New-York tribune., 1877-05-29

the close of Saturday, but they easily and
sooA yielded from l to 1l2 per cent, from
which there was fractional rally at the
close After the board had adjourned there
was circulated rather ambiguous report, to
the eject that the difficulty relating TO fast
passenger trans and the consequent threatened
reduction of fares had been settled. Our news col
umns probably will either confirm or contradict the
rumor But a. affecting the value OF the shares OF
the trunk lines il is immaterial whether the report
proves 10 be true or false. The tronblc with them
is their immense capitals and debts created IN
flush times and the want of profitable business 10
employ their full capacity, which is capitalized on
the basis of gold at 200 or over. These re-
ports, true or false, may suffice to make temporary
Auctuation in the stock market but recent events
have convinced the public that the prosperity Of The
country does not depend on. nor is it reflected
by the prices of stocks printed on the
official list. 1t was also mtimatcd to-day
that pool of stock spectators were 10 sustain the
prices of coal at the auction sales tomorrow, ana
PERHAPS to this idea was due the seadiness IN the
prices of these stocks after the first decline. As
fhe two sales embrace 100000 tons, We scarcely
thiul, the story probable, because half dollar per
ton loss on the coal could hardly be compensated by
a dozen successful turns in the stocks yet it may
be So for desperate resort to desperate meas
urcs."
The total transactions of the day, agTegating
$4,000 shares. show a marked improvement over
Saturday but the prices, rs before stated, are an
lower Central and Hudson, after selling at W
dropped to 9O7s rlying TO 81 i2a9l's. Lake Shore
sold at 50ajOls and then declined to 4o3 closing
at 4oIi. and Michigan Central, after opening
at ILL., and selling at 303i, closed at 4oi2
Rock Island al first was well sustained
cold ot
then at 932t Northwest declined from
2o to 21. recovering to 213ia2t'2, and preferred
sold at 49, to 4saa 1873 81. Paul after selling at
194ISI2 ended at 1915, and the preferred after
decline from 49ls lSal was rallied to 49380494
The German element, which now controls the hoat-
ing shares of the Granger companies, evidently does
not propose to give mp the speculation without hr't
showing determined fight but such spirit has
before been exhibited on the Stock Exchange, ana
presents no novelty. The coal shares were heavy
and declined sharply, but later partially recovered
and were fairly steady at the end. Delaware, Lack
awannl and Western sold at 42l2a Ilos@424@
-; Delaware and Hudson ut 3S SlfU31'oa 3o'2' and
Morris and Essex at Gs i2GGSa GS3l. Concerning
these stocks it is well known that they have for
long time been worth premium for use; but It may
not be as well known that there exists regular
organized pool which through combinations rules
and fixes the rate from day to day. This is all
propcr and correct enough, but out OF this
has grown a practice which is reprehensible
and deserves the attention of the Governors Of the
Stock Exchange. 1t has become the custom of the
men and firms VINO compose this pool to lend their
stock at Whatever the rate may be- and then to defer
the delivery of il till the last minute, that the
party borrowing IT. who, by the rules of the
board. is compelled TO receive it at l1l2 minutes
after 2 O'clock cannot possibly make his de-
liveiics at 2lj and hence defaults on his contract,
while being compelled TO carry over the very stock
which was borrowed for the purpose Of fulfill
ing it. Ii being assumed that, when party
borrows a stock and pays a premium for its use,
1t is for the purpose Of fulfilling contract, for the
party loaning It to hold il back till the hour when
me knows it 10 be of no use To the borrower comes
SO near a breach of faith that the English language
viii furnish no other term TO express IT, Yet
it is the daily practice of Nal-st. men
who call Themselves honorable. Western Union
was active and lower at 63lta 62os but later sold
up tO G33s. Pacific Nail unusually az I'VE, sell
ing al - ~d2Z3i and then declining To l9"S on tt
reported loss OF steamer but later RECOVERING TO
2O3.U 2O3 Ia Expresses the only transactions were
ln American, which sold at 40l2Ui7.
the sales at tIe last cali-}:lJ y. n.-ot the open
Board were: 100 Central and Hudson, 9l >; 300
lake Shore, 49ls t9li; 100 ONO and Mississippi
jli, gnd 100 Western Union, G3's
BASGE or rhE MARKET AT TIRE SOCK EXCHANGE.
ArlIa cIir-. Ct'-in. H1,. shares
org. Hlght Low't FnaL Bid Aeku. sod
l&..S.llE. &.Srlils'Ea. a9$s a99$ 70. i