manipulatOFs 10 think Its propo-
stion TO pay its per bonds due 20 years hence
at lO ont Of the proceeds OF 4Oyear per cent bond
good thing so il undoubtedly would be II the scheme
stopped here hut It does not The present bonded debt
OF tho Rock Island Company is $9,OOOOOO per cent
bonds less about 100000 bonds retired IN the SINKING
fund or really about $s200,000, and Sl,OO0OOO
OF per cent income bonds issued in 1879, total
Of about 100000 In place OF this sum II is proposed
to substitute bond bearing per cent with the privilege
OF issuing 81 800 900, which will actually increase tho
outstanding debt or the company $3200,OO0. more
ingenious scheme for secretly raising 90 100000 III cash
(sppOsng the bonds can be negotiated az par ana
allowing for per cent premium at which the old 7s
may be called in) probably was never devised. The
North Westerns which in the speculation are closely
allied with the Of Rock Island were also strong
and higher the common at 33d337s and the preferred
at 81 . dj3as The 81. Paus not particularly at
tactivc but the preferred after selling at 1865
closed at ALL. Erie without feature in sales,
at 74G7Q72s, as also Ohio and Mis-
sssippi at 5lo The Hannibal and st. Joseph
stocks were higher bu failed 10 mold the early advance
the common selling at 1914 II ana the pre-
ferred at 23a22Ila22l2. officials of this company as
sure us that they intend at an early date it
can be prepared TO issue full detailed report OF the
affairs and operations the road which shall prove 10
be satisfactory the holders Of its securities ana the
new management ask for suspension OtJude1ncn uut!i
il has had reasonable tine Tor lis preaiHilon vi hC
coal shares, Central OF NcTJerstl was dl al lO'4G
1OI41l0a The present holders of this stock EN- now
to nave arrived the conclusion 10 lose tie WhOe OF II
or 10 obtain a greater price; hence its dizziness.
Which result Is likely to occur scarcely permits Of
doubt. when il Is remembered that me road y encnl
hced b mortgages and floating debts Ia the extent or
over 300 900 per mile; not counting IFS outside guar
antees Endorsements: Delaware, LachaWanna ana
Western was lively. with fair amount OF business at
Ga GaI- GGla aG52GGIasa62 32li. and Delaware
AMI Hudson equally 20 at ~ IA i6i 0l7lsGiSiIG
47It04g4isI4. An impression seemed 10 exist
FIR know nOt-th1t the
coal sales Tomorrow were realize higher
prices than the last; hence the eTers nness noted IN
these stocks Western Unun which scored over one
tIirj of ali fc Transactions OF the day, vbruicd fire.
0uently between the figures Of 65G6llI and 6Jl2 The
market after ln excited ard strong, closed uncertain
and unsettled Ate: p. sales made in the new
omen Board OF BROKERS follows: 500 Central and
HdsQn at 81 800 Erie at 81 $500 western Union NJ
G5a-aGj2 400 Delaware, LgCkawJnnn ana Western at
G2i ana $500 Lake shore at 49a Il 10 The FOL
lowing table shows the