New-York tribune., 1877-04-30

,.e facts should the merchants of NewYork to
,,ze the interest they have in proper reconstruction
:, ,he Erie Railroad No better evidence can bc pro-
.ss Of the utter mpraecablity of the proposed En-
.h scheme than ia afforded by the receivers last
IT to the court, showing that his outstanding oert
i.,ss on March 81 had reached the handsome SUN
so o75Il5. The company defauted on its interest dre
rwe 4 1870 year and ten months prior 70 tie dt o
:, Last report Daring that time II has paid interest
,.s than Sl3, 100000 OF its total outstanding S5i
o 600 bonded indebtedness. Its floating Indebtedness
sworn TO in the report to the state Engineer Sept
90 ,s7 203, which ny the report Sept
On 1878 uuur months under the rccevershp had been
uccd 10 I2l GIL Ii Ia well known that the receiver
h realized rom the sale Of certain assets incOnsider
hc pms yet after wOrting the road for year and
A., months with no payment Of interest S2 900 900
:, - 0onds-the accrued interest on this cum
,~,, equa now TO nearly $4,000 ,oO0the receivers
sr,iecaes steadily increase with tho Of
b interest payment ally portion OF the $13 900 600.
I. il time pubic sentiment insisted upOn reconstruction
:, AS property a basis commensurate with its real
,,lue aud earning capacity. When that Is done New
work will have road in position to compete with
,hs Baltimore and Ohio Railroad, This will also
op .orcc the Central aud Hudson Company To desiSt
tram attempting to levy an annual tax upon the com
ro Of the state whorewith TO pay per cent dvi-
And ON inward OF S50,00O,Oo0 Of bogus capital.
The hank statement OF to-day. in the parlance OF the
,,oet f. favorable. but It reflects stagpaton in
30 with reduction loans of 81 s75 300 and ut
a., same time an in deposits Of 2,569,S00 the
,5catons are that money is not wanted for legitimate
,or,-,ses The gain OF s28O200 in specie and of
40 os 900 IN legal tenders lacks 81 1876 700 OF account
inc for he other changes showing that about the latter
avn bas been received in national bank notes The law
IN, reserve is now 3113 per cent OF total deposits
AGAINST 5000 week ago. and deducting the specie in
anil from the derosits the legal tenders 2414 per cent
Of remaining currency deposits against 2293 last week.
The following are the comparative totals:
sss A9@i%lo 5os7oo s27$5oo Decrease
SIscs 25SS5 3s5So5 45Ssoo SSUo S IncrSass 26SS5S5
dgysIloo oSg2sa 155s5oo sISS
The f,9,wing shows the relations between the total
reserve and the total liabilities:
s..,. s4%ssi5ao A 81 ss2SatsSe S25. Inc sRES 5ESS
issa tenders. l59a62oo 4sSGoooo I've 2968oOo
Total reserve. $6il5o5oO s6s,S9a.too Inc $aaiaOoO
RssSrTs ssaHs, rs1GiI sIis. 55os2s5O 55725sOO
E%eSssof reserve
cnirusiits caS 1lO67.65O 13.G74,200 Inc. 2GoG550
oa opcned the week at 107ls and advanced TO lO7
later decnedto 1O65s and then remained steady ut
.hnt 1O7 closing 1868. The scarcity of sterling
exchange which has advanced to rates near the
.rece shipping point TO he without effect on the
cold premium although il does reflect a demand from
portes Of securities and small supply OF bills against
shipment Of produce
governments were not particularly active, hut quota
on closely followed the fluctuations OF the gold premium
The operations of the IL cent syndicate have almost
entirely ccs d. that there is less disposition to push Oh
The earlier issues of 52Os state and railroad bonds were
t-ey u; Of the former Louisiana consOls sharply ad
,saeed wle South Carolinas declined Railroad issues
vcrc generally lower early in the week, but later re-
covered on the better outlook OF the STOCK specuiaoh
but the business only moderate.
The stock market opened the week with decided
paucsy feeling and few Of the leading bears ac-
c,ted the opportuniy TO realize their profits This pur
chasing power, without which prices seemingly would
have found no bottom, checked further decline and
turned the market upward There has since been
recovery ranging from to - per cent, ana closing al
only Moderate reaction from best prices TG greatest
I,nycly was In Morris aud Essex STOCK, WhIcD, naVhg
been sold down 10 81 2 reacted to ~ closing ue Week
at I'll. I'm. was a where the bears OEeI1cdSHtu
themselves unless they calculated upon t3 ,imCore
insolvency OF its guarin0r the DelaWarV, Ll' a1
and Western The tals about the roads beng necessity
si.jne: IL is and always has been tax; with
on, II the Delaware, LGckawanna and western
over either of three competing lines, but it
Is sadded with it, having made ITS Lease eTiGe' ny ~
~ induced TO the position held 10y the Delaware
Iackawanra and Western Morris and Essex st"c1 Nouh
command plr. aud the reason 1t does not Is prcauS'
people dunbt tHe ability OF TIE Delaware, Lack
av!aua and Western to fulfill It's contract 20
STOCK Of Delaware Laekawsn4a and West;2 has, has any @
TssrX is worth whateye er good per cent bond s With
Ioft Wayc which after selling at SG recovered 70 81 .
lqI tre case is not quite strong because IN" lcac
W yer authorized 10y any Legislature, dnl Inc Penn
sylvauIa company in the cas- oI tnc C., C. ana q !l'l
has example Ofthc facility vita "iLch II ma .
default on IFS guarantees. since The prominent htIIs
before ~ feIiC closed uP their snort accounts cary u
Ito wtcA, they have experienced CDahSC Ca ie"4'' %"
,rr m pretend 10 b. decided balls on Tie cbdngrGa
10 a. of AFFAIRS generally" and talk about tl' war ~
iur,,t and the prospects OF The n.At crol-Woty y(t
ogt Of Ire 2romd)-vth the utmost CAVITY mere -
n do ht the parry Is pow erfiu one ana - d
m cd NAV vau,< ihc prices OF stocks very materially
Ebcthrr after having done they could unload tAer
huldI- b.. "a problem which would probably interest th'l
nl.gr Tpr puhbc are likely wait for more p"-ilNe
rfr atig regarding affairs ana for ot ial STAT lacI
IN r. If large crops" il harvested, Wi! tc Of LeAOhL
- .,t mn inc lower classes of bonds on trc several
r.i,ta.,. Aaqin, it may bc remembered that sudd'
s ar, NOT always trustworthy, as experience
has shown b,c,H ing with such o be thc rrir. not tdc
eyreitiou Tie extreme fluctuations are sJAciOy ca