New-York tribune., 1879-05-09

THrRsnAY. May R-P. NJ.

The stock market to-day opened weak, and during
the first halt hour there a further decline in the
prices of most of the active stocks that ranged
from l. per cent for Lake Shore to lis per cent for
Northwest common. But this condition of affairs
was succeeded by spirited buying that rallied
prices from TO 2 per cent-the latter for the com
mon and preferred stocks of Chicago and North
west. The St. Paul stocks, also, after their early
decline were notably strong the common advauc-
ing TO rs and the preferred to Sc. This advance
took place despite the fact that the weather reports
from the greater portion of the territory
covered by these %wo granger railroads are
far from being Of a favorable character
The Chicago st. Paul and Minneapolis stock was
again strong selling at 320312. after a decline +"
Solo The president of this road informs Us that
S6l9j0O of its $2,7O0,0O0 Land Grant income
bonds have been cancelled that It's debt instead
Of amounting to 50, ,2000 900. as stated in to-day's
TRIBUNE. is as follows: First morris age bonds,
S3.0OO,O 900 Land Grant Income bonds, $2,0S0-
500 and certificates of Indebtedness secured by
contracts and mortgages on lands sold that are not
Included IN the 100000 acres covered by the
land grant mortgage 100000; total debt, So
5sO5OO.
The Lake Shore and Michigan Central reports
were not favOrably received. This particularly
true Of that portion of the Lake Shore report which,
current year. stated that the gross earnings had in
creased only $4,000 those of the same quarter
in 1877. and that the net earnings had increased
only $50 600. This disappointment probably was
largely due the uroiicIalrepOrts that had been in
circulation lately claiming that the earnings of the
company for February and March of this year
showed large gains over those Of the corresponding
months Of 1877. Lake Shore at first de-
Chucd from 74ls 10 1879, but later rallied to
75l497Jis and Michigan Central, after soling from
Slll down to SO33 rose TO S1@i and closed at olI2
There was a little more business IN Canada South
ern at GOaiSGOl2961. Erie was less active and
fuctuated only u per cont. the final sales being AT
2s'e, against 2Sl4 last evening. Kansas Paciho
continued weak as TO sales, selling down to 5l,
at which the last sale made, but closing
with a quotation Of 53054. The st. Louis, Kan
sas City and Northern stocks present unimportant
change, in final sales Missouri, Kansas and Texas
Is . per cent higher and Wabash Il per cent lower
than yesterday. The ST. Louis and san FRANCISCO
and 81. Louis and Iron Mountain stocks All sho"
FRACTIONAL improvements, an unlmpOrtant amount
Ol business having been done ~ thCm The STOCKS
OF the Hannibal and ST. Joseph Railroad and OF the
ONO and Mississippi are all fractonaly higher IN
ma sales, aud Chicago and Rock Island advanced
10 1891.
The coal stocks continue 10 be notably strong, and
with far amount of trading show improvements
OF from "A a per cent from tho closing prices or
yesterday. The telegraph stocks were lhactiNe Dui
N1Sher, Atlantic and Pacific beng up 10 31'o, ana
western Union 10 100 larger amount OF Dusi-
ness than usual was done in tho express STOCKS,
Aiams selling at 109Dll0 ana Wells, Fargo q
20 at lOO0D9l2. Less business was done III the
mihlng stocks at the stock Exchange but prices
WEE hHn. HOmestake being cOnspicuousiy 80 WIN
hales up 10 3J034l2.
AT the Mining Exchange to-day there was an I'M
'ua amount OF business done IN the bonanza stocks