New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-17

10y the river 8 cents, aud thence to Liverpool 70
cents total charge of % centS-l6 cents i'll favor
of the gulf route. II Is claimed that the rate to
New-Orleans can be reduced TO cents per
bushe and stil pay the bargcs handsome
return. If this is true. development of the traffic
undoubtedly viii produce a competition which VIII
give the lowest paying rates. Whether or not New
Orleans is over-sanguinc as 10 the future 1t seems
to be certain that the English bankers Barring Broth
eTs, are making the experiment of shipping grain
TO Europe by the way of the Mississippi River and
the gulf iii is likely to prove successiul-and we
see reason why il should not be n success-the
subject becomes Of vast interest TO the holders of
tive bonds and stocks of all East and West
railroads east OF the Mississippi River With scarce
ly an exception. all of these lines-aside from the
water" which has swelled their capitals and debts
are equipped land the equipment was procured at
the high prices prevailing between 1865 and 1922
for the purpose Of doing Just this business, which
may now be largely diverted to the gulf instead of
seeking an outlet at the Atlantic ports. 1t viii not
prove any moro profitable to make light of this sub
ject than il proved to deride The TRBUNE's warn
ngs of the effects to be expected from the opening
of the Baltimore and Ohio's Chicago extension.
This was another dull day on the Stock Exchange,
and the total transactions only 122 400 shares
Combinations made up in Exchange-Court Will have
little effect either the traffic of the railroads or he
business of the coal companies. Papers may be pre-
pared and exhibited, showing that this and that
railway company is loaning such and such amounts
of money. But the average intelligence, even OF
stock operators, understands that a company having
a large amount of interest due on the LIST Of De
cember must have money on hand II the
coupons are TO be paid Few are so
ignorart % to suppose that six months interest is
earned in the last week the last day. And 1t IS
not crcditabe TO the officers of company thus to
attempt to play upon the credulty OF their specu-
latiye followers.
Takingit as a whole, the late upward turn in
prices seems to drag Th,I is no vi cor OF life
cept such as are impaired by the themselves
The execution or withdrawal of their orders to buy
is immediately followed by declining prices,
simply from the markets own weight.
Michigan Central opened az 81 bid but
without excitement it Immediately dropped to 90
The later rise to s. was made with a rush, nd then
the stock settled to G3l2. At none of the various
prices was there any general demand OF competi-
ton to buy the stock, which, in a legitimate
market would have occlsoned an advance OF l2
per cent on the DAYS transactions of only 400
shares. 1t seems highly probable that the manipu-
latOrs Of this stock viii succeed in discouragng all
traders i'm and that viii held the speculative
position so long occupied by the Northwest common
AXE Shore alter opening al 6,il, declined TO G73i
but later was washed MP to Gsl2 amid the merr.-
mcnt of the lookers-on. Its last sale at G5. The
ST. Paul and Northwest stocks also were made to
play a conspicuous part in the days proceedings.
After they had opened well up and had declined
l4al2 per cent. the jack-scrcws were applied,
and they sold higher than yesterday. But they too.
yielded at the ond the common stocks closing below
opening prices, and the preferred only lsG 4
better Rock Island rose TO 101, the covering Of
shorts" hut at the end was duh and heavy, with
the quotation standing at 100i20 1904.
The coal shares are nj Oh the report of the forma
ton Of another combination not a coal combi-
nation this time. We have the best authority for
saying that this combination VIII rot be made for
the very good reason that, it would be
inorganic" affair, intended to fool the
dealers in stocks. Notice to-day WAS
served by prominent broker in the coal stocks
that all failures to deliver Delaware Lackawanna
and Western stock. would he settled Immediately
lev buying M the stock under the rule. THIS makes
the fact worthy OF note that the stock
which was rendered one-quarter OF minute
after 2:lJ p. m.-tbe hour for deiyery-Was
carry it over till tomorrow. No stock was
bought in account of nOa-dcllyery. Never
theless The stryice OF tho notice was probably
effective IN making market I0r few hundred
shares. and in advancing the price To 1884. The
last SAFE was at 4Sls. Delaware and Hudson
dull at 4llsa lI3t, and Central Of NeW-Jtrscy was
also dull az 12Il 0l3llG13. Morris and Essex sold
AT II Aa75I2.
ccedngS against IT IN Pennsylvania. After opening
az 1910 il declined 10 1874 and then rallied 10 7J5sa
1855 The market closed dun and unsettled.
RANGE THE STOCK MARKEr