New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-07
sycoNp cA1I-l o,cLooK p. ".
THIRD CALL-2:3O P. NJ.
FRIDAY. Dec. 6-P. ".

~
1850 ESQ = ! ''''''''''' 20
FRIDAY, Dec. 6-P II.
The event of most general Importance during the
week ending to-day was the assembling of Congress-
and renewal Of the financial agitation. FOrtu-
patey this agitation has not assumed the ylrulent
form anticipated by many. The recess and the late
elections seem to have cooled the ardor
of the population element so that 1t Is
more content to drift with the current and abide
by events than il was at the last session. In mer-
camille circles the week as dull as usual at
this season. inland navigation practically closed and
with il there was large falling of in the movement
of produce from the West TO the seabOard.
The events of the week likely TO influence stock
speculation, however, were unusually interesting
although because OF the peculiar position of the
stock market they excited little control over
prices The long expected dividend on Northwest
common stock was declared. yet the price of the
common stock tonight was 50 lower than a week
ago and that of preferred was Il per cent lower And
this too, without the knowledge that special
meeting of the directors of the Northwest Company
was held to-day to consider n communication from
Mr. Ten Have of Amsterdam. The latter demanded
for the Dutch bondholders of the Northwestern
Union Railroad COmpany-a proprietary road of
the Chicago and Northwest-the filling up Of
their security" in accordance with the mort
gage and the terms upon which the bonds,
amounting to $500, 000 were negotiated in 1872;
that is the building of 40 miles of road agreed
instead of less than 90 miles, which is all that has
been constructed. The mortgage pledged one mile OF
road for each $4,000 of bonds. The road built only
gives rs security one mile of road for each S56OOO
of bonds. Had this communication been re,
ccived one day earlier, perhaps no dividend
on the common stock would have been declared.
Another important event was the meeting of the
Coal Board of Control at which the output for tie
remainder of the year was increased l,OOOOOO
TONS and the chances for combination in 1879 were
materially reduced. The immediate effect of the IN
creased output was to demOralize the coal trade so
that no one knows what prices are or may be- There
was report of a sale of stove coal at ~ 20 ton,
or 80 cents below the prices realized Mt
the last auction SALE but are informed that the
only way to learn price is to make bid Tor
quantity. Yet the coal stocks are down only 2's
per cent for Delaware, Lackawanna and Western.
81 per cent Tor Delaware and Hudson, and 8 pee
cent each for Morris and Essex and Central of New
Jersey. At the same time that the coal combina.
ton Is about expiring, without prospects .I on
a resurrection, it IS gwen ont that the
trunk lines of railroads have healed all
their difficulties and arranged things Tor
five wears As heretofore it has been found lmpOs-
chile TO hold one of these combinations together for
six months and as the West-bOund pool" has been
virtually dead letter for nearly twelve months:
the statement given to the public as the result Of
the meeting this week seems to be an Over-iaX upon
average creduitv. No one knows better than do the
trunk line presidents that their combination IS arope
Ofsand; tina matter what powers may 0e delegated
TO Commissioner Fink, or what penalties may he
established for violation of agreements, there IS
no legal method by which they can be enforced.
The Lake Shore Company has made report accord
ing to the laws of tins State for "a year ending
September 80 1878. As Of this period
previous TepOrts-tbe GOmpanys annual report
Tor the year ending December 81, 1877,
and it's statement for the six months ending June
30, 1873 the especial interest In this latest re-
port is the information obtained of It's business
for the three months from July 70 September 80,
1873. From the three reports mention 1t Is
80 compares with that of the corresponding time
IN 1877 as follows:
Three months end. $4,000
0peladhS expenses 2,06I,56I 2,2iO46i Inc, l5s'eo5
Net earnings. sI25I,57i si,342532 Inc. sSosOI
This showing docs not Justify the unoffcialreports
IN regard to this cOmpanys business particularly as
the comparison includes July, 1877, when because
of the riots the gross earnings were only P7SS,3oO,
against 81 900 GA in july 1876; aud the net earn
ings were only $l410S4, against @3O5, f43 III July,
1876. But Lake Shore, after frequent fluctuations,
closes the week with decline Of only o per cent,
Erie u per cent while Michigan Central has gained
7s aud Central and Hudson ! per cent.
The st. Paul stocks proved TO be the strongest on
the list the common stock showing final gain of q
and the preferred Of 2l4 per cent This is be-
cause of the larger receipts of grain at Mil
waukee, but it should not be forgotten that
lust at PRESENT a considerable quantity OF
Winter wheat is going into Milwaukee, and that
whereas last year the st. Paul delivered about 60
per cent Of all the wheat received at Milwaukee
this year it is delivering less than 40 per cent.
Wabash, though not particularly active,
we'll sustained and recorded final advance of lJs
per cent, and Co. &. and l. c., after being unusually
active and advancing from to B5s, closed at g.
The remainder of the railway stocks presented no
peculiar features. Western Union closed with a
gam of Is aud Pacific Mal with a decline of liz on
the weeks business.
WEEKLY RANGE OF PRICEs.
Hight LOw'L Dec. q. Nov. 30 sold
ALDany & eu5Quenaa. Z. % oO IL.