New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-11-20

ments next week. The foreign exchanges were dull
and heavy all the week because OF the small mer-
camille demand. which is checked by slow move
ment of mercantile paper; commercial DIS now
ever are quickly absorbed by the bankers
Much mystery still surrounds some OF the iate I'M
portant negotiations. 1t yet i, not made certain
who are the real purchasers of the Nickel Plate
Railroad; many indications point to the Wander
bt interest as the purchaser but there are others
which nearly as strongly contradict that assunp-
tion and opinions are still at variance on tne SUI
ject. Week before last it was positively asserteu
that Mr. Vanderbilt had sold SlO,Ooo,ooo VI
registered per cents at 17l2, yet VINO "e'o "0
purchasers is still unknown. The latest report 10
that only 50 900 600 was sold, and Mr.. Vanderbilt
is reported saying that he has sold nome AT All
events up to within two days ago there had peeh
no transfers at the Treasury OF any part OF MI
Vanderblt's holdings. The mystery OF last week
was the negotiation of the trust collateral loan OF
the Union Pacific Railroad. Both parties TO the
negotiation are peculiarly reticent on the subject
beyond the statement that the contract has Deeh
signed.n Hence 1t has been guessed by some that
So 600. 600 was taken firm" and by others that
something under $3,000000 has been taken.
Probably the truth is about as follows Something
less than 81 100000 taken firm" win
an option upon the whole, ard the price
was about 90 per cent. Another movement "nIoh
is carefully concealed is the nature of he proposed
new contract between the Michigan Central anu
Canada Southern railroads Is a lease VIII gu'Ir
antees or only traffic arrangement ior TERN %,
years between tho two cOmpanleSf Inc interest," III
the Canada Southerns bonds is now guaranteed Dy
the Central aud Hudson.
Practically the commercial situation was I'M
changed by the events of last week, but there were
developments of weakness which before were ohly
indicated. Both the recep at and shipments cast
ward from the principal stern points s,o VI
a a
a movement which Is largely reduced from
movements Of the preceding weeks OF he year, anu
only n very little in excess of the movements OF tue
corresponding week OF 1881. As result, prices are
generally about / cent higher than they were a.
week ago, and that without any responsive move
ment OF pnces in Western Europe. 4 ne coJtOh
movements continue to make favorable colpirl-
sons with last years movements. ne receipts lt9C
week were go 81 bales against 233, 462 bales for
the week of 1881 ana since September !, TINS year.
the receipts have been 1,94oO1 Dues agalhoO
1S90,9-S bales for the same period OF last year;
The exports last week were lG0361 0aie-, against
III 505 bales for the week OF 1881, and since sep
TENDER ] have been l,047,45l bales TINS year.
against SO tGlS bales last year. The iong urea en-
ing condition of the iron trade developed tseit III
stagnatIOn and a general decline IN prices. Con
Tracts for 40 600 tons OF steel ra are reported al
$40 or 33 l-3 per cent less than the price OF year
tal,en Inv the Lackawanna Coal and
Iron Company. of scranton, one OF
strongest IRON concerns in the country ana one
whose policy before IN times oil depression has been
TO continue to work SO long Az II can turh an ga
penny into one. But 1t is not sup sea tIaI
the contract at $40 per tOn has been taAeh, even
with the hope OF suffering no loss except upon the
calculation that the price OF the raw nateIlal, OOn
iron and coal. will be obtained at less than the
present ruling quo atiOns. Aud the contract estaO-
fishes a market pnce at which many Oh the ON I
mills cannot save themselves even al prices LOT ne
material ruling as low as the prceS ot 1910 |
We believe that s'eel rails never before were SOFA
so low in this country; $42GS45 III 1877 was con-
sIdered ruluOus price, -,
were active ana the speculation was varied anu ln-
tercsung Inc bond department was dull and at
one time wea but later It recovered and the BID |
d,ngs for the ixed-date issues were sharply adj |
yanced; the final changes for the bids are as tol-
lows: Advances-3l2s, ls; u.s. H. ana 4 2s, % per |
ceutaud the b are - lower state bonds were dull |
and neglected all the way out, but for the len |
uessee issues the prices improved ABOUT per cent.
Railroad bonds attracted little attention Outslue |
of "A lew Issues hlch were pushed lhlo pIonl-
nence az appendix To the changing phases OF the
snare speculation. The translcuons In stocHs
amonntcd to 2,49S 1877 shares. against 2,3l0,O1o |
sh,es for the precedin. week anu G33, 100 shares
ior thu wees pccodlng that. Early IA the week the
speculation favored and made higher prices OF
evrrvthng but 1t purely local In It's cnarac-
fer and yOu of outside port thai at the hrst at
TEMPT to realize profits Oh the advance the whOie
fabric tumbied together. The general causes, eX-
cept those which OIlguate win ana among specu-
ators affecting the situation, have been referred u
above except one (the " eStern railroad war; ana
that one IL OF the effect Dally thal sllualou
~ better appreclated at the Stock Excnanse, II Tor
no other reason than tina. the pubic fuses 10 take
nar or ot in stocks no tandng the decline Ia
nrices which already has occurred Hence 1t Is that
after every recent rally OF any moment tue stock
has lapsed into weaker condition than 1t was III |
before kailroad earnings are large, and SO they |
were in 1873 Tn that year Central ana hudson |
earned S29 907 1913, the Ere earned SzOOl2,6OO |
and the Lake Shore earned Sl0,4 l4.oO9l, auu Cne
large earnings are made conspicuous. Out they tan |
to lnuuce any public support OF lie market below
Is table OF earnings for the second week III Noycm-
Der compared with .ne week OF 1850 and 1851. IL
pre,euts "A store OF information to those VINO care
10 study il IN relation 10 the Increased mileage ana
the enlarged bonded debts representing that |
additional mileage. the earnings for winch |
show irregular and some peculiar cha ges for IN
stance IL Is curious to t.iat the 81. Paul and
Omaha earned S26 SO more per mile TINS year tnan |
II did last year. whlle the Northwestern, which Is
tine eastern connection of the Omaha road. earned |
SD 81 less than 1t did last year. Inc 81. Paul also
SHOWS a phenomenal increase OF Sl7 20 After |
Wednesday the entire market weakened, and bar |
ring insignificant reactions grew weaker to the end
WhIe All stocks except the Northern Pacltcs at the
close were materially lower than the best prices of
The week the marked exceptions III not showing de-
elInes from the prices OF week ago are Western |
Uulou Union Pacific and the stocks Of the South |
western system OF railroads generally.
WEEKLY RANGE OF PRICES