New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-03-21
THIRD cALL-2:9O O'CLOCK p. NJ.
TnrRsnAY. March POP. NJ

hanks The immediate effect here is seen IN drafts
upon our banks for such New-Orleans funds as are
here on deposit and the consequent shipment hence
today Of about 81 100000 greenbacks with about
an equal amount 70 follow tomorrow These ship
,nenrs Of legll-tenders will have much less effect
upon the figures Of next Saturdays bank state
ment than they would have had if made ear
lor in the week. But they probably will
prove sufficient to reduce the reserve to nearly the
% per cent rule. The resolution of the NewOreans
banks this morning T. suspend in body regarded
Is an act OF precautIon against anticipated runs
rather than an act Of insolvency, and it is an
nounced that the suspension will be for only ten
DAYS bat as it is much easier to suspe% than to re-
sumo, the suspension may safely be considered IS
udstnile IN duration.
ANY one who is aware of the events anterior to
and the manner OF the suspension of the New-Tork
banks in 1897 cannot fail to recognize the local
parallel % the present suspension at NcwOrlcaps.
Neither is 1t wise TO overlook its possible effects
upon our own local money market. For instance,
during the suspension, If 1t does not extend TO
other Southern cities at least II Is safe to calculate
that for all foreign exchange originating in the
South, currency and not credit, Will be required to
make it available in tins market.
The directors Of the Chicago Milwaukee and 81.
Paul Railroad Company to-day met and declared the
usual seni-annual dividend of 3le per the
ferred stock. ont of the earnings OF six months
ended December 81, 1878 and submitted partial
statement of tho business Of the year the frll de-
tailed report moi yet being ready. The statement
as made compares with that of 81 as follows
ero,. earning, iii44se4 ssISI7s7 Inc s83os7s
a.'1- ''.' 45,o4ss 4792aia 25lsso
Net earnings ......-.s857446I s3G5g45l Inc s,4903
Injeress on mortgage oo,.o o,,,.oo, -. .ooo.o
Sinking iuni.-.-.-- '''5OJ Dec ooUVO
Tots1 s,ol5l5g - y 800 Dec. sgz S5g
balance .......... s1.s5aso2 $l,5s7l54 IncsI77s52
cen, each prd SIX sj9.TGs s5'563
Surplus ....... sla9759 s573.53I Inc. s17,sj2
This statement of very incomplete. be
cause II furul-he, no indication of the amount Of
increase of ,0nded debt or OF additional length of
railway But IL will be observed at the statement
shows after the payment of dividends on the pre-
ferred STOCK the traditional remaining surplus
which, however, never seems to have any
other existence than III the hgures tui-
nished. notable feature Of the state
ment, and one that requires eNpIana' on,
Is that while II Is not denied that tho bonded debt
of the company was increased over -, 100000 dur
ing he year 1875 the sum reported as paid for IN
terest Is actually less than that pa d IN 1877 The
present statement also Omlts 10 make an apIroprla-
zion 10 the sinking fund.
The stock speculation to-day irregular and
feverIsh. Arather steady opening was followed by
decline. then by a rally, aud then by another
drop; the latter was used for ever to advance
prices the assertion that tie decline Lad been
due to the news from New-Orleaus, which should
not and would not have any Ell 90 upon thc New
ing So on the report of It's complications, and
declining To ISIS. But It's Trends or rather those
who were ITS friends, but have not yet succeeded III
getting OUt OF their stock, came 20 us support ana
quickly rallied price TO T. After tins Its sales
were between 1ol2 and l9AUlS The papers III
the new suits to-day were served upon the trustees
of the consolidate ed mortgage and also upon the
trustees OF the Seney mortgage.
Northwest common stock has lost none of its at
tractveuts, aS leading feature OF the market It's
fluctuations to-day covered range Of 10 per cent.
Opening 3D. II 10 5J'4 fell 10 d - aud later
sold at J6o - s. the preferred stock selling at
6j3iGo45o SIS. ST. Pau common sod at JN4 a
SSIsa 3gll 3o7s. aud the preferred at S2I2 SIS
QsoIsa -, but closed 0ncIed al SIS after
II was known that the dividend was declared.
The trunk line shares presented no special features
only selling lower than they have Tor a long Llme,
and partially rallylng with the Western list hQcA
Island agaln fell to 1919, but closed at 100: other
investments were either steady or neglected e.,
C.. {. and /. sold at IL for IL shares, but was Of
fered at IL = Tor regular lots. The new Western
favOrtes were scarcely as strong.
III favor of the coal stocks. a new attempt was
made to revive rumOTS OF negotiations looking 10
combination, but tins was offset ~ the TACT that
the Delaware, Lsckawanua and Western Company
advertlses that IL will sell at auction 100000 tons
of coal on next Wednesday, and the announce
ment in tO-day's Philadelphia LedGer that
notice that on and after this date
shipments of coal to South AmbOy, EAzabethport
and Port johnson viii be discontinued, winch means
that during open navigation the central OF New
Jersey Will nave the carrying OF no more Reading
coal-a traffic upon which stock Spectators nave
made larger calculations than were warranted by
carriage ot only 80 miles. Delaware, Lac anna
and Western opened aud closed 1914, having III
the meantime sold at 40 and 46os, aud jersey
Central sold at 37Q376s 3G$4 037l 2U374.
As Western Union to-day was 10 sell tx dividend
OF ll2 per cent, IL was made unusually active. 1t
rose from lO4l y TO 1852 and sold tx dividend at
1910 IO3L2 Pacific Mail sold 400 1T LIS ana
closed at l23s O13 there is no change TO report III
the position the differences between TINS company
and the Panama Railroad Company.
While tne closing of the market cannot lie quoted
strong, II should not be called weak
RANCE U STOCK MAGKEr
the CaLal nd f0ck Dh
Aetual saIes--- closing SHARES
o.. ,i,goSf IoUtI Final Eao