New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-05
WEDNESDAY, April 4-P. NJ.

But for the "bearsn what would have be-
come Of the stock market is question which fire.
quently suggested to-day the Stock Exchange The
position last night, for both bull and bear"
not unlike that OF the two profane standing under
tree in fearful thunder storm Something had TO be
done and that quickly Hence the large quantity Of or
ders to buy stocks which appeared the very signal for
commencing business 90 M, and which quickly re-
lievod the market of its panicky condition That it
was clearly for the interest of the bears" TO prevent
panic needs no argument. and this fact sufficiently
plains what otherwise after the developments OF yester
day. would seem to have been most unnatural market
True it early reported that the people who yes
terday in trouble had succeeded in raising the necessary
funds to prevent the Panama stock from being thrown
upon the market but this would not account for the in
creased value Of Central and Hudson Mich Central Lake
Shore Western Union, and other stocks, because the
position remains unchanged. IL the banks have got
their loans Panama stock margined down to IS or
so instead Of 90 and 95, they still loaning upon
security % the market for which depends entirely upon
the parties to whom the funds loaned The sales OF
the stock to-day from 90 to S7l2 and finally 800 ut
probably represented more real transactions than
have the late sales at 125 to 100 The events of the
past days should teach lesson of prudence to bank
officials and all others who have control OF trust funds
but won't. There be dangerous loans than
those cqued stocks which being carried and the
prices OF which sustained for other reason than
that there is market for them. The market was
perfect harmony existing between the "grand moguls
of the trunk lines. although nothing definitely heard
of what had been done proposed. correspondent
requests to aid the conference in their abOrs by pro-
posing following resolution for their adoption Re-
soired That 1t the duty OF merchants both East and
West to furnish the respective railroads with all the
freight each handle and carry, and TO pay us
therefor sufficient rate to earn after the payment OF
interest and all charges, dividend upon stock for more
than twice the value OF our whole properties And he
suggests that his plan il adopted, will Immediately i'm
prove bus mess and add material wealth to the country
The stock market opened excited and lower notwith
standing the presence Of orders buy at yesterdays
closing prices, and higher. Western Union was
selected as the rayng point but sold at SO to 81 to the
extent Of 800 shares while 57l4 bid for it on the
opposite side of the market; it then slowly rose to 3s
and. after reaction to 57 to 59ls closing at 5S's 1t
not till after the price had passed 3s2 that the report
was circulated that a consolidation Of it with the Allan
tic and Pacific Telegraph was about to he c0nSuhmated
and Notwithstanding that this story is nearly worn
threadpare il had the effect OF making the higher price
II such a scheme is foot the action OF the Western
Unions committee yesterday in voting to reduce s
charges 10 the latest reduction OF the Atlantic ana
Pacific, to wit, 10 % cents for 10 words east OF
the Missouri River will smack OF stockjobong opera
ton Michigan Central exhibited the greatest rise, sell
Ing from 37l4 to 4Oai and ending at 405s Lake Shore
sold at 46os 475 and Central and Hudson, 0O409l4
a9O5s 92as 092lI Erie being quiet ut 5'sG6 Chicago,
Burinst on and Quincy sold at 1922 1929 1851 lO2+
Rock Island participate in the general bucyancy
further than to make spasmOGic movement from 96'5
to 97la and then relapse into dizziness at 97l4 The
NoIthWesteTn were quiet within of j per cent
fuct nation for the common and 81 per cent for tho
preferred but ST. PAM preferred was acrive at
4lLa445s the common selling az l6Hal6's.
ONO and Mississippi at 3i293, and Wabash, as'Gis,
coal barons IN agree upon any plan by which they
can induce consumption, or 10 reduce roduc-
without adding 10 the cost per ton more thh can De
gained in the price had deprcciating effect upon the
values of Their stocks. In the early trade Dela"ale'
Lackawauna aud Western from ssh TO o. ana Del
aware and Hudson from 10 TO 40 but the later trans
actions were al J74 45S and 4Sl504Sl2. respectively
Pacific Mal was active, ana rose upon the company
statement from II TO lj7sdl5l2 with the known
wealth comprising the company board OF directors,
these uf.Ccs furnish sufficient answer 10 the statement
published this morning which ~ lis ~ and character
strongly resembles that famous statement OF sept ~
by the former directory have not been used
by the present, but it fails to say II any
OF them in possession OF the company
The debt Of the company due To the Panama lnll-
sons in position know that IL exceeds TJOO,OOO. Is
t!s another where al the assets are Included Wine
on tie side Of liabilities mass OF unauuC "a hlIS ana ac-
counts are Omttodl The express stocks 10 Gay NJ
ITOTOu on light business Ilo htihtJ CiOSCu stIoHS
but finnish.
Tie sales of stocks the last call3:15 y. n.of tie
ODtn Board to-day follows: 100 Central Hud
Hudson g2is; COO Eie, ca; 100 Michigan Central. 1904;
100 preferred. 45l9 Zoo Delaware lachaw anna ana
Western - 577s; leo Delaware ana hudson, 4~2;
and 300 Western. Union, 5sat
RANCE or THE MARKET 1T THE STOCK EXCHANGE;
--Ac!ua eaies.--7> Ci2sinE b,as' SaaTes
g 20 81 ~ lU'