New-York tribune., 1879-03-07
sEcoNr CALI O'CLOCK .. y
THURSDAY. March 6-P. NJ.

The stock market to-day did little more than con-
firm what has been said repeatedly IN this column
concerning the local character of the speculation
The largo advance in the prices resulted M an accu-
mutation Of immense blocks of stocks in few hands
An attempt TO realize by some of the large operators
Eeducr, figures and bad feelings between the
members of previously harmonious pools so that
The stories that circulated about the exchange OF
harsh language contain more Of reality than Of ro-
NANCE But the market continues to ex-
hiblt many Inconsistencies. While the West
cru railroad list only rallies to decline
again. the stocks of the Eastern railroads
ere strong despite the fact that, with water COM
nunlcati closed. the rates on gram from Chicago
20 New-York are down to 16 cents 100 pounds or
less than 3l3 mills per ton mile. 10 say that
these rates will pay expenses, is to say that there Is
q profit in hauling empty cars back aud forth over
the roads. In less than eight weeks the lakes will
be opened. aud then the rates will pass out of the
control of the railroads for period of eight or nine
months. But if railroad competition makes the
rates what they now, 1t Is easy to conceive what
they will bc after the opening Of navigation, that
Will bring into play carrying capacity more than
eQua % that of all the railroads combined.
With few exceptions the first pnces of stocks
to-iay were about the best of the day. The tran
sacuous. that amounted to 1873, 500 shares were
unusually well distributed and wmle the general
tendency of prices downward, there were
several reactions and spasms of strength.
report that the Executive Committee of the
Western Union direction recommended hvldend
of l2 per cent (which report bears the appearance
of being invented for contradiction; the committee
having taken no action upon the subject was the
alleged cause for that stock selling down TO 1O4
and the contradiction of the report the alleged
reason for its later recovery to 1O6 Later it
thou.
sary than that ITS price is unconscon-
ably high. whatever the directors may do
concerning a dividend. Lake Shore was not
actiye but ia price easily yielded from 7l&4O717s
TO 7Oaiu7I, simply because the buyers upon the
recent points that " it is going up are growing
iatigued with waiting. Michigan Central WAS duil
but well held in hand its price first dropping from
673i to s., and then was rallied TO S1'4aS 1l2
Central and Hudson sold at 1850 11G, and Eric
declined from 25os to 2Ja2Jis.
OF the Western stocks, the Chicago and North
west common stock was the leading feature. The
opening Was weak, and the price declined from
6l2i 10 537s this was followed by a rally to 54$4.
adeclIne to 5212 and a recovery to 53l5 with final
sales at 527s. The preferred stock sold at o7ao1s
and afterVaTd at S5bs a S6l4. st. Paul common was
strong IN the early dealings at 314a3olS, later
selling at 37a37ls and the preferred stock sold at
6l4G 81 '5G sO4.
was expressed in this column that there would be
- no coal combination for 1879, but that between
then aud ApHl there would be no end OF Tum0rs III
Wall Street of the probabilities of such cOmblDa-
ton beng made, and that at tunes the prospects OF
combinations might seem To be favorable Ibe
last part of the prediction has been verified, ana
stock SpeculatOrs are making and unmakIng coal
Combinations almost every alternate day, as suits
their state the market Yesterday 1t was reported
that Mcssrs GOwen and Packer were willing to
do almost anything to bring about suspension OF
production, and coal stocks rose Ia good reason why
they sIould have decned) to-day The reports were
fll COniIadlCted, and coal stocks fell. Delaware,
LackaWanna aud Western sold at 46 'Std 40G 40 =,
Delaware aud Hudson AT 398l 1898, aud Central OF
kew-Jereey at $500 3G@As 30S4. Morris aud Essex
was steady at S3a oZ3, Uut Rensselaer, and Saratoga
SuTther yielded TO "a. OF the light tancles, Kansas
Pacific declued to II and recovered 10 1S lidnniDai
and ST. Joseph preferred was steady at 4Z4 ~ q,
and OHlo and Mississippi at 1O7oGlOS4 abash
sold az 207sG20Ss, and Iron Mountain at Laos.
There was all exceptional activity In the stock OF
louisville aud Nashville that first carried It's price
Up to j., with later sales at 46l2. 1t Is stated that
Captain Samuels is writing letters nom the PaClho
containing very favorable reports concerning IA
cihc Mail, and that because OF such letters certain
parties having been buying the stock, which ac-
counts Tor It's advance to-day to 14Gl3os.
The general market closed weak.
THk STOCK AAEKRr
AsICgortea b. he 6olS and stock TeGegTaph CompGnU